OLED technologist Universal Display (Nasdaq: PANL) reports second quarter results after Wednesday's market close. This is a very volatile stock, with 165% separating 52-week highs from annual lows, but share prices are currently parked somewhere in the middle of that range.

Will this report catapult Universal to new highs, or send the bulls home for some soul-searching?

Analysts expect sales to jump a massive 158% year over year, landing near $29 million. On the bottom line, a year-ago loss of $0.03 per share should swing to $0.24 of net profits per share.

Mind you, this quarter includes a $15 million license fee payment from Samsung. These large checks drop down in Universal's mailbox twice a year, or every other quarter, making for some seriously lumpy revenues. Moreover, this contract didn't exist a year ago, so comparisons to 2011 are nearly pointless.

Samsung will also influence Universal's results in other ways. The Galaxy S3 smartphone features a large OLED screen, and has been selling like hotcakes, arguably mounting a direct challenge to the Apple (Nasdaq: AAPL) iPhone for the title of "most popular smartphone." Since Universal also gets paid by the pound of OLED materials Samsung needs, the Galaxy bonanza should translate into strong quasi-royalties.

Add in the fact that AT&T (NYSE: T) is only starting to sell the Galaxy S3 right now, and this product line seems fit to keep Universal's materials sales healthy for the next couple of quarters, as well. Management's sales guidance should point the way.

For now, Universal sees full-year revenue landing between $90 million and $100 million. The company is brand new to the guidance game, and won't break its outlook down any further than this.

Samsung and friends might be the next big thing in the smartphone market, driving partners like Universal Display to new heights. But for now, Apple remains the king of the castle. Learn all about the iEmpire in our brand-new premium report on Apple. The stakes have never been higher ahead of its next generation iPhone launch this fall, so make sure you read up and understand the full story by clicking here.