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Psychemedics Corporation Announces First Quarter Results

Declares 51st Consecutive Quarterly Dividend

ACTON, Mass., May 7 /PRNewswire-FirstCall/ -- Psychemedics Corporation (Nasdaq: PMD) today announced first quarter financial results for the period ended March 31, 2009. The Company also announced a quarterly dividend of $0.17 per share payable to shareholders of record as of June 5, 2009 to be paid on June 19, 2009. This will be the Company's 51st consecutive quarterly dividend.

The Company's revenue for the quarter ended March 31, 2009 was $4.1 million versus $5.7 million for the quarter ended March 31, 2008. Net income for the quarter ended March 31, 2009 was $39 thousand or $0.01 per share, versus $890 thousand or $.17 per share for the comparable period last year.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "There is no question that these are tough and challenging times. However, we have been through tough and challenging times before. While the current situation may be more severe, we, nonetheless, have learned to manage our business in difficult environments. Our focus is on maintaining our profitability and positioning our company for strong long term growth."

Kubacki continued, "Our track record of profitability extends back through every year since 1993. Further, our strong balance sheet with $5.5 million in cash or cash equivalents and no long term debt provides us with not only a solid economic foundation to weather storms, but also a platform to take advantage of growth opportunities."

Kubacki concluded, "Our directors share our confidence in the long-term future of Psychemedics and remain committed to rewarding shareholders and sharing the financial success of the Company with them as we move forward. Therefore, we are pleased to declare our 51st consecutive quarterly dividend."

Psychemedics is the world's largest provider of hair testing for drugs of abuse with thousands of corporations relying on the patented Psychemedics drug testing services. Psychemedics' clients include over 10% of the Fortune 500, some of the largest police departments in America and six Federal Reserve Banks.

The Psychemedics web site is

Cautionary Statement for purposes of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning earnings, earnings per share, revenues, dividends, future business, growth opportunities, new accounts, customer base, market share, test volume and sales and marketing strategies) may be "forward looking" statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the expansion of the Company's sales and marketing team, development of markets for new products and services offered, the economic health of principal customers of the Company, government regulation, including but not limited to FDA regulations, competition and general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission.

                              PSYCHEMEDICS CORPORATION
                                STATEMENTS OF INCOME

                                                         Three Months Ended
                                                              March 31,
                                                           2009       2008
                                                           ----       ----

    Revenue                                             $4,078,837 $5,708,863
    Cost of Revenue                                      1,986,911  2,387,301
                                                        ---------- ----------
    Gross Profit                                         2,091,926  3,321,562
                                                        ---------- ----------

    Operating Expenses
    General & Administrative                             1,042,495  1,022,302
    Marketing & Selling                                    871,464    798,645
    Research & Development                                 125,046    117,780
                                                        ---------- ----------
    Total Operating Expenses                             2,039,005  1,938,727
                                                        ---------- ----------

    Operating Income                                        52,921  1,382,835

    Interest Income                                         15,507    111,771
                                                        ---------- ----------

    Net Income Before Provision for Income Taxes            68,428  1,494,606

    Provision for Income Taxes                              29,903    605,000
                                                        ---------- ----------

    Net Income                                             $38,525   $889,606
                                                        ========== ==========
    Basic net income per share                               $0.01      $0.17
                                                        ========== ==========

    Diluted net income per share                             $0.01      $0.17
                                                        ========== ==========

    Dividends declared per share                             $0.17      $0.15
                                                        ========== ==========

    Weighted average common shares outstanding, basic    5,190,747  5,220,711
                                                        ========== ==========

    Weighted average common shares outstanding, diluted  5,204,876  5,308,962
                                                        ========== ==========

                               PSYCHEMEDICS CORPORATION
                                    BALANCE SHEETS

                                            March 31, 2009  December 31, 2008
                                            --------------  -----------------
     Current Assets:
       Cash and cash equivalents                $5,487,075         $6,630,119
       Accounts receivable, net of
        allowance of $246,478 in 2009
        and $246,462 in  2008                    2,741,716          3,398,455
       Prepaid expenses                          1,084,148          1,023,841
       Other current assets                        347,514             82,045
       Deferred tax assets                         490,762            449,398
                                               -----------        -----------
    Total current assets                        10,151,215         11,583,858
                                               -----------        -----------
    Fixed Assets
       Equipment & leasehold improvements       10,905,223         10,877,479
       Less accumulated depreciation           (10,143,689)       (10,047,755)
                                               -----------        -----------
    Net Fixed Assets                               761,534            829,724
                                               -----------        -----------

    Deferred tax asset                             139,021            139,021
    Other assets                                    74,716             75,183
                                               -----------        -----------
    Total Assets                               $11,126,486        $12,627,786
                                               ===========        ===========
    Current Liabilities:
       Accounts payable                           $313,896           $644,894
       Accrued expenses                            946,220          1,268,924
       Deferred revenue                            123,210            154,080
                                               -----------        -----------
    Total Current Liabilities                    1,383,326          2,067,898

    Shareholders' Equity
       Preferred stock, $0.005 par value;
        872,521 shares authorized, no shares
        issued or outstanding                            -                  -
       Common stock, $0.005 par value;
        50,000,000 shares authorized. 5,825,849
        shares issued in 2009 and 5,815,000
        shares issued in 2008                       29,216             29,216
       Paid-in capital                          27,226,179         27,118,743
      Accumulated deficit                       (7,458,871)        (6,614,114)
       Less - Treasury stock, at cost,
        664,533 shares in 2009 and 606,797
        shares in 2008.                        (10,053,364)        (9,973,957)
                                               -----------        -----------
    Total Shareholders' Equity                   9,743,160         10,559,888
                                               -----------        -----------
    Total Liabilities & Shareholders' Equity   $11,126,486        $12,627,786
                                               ===========        ===========

    Contact:  Raymond Ruddy
              Vice President and Controller
              (978) 206-8220

SOURCE Psychemedics Corporation
Copyright©2009 PR Newswire.
All rights reserved

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