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Psychemedics Corporation Announces Second Quarter Results
Date:7/28/2008

$0.17 Dividend Declared

ACTON, Mass., July 28 /PRNewswire-FirstCall/ -- Psychemedics Corporation (Amex: PMD) today announced second quarter financial results for the period ended June 30, 2008. The Company also announced a quarterly dividend of $0.17 per share payable to shareholders of record as of September 5, 2008 to be paid on September 19, 2008. This will be the Company's 48th consecutive quarterly dividend.

The Company's second quarter revenue was $6.2 million, down 4% as compared to $6.5 million in the second quarter of 2007. Net income was $1.0 million or $0.20 per diluted share, down 23% from $1.3 million or $0.25 per share for the same period in 2007. The Company's revenue for the six months ended June 30, 2008 was $11.9 million, down 2% as compared to $12.2 million for the comparable period of 2007. Net income for the six months ended June 30, 2008 was $1.9 million or $0.36 per diluted share, a decrease of 19% over the comparable period last year during which the Company earned $2.4 million or $0.45 per share.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "The jobs market remains a challenge, as the economy continues to see significant job losses through June -- in fact, six months of declines in a row. However, our revenues were off only slightly due to the fact that we continue to add new clients, thereby offsetting the weakness in hiring."

Kubacki continued, "We continue to make the investments in our sales and marketing in order to capitalize on significant future growth opportunities. This increased expense, as well as an increase in our legal expenses as compared to the same period last year, have caused our net income to be below our historic levels. Howe
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SOURCE Psychemedics Corporation
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