$0.17 Dividend Declared
ACTON, Mass., Nov. 3 /PRNewswire-FirstCall/ -- Psychemedics Corporation (Nasdaq: PMD) today announced third quarter financial results for the period ended September 30, 2008. The Company also announced a quarterly dividend of $0.17 per share payable to shareholders of record as of December 3, 2008 to be paid on December 17, 2008. This will be the Company's 49th consecutive quarterly dividend.
The Company's third quarter revenue was $6.2 million, down 4% as compared to $6.5 million in the third quarter of 2007. Net income was $0.9 million or $0.17 per diluted share, down 28% from $1.2 million or $0.23 per share for the same period in 2007. The Company's revenue for the nine months ended September 30, 2008 was $18.1 million, down 3% as compared to $18.7 million for the comparable period of 2007. Net income for the nine months ended September 30, 2008 was $2.8 million or $0.53 per diluted share, a decrease of 22% over the comparable period last year during which the Company earned $3.6 million or $0.67 per diluted share.
Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "We are operating in a tough hiring environment. However, we continued to add new accounts at a healthy pace which has served as a significant offset to the general weakness in hiring."
Kubacki continued, "We are continuing to make investments in our sales and marketing group to capitalize on significant future growth opportunities. We believe this will continue to pay off with a steady stream of new customer wins. While these are uncertain times, our services save customers a significant cost, which is why we remain confident in our future."
Kubacki concluded, "We remain a solidly p
|SOURCE Psychemedics Corporation|
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