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Psychemedics Corporation Announces 2008 Year End Results
Date:2/18/2009

Declares Quarterly Dividend

ACTON, Mass., Feb. 18 /PRNewswire-FirstCall/ -- Psychemedics Corporation (Nasdaq: PMD) today announced fourth quarter and year-end financial results for the period ended December 31, 2008. The Company also announced a quarterly dividend of $0.17 per share payable to shareholders of record as of March 6, 2009 to be paid on March 20, 2009. This will be the Company's 50th consecutive quarterly dividend.

The Company's revenue for the year ended December 31, 2008 was $22,948,604, a decrease of 7% as compared to $24,568,824 for 2007. Net income for the year ended December 31, 2008 was $2,968,789 or $0.57 per share, a decrease of 34% from 2007 during which the Company earned $4,483,687 or $0.85 per share. Revenue for the fourth quarter was $4,824,016, a decrease of 18% as compared to $5,891,412 in the fourth quarter of 2007. Net income was $172,728 or $0.03 per share, down 81% from $906,817 or $0.17 per share for the same period of 2007.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "Despite a challenging economic environment, the strength of our balance sheet and cash flow from operations provides Psychemedics with a solid foundation to withstand challenging economic downturns. In addition, our new business remains healthy. In fact, we continue to see significant opportunities for increasing new business. Our clients not only use the most rigorous and effective drug test available to screen out drug abusers, and save costs, but also to send a very important message to all their employees: that they take great pride in having a workforce with integrity and character. They have established a drug free culture and, in doing so, also have invested in a culture of integrity. We take great pride in working with our clients to meet these important goals. And these goals are
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SOURCE Psychemedics Corporation
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