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Psychemedics Corporation Announces First Quarter Results
Date:4/30/2008

Increases Quarterly Dividend

ACTON, Mass., April 30 /PRNewswire-FirstCall/ -- Psychemedics Corporation (Amex: PMD) today announced first quarter financial results for the period ended March 31, 2008. The Company also announced a quarterly dividend of $0.17 per share payable to shareholders of record as of June 6, 2008 to be paid on June 20, 2008. This will be the Company's 47th consecutive quarterly dividend.

The Company's revenue for the quarter ended March 31, 2008 was $5.7 million essentially matching revenue for the quarter ended March 31, 2007. Net income for the quarter ended March 31, 2008 was $0.9 million or $0.17 per share, a decrease of 14% from the comparable period last year during which the Company earned $1.0 million or $0.20 per share.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "Despite the challenging economy which saw significant job losses for the first quarter 2008, our revenue remained the same at $5.7 million for the first quarter of 2008 when compared to the first quarter of 2007. Even with the absorption of normal cost increases, our gross margins improved to 58%, up from 57% in the first quarter of 2007, although revenues remained flat."

Kubacki continued, "Our net income was below historic levels due in part to our recent investment in our sales and marketing team during the first quarter of 2008. We expect that the addition of our Director of Marketing and our lead generation team should provide the Company with the tools to capitalize on significant growth opportunities."

Kubacki concluded, "The Company's balance sheet remains strong with approximately $9.1 million of cash and short-term investments, no long-term debt and over $12.7 milli
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SOURCE Psychemedics Corporation
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