ACTON, Mass., Nov. 5, 2012 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) today announced third quarter financial results for the period ended September 30, 2012. The Company also announced a quarterly dividend of $0.15 per share payable to shareholders of record as of November 15, 2012 to be paid on November 28, 2012. This will be the Company's 65th consecutive quarterly dividend.
The Company's revenue for the quarter ended September 30, 2012 was $6.5 million versus $6.3 million for the quarter ended September 30, 2011, an increase of 2%. Net income for the quarter ended September 30, 2012 was $878 thousand or $0.17 per diluted share, versus $1.1 million or $0.21 per diluted share for the comparable period last year, a decrease of 20%. The Company's revenue for the nine months ended September 30, 2012 was $19.6 million, as compared to $18.5 million for the comparable period in 2011, an increase of 6%. Net income for the nine months ended September 30, 2012 was $2.7 million or $0.51 per diluted share, as compared to last year, during which the Company earned $3.1 million or $0.58 per diluted share, a decrease of 11%.
Raymond C. Kubacki, Chairman and Chief Executive Officer, said,
"I am happy to report what I believe was a very solid quarter for our Company, in view of the soft economy and the achievement of a major transition in our operations.
"While our revenue increased, it was below expectations, primarily due to a weak hiring environment lowering testing volume from our base business. However, new business accounted for all our growth including making up for lost volume on our base business. At the same time, we made a major transition in technology and operations, w
|SOURCE Psychemedics Corporation|
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