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

========== ========== 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 -------------- ----------------- (UNAUDITED) ASSETS 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
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