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Psychemedics Corporation Announces a 20% Increase in Revenue and a 34% Increase in Profits for 2011 Year End

16,9858,067,229Gross profit

3,173,4313,082,10114,472,62312,041,633General & administrative

1,050,2801,435,8033,948,7064,195,998Marketing & selling

1,170,567851,5474,116,0592,949,739Research & development

207,623116,988607,408481,433Total operating expenses

2,428,4702,404,3388,672,1737,627,170Operating income

744,961677,7635,800,4504,414,463Interest income

5563,6695,34623,091Net income before provision for income taxes

745,517681,4325,805,7964,437,554Provision for income taxes

307,329264,4432,316,5131,823,834Net income

$438,188$416,989$3,489,283$2,613,720Basic net income per share

$0.08$0.08$0.67$0.50Diluted net income per share

$0.08$0.08$0.67$0.50Dividends declared per share

$0.12$0.12$0.48$0.48Weighted average common shares outstanding, basic

5,235,4225,212,4795,229,6465,207,244Weighted average common shares outstanding, diluted

5,240,1465,235,8005,235,9405,226,454Psychemedics CorporationBalance Sheets(audited)December 31,December 31,20112010ASSETS Current Assets:   Cash and cash equivalents

$5,564,233$3,720,488   Short-term investments

--2,018,452   Accounts receivable, net of allowance for doubtful accounts

4,490,9763,905,821of $169,191 in 2011 and $119,295 in 2010   Prepaid expenses and other current assets

565,508629,036   Income tax receivable

564,08371,786   Deferred tax assets  

315,501311,988Total Current Assets

11,500,30110,657,571Fixed Assets:   Equipment & leasehold improvements

13,089,65511,730,866   Less accumulated depreciation

(11,026,278)(10,663,996)Net Fixed Assets

2,063,3771,066,870   Other assets

237,174114,037Total Assets

$ 13,800,852$ 11,838,478LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities:   Accounts payable

$961,844$699,833   Accrued expenses


SOURCE Psychemedics Corporation
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