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Psychemedics Corporation Announces Record Revenues For 2012; Declares 66th Consecutive Quarterly Dividend
Date:2/25/2013

ACTON, Mass., Feb. 25, 2013 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) today announced fourth quarter and year-end financial results for the period ended December 31, 2012.  The Company also announced a quarterly dividend of $0.15 per share payable to shareholders of record as of March 7, 2013 to be paid on March 21, 2013.  This will be the Company's 66th consecutive quarterly dividend.

(Logo: http://photos.prnewswire.com/prnh/20111107/NE00639LOGO )

The Company's revenue for the year ended December 31, 2012 was $25.2 million, an increase of 5% as compared to $24.1 million for 2011.  Net income for the year ended December 31, 2012 was $3.0 million or $0.57 per diluted share, a decrease of 15% from 2011 during which the Company earned $3.5 million or $0.67 per diluted share.  Revenue for the fourth quarter was $5.7 million, an increase of 2% as compared to $5.5 million in the fourth quarter of 2011.  Net income for the quarter was $273 thousand or $0.05 per diluted share, a decrease of 38% from $438 thousand or $0.08 per share for the same period of 2011.

Raymond C. Kubacki, Chairman and Chief Executive Officer, stated:

"2012 was a year of major accomplishments and transition.  In addition to record revenues, primarily due to strong new business growth, the Company re-established its strong patent protection and successfully transitioned to a new production technology. 

"As you will recall, in January 2012, we received a new patent (our seventh) covering a process that releases virtually 100% of the drugs trapped in hair without destroying the drugs. This patent is fundamental to hair analysis drug testing because if you can't get the drugs out of the hair, you cannot measure them. 

"In the second quarter
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SOURCE Psychemedics Corporation
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