Universal Display Corporation (UDC) recorded a net profit of $1.3 million on turnover of $31.2 million, which compares with a net profit a year earlier of $4 million on turnover of $37.8 million. The company said that no revenue was recognised under its licensing agreement with Samsung Display (SDC) as SDC is obligated to make payments in the second and fourth quarters. CFO Sidney Rosenblatt commented: “During the first quarter, we saw the introduction of new OLED displays, including flagship products from our top customers, which led to higher volumes of our red and green emitters sold, offset by volume pricing discounts. The quarter also reflected the continued downward trend of host sales, consistent with our expectations. As the year progresses, we expect the continued proliferation of OLED adoption in the marketplace to drive revenue growth in the second half of this year”.