SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 30, 2002
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Universal Display Corporation
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(Exact Name of Registrant Specified in Charter)
Pennsylvania 1-12031 23-2372688
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
375 Phillips Boulevard
Ewing, NJ 08618
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (609) 671-0980
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Item 4. Changes in Registrant's Certifying Accountant
On July 30, 2002, Universal Display Corporation, a Pennsylvania
corporation (the "Company"), upon recommendation of the Audit Committee of its
Board of Directors, dismissed Arthur Andersen LLP ("Andersen") as the Company's
independent public accountants, and engaged KPMG LLP ("KPMG") to serve as the
Company's independent public accountants for 2002.
Andersen's reports on the Company's consolidated financial statements
for the years ended December 31, 2001 and 2000 did not contain an adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles.
During the years ended December 31, 2001 and 2000 and through the date
of this Form 8-K, there were no disagreements with Andersen on any matter of
accounting principle or practice, financial statement disclosure or auditing
scope or procedure which, if not resolved to Andersen's satisfaction, would have
caused Andersen to make reference to the subject matter in connection with its
report on the Company's consolidated financial statements for such years.
Additionally, there were no reportable events, as defined in Item 304(a)(1)(v)
of Regulation S-K, during these periods.
The Company provided Andersen with the foregoing disclosures and
requested Andersen to furnish a letter addressed to the Securities and Exchange
Commission stating whether it agrees with the above statements. While the
Company has received no information from Andersen that Andersen has a basis for
disagreement with such statements, the Company has been unable to obtain such a
letter due to the fact that the personnel primarily responsible for the
Company's account (including the engagement partner and manager) have left
Andersen.
During the years ended December 31, 2001 and 2000 and through the date
hereof, the Company did not consult KPMG with respect to the application of
accounting principles to a specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on the Company's
consolidated financial statements, or any other matters or reportable events set
forth in Items 304(a)(2)(i) and (ii) of Regulation S-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit Number Exhibit Title
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99 Press release issued July 30, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIVERSAL DISPLAY CORPORATION
By: /s/ Sidney D. Rosenblatt
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Sidney D. Rosenblatt
Executive Vice President, Chief Financial
Officer, Treasurer and Secretary
Dated: July 30, 2002
EXHIBIT INDEX
Exhibit Number Exhibit Title
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99 Press release issued July 30, 2002.