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Psychemedics Corporation Announces Earnings Up 20% And Top Revenue Quarter
Date:10/28/2013

ACTON, Mass., Oct. 28, 2013 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) today announced third quarter financial results for the period ended September 30, 2013.  The Company also announced a quarterly dividend of $0.15 per share payable to shareholders of record as of November 11, 2013 to be paid on November 22, 2013.  This will be the Company's 69th consecutive quarterly dividend.

The Company's revenue for the quarter ended September 30, 2013 was $7.1 million versus $6.5 million for the quarter ended September 30, 2012, an increase of 9%.  Net income for the quarter ended September 30, 2013 was $1.05 million or $0.20 per diluted share, versus $878 thousand or $0.17 per diluted share, for the comparable period last year, an increase of 20%. The Company's revenue for the nine months ended September 30, 2013 was $20.4 million versus $19.6 million for the nine months ended September 30, 2012, an increase of 4%. Net income for the nine months ended September 30, 2013 was $2.9 million or $0.55 per diluted share, versus $2.7 million or $0.51 per diluted share, for the comparable period last year, an increase of 9%.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said,

"We are very pleased to report a 20% growth in earnings for the quarter.  In addition, we achieved record sales for the second quarter in a row. Our new business growth continues to be robust, coming from several different industry segments. In addition, the pre-tax margins were strong at 25%."We continue to have a strong balance sheet with more than $2.8 million in cash and cash equivalents as of September 30, 2013 with no long term debt, despite heavy investment in new equipment and software over the last two years. 

"Our directors share our confidence in the long-term future of Psychemedics and remain committed to rewarding shareholders and sharing the financial success of the Company with them as we move forward. 

"Therefore, the Board has declared a $0.15 dividend for the quarter.  This is our 69th consecutive quarterly dividend."

Psychemedics Corporation is the world's largest provider of hair testing for the detection of drugs of abuse. The Company's patented process is used by thousands of U.S. and international clients, including over 10% of the Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve Banks, schools, and other public entities also rely on our unique patented drug testing process. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods.

The Psychemedics web site is www.psychemedics.com.

Cautionary Statement for purposes of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995:  From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties.  In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning earnings, earnings per share, revenues, dividends, future business, growth opportunities, new accounts, customer base, market share, test volume and sales and marketing strategies) may be "forward looking" statements.  Actual results may differ from those stated in any forward-looking statements.  Factors that may cause such differences include but are not limited to risks associated with the development of markets for new products and services offered, government regulation, including but not limited to FDA regulations, competition and general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission.Contact:

Neil LernerVice President of Finance(978) 206-8220Neill@psychemedics.com  Psychemedics CorporationStatements of Income and Comprehensive Income(UNAUDITED)Three Months EndedNine Months EndedSeptember 30,September 30,2013201220132012Revenues

$7,055,202$6,459,775$20,386,381$19,565,350Cost of revenues

2,879,1502,742,0728,644,1098,079,141Gross profit

4,176,0523,717,70311,742,27211,486,209Operating Expenses:General & administrative

1,075,133921,8913,075,7942,921,880Marketing & selling

1,158,3551,067,7683,435,2573,413,388Research & development

203,265297,090558,011679,031Total Operating Expenses

2,436,7532,286,7497,069,0627,014,299Operating income

1,739,2991,430,9544,673,2104,471,910Other income

28044791,9931,442Net income before provision for income taxes

1,739,5791,431,4014,765,2034,473,352Provision for income taxes

687,579552,9201,827,9321,766,336Net income and comprehensive income

$1,052,000$878,481$2,937,271$2,707,016Basic net income per share

$0.20$0.17$0.55$0.52Diluted net income per share

$0.20$0.17$0.55$0.51Dividends declared per share

$0.15$0.15$0.45$0.45Weighted average common shares outstanding, basic

5,312,1055,272,4285,301,3305,256,240Weighted average common shares outstanding, diluted

5,330,5155,289,8085,314,2245,266,237 Psychemedics CorporationBalance Sheets(UNAUDITED)September 30,December 31,20132012ASSETS Current Assets:Cash and cash equivalents

$2,842,741$3,065,785Accounts receivable, net of allowance for doubtful accountsof $179,915 in 2013 and $121,583 in 2012

5,293,5054,620,768Prepaid expenses and other current assets

1,055,363823,274Income tax receivable

--854,212Deferred tax assets365,094209,877Total Current Assets

9,556,7039,573,916Fixed Assets, net of accumulated amortization and depreciationof $5,018,365 in 2013 and $4,395,605 in 2012

4,954,4814,201,409Other assets

552,955345,293Total Assets

$ 15,064,139$  14,120,618LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities:Accounts payable

$577,081$669,789Accrued expenses

1,598,4571,413,541Total Current Liabilities

2,175,5382,083,330Deferred tax liabilities, long-term

814,619814,619Total Liabilities

2,990,1572,897,949Shareholders' Equity:Preferred-stock, $0.005 par value, 872,521 shares authorized,no shares issued or outstanding

----Common stock, $0.005 par value; 50,000,000 shares authorized5,981,896 shares issued in 2013 and 5,940,558 shares issued in 2012 

29,91029,703Additional paid-in capital

28,756,44428,460,764Accumulated deficit

(6,630,583)(7,186,009)Less - Treasury stock, at cost, 668,130 shares in 2013 and 2012

(10,081,789)(10,081,789)Total Shareholders' Equity

12,073,98211,222,669Total Liabilities and Shareholders' Equity

$15,064,139$14,120,618 

 


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SOURCE Psychemedics Corporation
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