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Psychemedics Corporation Announces First Quarter Results
Date:5/7/2009

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."

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SOURCE Psychemedics Corporation
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