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Psychemedics Corporation Announces a 20% Increase in Revenue and a 34% Increase in Profits for 2011 Year End
Date:2/23/2012

ACTON, Mass., Feb. 23, 2012 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) today announced fourth quarter and year-end financial results for the period ended December 31, 2011.  The Company also announced an increase in the quarterly dividend to $0.15 per share payable to shareholders of record as of March 5, 2012 to be paid on March 19, 2012.  This will be the Company’s 62nd consecutive quarterly dividend.

The Company's revenue for the year ended December 31, 2011 was $24.1 million, an increase of 20% as compared to $20.1 million for 2010.  Net income for the year ended December 31, 2011 was $3.5 million or $0.67 per share, an increase of 34% from 2010 during which the Company earned $2.6 million or $0.50 per share.  Revenue for the fourth quarter was $5.5 million, an increase of 8% as compared to $5.1 million in the fourth quarter of 2010.  Net income for the quarter was $438 thousand or $0.08 per share, an increase of 5% from $417 thousand or $0.08 per share for the same period of 2010.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "In 2011, sales and profits continued on the growth track.  While we are very proud that we have been profitable every year since 1993, including the severe 2009 recession, our focus continues to be sales and earnings growth.  The growth in 2011 can be attributed almost exclusively to the addition of new customers and introducing new programs to existing customers."  Kubacki continued: "Beyond the strong financial performance of 2011, the Company has made several investments in the future.  In December, the Company received its 7th patent, which focuses on liquefying hair and releasing drugs trapped in the hair without destroying the drugs.  The new patented method can be used with a broad range of immunoassay screen techniques, mass spectrometry methods,
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SOURCE Psychemedics Corporation
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