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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 rewar
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SOURCE Psychemedics Corporation
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