Friday November 27 2009 | Biotechnology feed | All feeds
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Psychemedics Corporation Announces Third Quarter ResultsTuesday 3rd of November 2009 13:44-- Net income for the nine month period of $1.0 million, or $0.19 per diluted share, down 65% from the prior year periodThe Psychemedics web site is www.drugtestwithhair.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, the economic health of principal customers of the Company, 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.
PSYCHEMEDICS CORPORATION
STATEMENTS OF INCOME
UNAUDITED
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Revenue $4,669,894 $6,204,647 $12,683,654 $18,124,587
Cost of Revenue 1,779,732 2,552,014 5,595,740 7,374,228
--------- --------- --------- ----------
Gross Profit 2,890,162 3,652,633 7,087,914 10,750,359
--------- --------- --------- ----------
General & Administrative 862,518 1,145,486 2,784,379 3,262,804
Marketing & Selling 643,139 1,013,510 2,325,538 2,714,882
Research & Development 111,402 125,039 353,965 362,532
--------- --------- --------- ---------
Total Operating Expenses 1,617,059 2,284,035 5,463,882 6,340,218
--------- --------- --------- ---------
Operating Income 1,273,103 1,368,598 1,624,032 4,410,141
Interest Income 11,576 64,999 34,166 249,961
--------- --------- --------- ---------
Net Income Before
Provision for Income Taxes 1,284,679 1,433,597 1,658,198 4,660,102
Provision for Income Taxes 516,373 560,042 676,986 1,864,041
--------- --------- -------- ---------
Net Income $768,306 $873,555 $981,212 $2,796,061
========= ========= ========= =========
Basic net income per share $0.15 $0.17 $0.19 $0.54
===== ===== ===== =====
Diluted net income per share $0.15 $0.17 $0.19 $0.53
===== ===== ===== =====
Dividends declared per share $0.12 $0.17 $0.41 $0.49
===== ===== ===== =====
Weighted average common
shares outstanding, basic 5,178,545 5,226,237 5,182,504 5,223,581
========= ========= ========= =========
Weighted average common
shares outstanding, diluted 5,184,061 5,255,301 5,194,118 5,275,311
========= ========= ========= =========
PSYCHEMEDICS CORPORATION
BALANCE SHEETS
UNAUDITED
September 30, December 31,
2009 2008
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $3,616,323 $6,630,119
Short term investments 1,002,781 ---
Accounts receivable, net of allowance for
doubtful accounts of $169,939 in 2009
and $246,462 in 2008 3,810,216 3,398,455
Prepaid expenses 548,642 1,023,841
Other current assets 175,788 82,045
Deferred tax assets 570,089 449,398
--------- ----------
Total Current Assets 9,723,839 11,583,858
---------- ----------
Fixed Assets:
Equipment & leasehold improvements 10,911,902 10,877,479
Less accumulated depreciation (10,308,017) (10,047,755)
---------- ----------
Net Fixed Assets 603,885 829,724
---------- ----------
Deferred tax assets, long term 139,021 139,021
Other assets 85,481 75,183
---------- ----------
Total Assets $10,552,226 $12,627,786
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Current Liabilities:
Accounts payable $302,755 $644,894
Accrued expenses 653,417 1,268,924
Accrued income taxes 213,216 ---
Deferred revenue 44,730 154,080
--------- ---------
Total Current Liabilities 1,214,118 2,067,898
--------- ---------
Commitments and Contingencies
Shareholders' 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 authorized 29,308 29,216
5,861,554 shares issued in 2009 and 5,843,068
shares issued in 2008
Paid-in capital 27,385,486 27,118,743
Accumulated deficit (8,023,322) (6,614,114)
Less - Treasury stock, at
cost, 664,523 shares in
2009 and 647,304 shares in
2008 (10,053,364) (9,973,957)
---------- ----------
Total Shareholders' Equity 9,338,108 10,559,888
---------- ----------
Total Liabilities and
Shareholders' Equity $10,552,226 $12,627,786
========== ==========
Contact: Raymond Ruddy
Vice President and Controller
(978) 206-8220
Raymondr@psychemedics.com
SOURCE Psychemedics Corporation Browse other news from this organisation: Psychemedics Corporation Source PR Newswire  |
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