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

Deferred tax assets 491 429

Total current assets 12,640 14,455

Property and equipment

Equipment and leasehold improvements, at cost 10,838 10,793

Less - Accumulated depreciation and amortization (10,143) (9,977)

695 816

Deferred tax asset 231 231

Long-term investments 2,200 -

Other assets 77 59

Total assets $15,843 $15,561

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable $583 $489

Accrued expenses 965 951

Deferred revenue 193 243

Total current liabilities 1,741 1,683

Shareholders' equity:

Preferred stock, $0.005 par value; 873 shares

authorized, no shares issued or outstanding - -

Common stock, $0.005 par value; 50,000 shares

authorized, 5,843 shares issued in 2008 and

5,812 shares issued in 2007 29 29

Paid-in capital 26,897 26,540

Less - Treasury stock, at cost, 610 shares in

2008 and 586 shares in 2007 (9,545) (9,164)

Accumulated deficit (3,279) (3,527)

Total shareholders' equity 14,102 13,878

Total liabilities and shareholders' equity $15,843 $15,561


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SOURCE Psychemedics Corporation
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