Psychemedics Corporation Reports First Quarter 2023 Financial Results and Declares Cash Dividend
10 5월 2023 - 6:30AM
Psychemedics Corporation (NASDAQ: PMD), the world’s largest
provider of hair testing for drugs of abuse, today announced
financial results for the first quarter ended March 31, 2023, and
the declaration of a cash dividend of $0.07 per share to be paid on
June 8, 2023, to shareholders of record as of May 25, 2023.
The Company’s revenue for the quarter ended
March 31, 2023, was $5.9 million versus $6.5 million for the
quarter ended March 31, 2022, a decrease of 10%. Net loss for the
quarter ended March 31, 2023, was $(384,000) or $(0.07) per diluted
share, versus net income of $39,000 or $0.01 per diluted share, for
the comparable period last year.
The first quarter of 2023 continued to be challenging due to the
ongoing negative impact of major economic forces. The labor
shortage continued, having an adverse impact on our clients’ use of
hair testing in hiring. In addition, inflationary pressures
persisted throughout the quarter. Oil & Gas, Railroad and
School market segments recorded solid performances. Revenues were
aided by the growth in add-on tests for fentanyl and
benzodiazepines, as well as by our Q4 2022 price increase.
Despite the shortfall in revenues, and the inflationary
pressures, gross margin came in at 38%, flat with Q1 2022, aided
substantially by cost reductions implemented in Q4 2022.
The Company had approximately $4.4 million of cash as of March
31, 2023. The total equipment financing outstanding was $0.5
million as of March 31, 2023.
The Board has declared a cash dividend of $0.07 per share. The
Board will continue to evaluate the dividend as it moves
forward.
Psychemedics Corporation is the world’s largest provider of hair
testing for the detection of drugs of abuse. The Company’s patented
process is used by thousands of U.S. and international clients,
including over 10% of the Fortune 500 companies, for pre-employment
and random drug testing. Major police departments, Federal Reserve
Banks, schools, and other public entities also rely on our unique
patented drug testing process. We strongly believe our drug testing
method to be superior to any other product currently in use,
including traditional urine testing and other hair testing
methods.
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, cash flows, receivables collection dates, dividends,
future business, growth opportunities, profitability, pricing, new
accounts, customer base, market share, test volume, and strategic
alternatives, 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 changes in U.S. and foreign government
regulations, including but not limited to FDA regulations, R&D
spending, competition (including, without limitation, competition
from other companies pursuing the same growth opportunities), the
Company’s ability to maintain its reputation and brand image, the
ability of the Company to achieve its business plans, cost
controls, leveraging of its global operating platform, risks of
information technology system failures and data security breaches,
the uncertain global economy, the Company’s ability to attract,
develop and retain executives and other qualified employees and
independent contractors, including distributors, the Company’s
ability to obtain and protect intellectual property rights,
litigation risks, including acceptance by the court of our
wage/break settlement arrangement, general economic conditions and
other factors disclosed in the Company's filings with the
Securities and Exchange Commission. With respect to the
continued payment of cash dividends, factors include, but are not
limited to, all of the factors listed above, plus current and
anticipated cash flows, available surplus, capital expenditure
reserves required, debt service obligations, regulatory
requirements, requirements under our bank loan agreements and other
factors that the Board of Directors of the Company may take into
account. The forward-looking statements contained herein speak only
of the Company's expectations as of the date of this press
release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statement to reflect any change in the Company's expectations
or any change in events, conditions, or circumstances on which any
such statement is based.
The Psychemedics Corporation web site is
www.psychemedics.com
William
NorrisController (978)
206-8220WilliamN@psychemedics.com
Psychemedics
CorporationConsolidated Statements of
Operations(in thousands, except per share
amounts)(UNAUDITED) |
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Revenues |
$ |
5,859 |
|
|
$ |
6,508 |
|
|
Cost of
revenues |
|
3,654 |
|
|
|
4,067 |
|
|
Gross
profit |
|
2,205 |
|
|
|
2,441 |
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
General & administrative |
|
1,646 |
|
|
|
1,327 |
|
|
Marketing & selling |
|
789 |
|
|
|
806 |
|
|
Research & development |
|
298 |
|
|
|
318 |
|
|
Total
Operating Expenses |
|
2,733 |
|
|
|
2,451 |
|
|
|
|
|
|
|
Operating
loss |
|
( 528 |
) |
|
|
( 10 |
) |
|
Other
(expense) income, net |
|
( 5 |
) |
|
|
66 |
|
|
|
|
|
|
|
Net (loss)
income before (benefit from) provision for income taxes |
|
( 533 |
) |
|
|
56 |
|
|
|
|
|
|
|
(Benefit
from) provision for income taxes |
|
( 149 |
) |
|
|
17 |
|
|
|
|
|
|
|
Net (loss)
income |
$ |
( 384 |
) |
|
$ |
39 |
|
|
|
|
|
|
|
Diluted net
(loss) income per share |
$ |
(0.07 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
Dividends
declared per share |
$ |
0.07 |
|
|
$ |
- |
|
|
|
|
|
|
|
Psychemedics
CorporationConsolidated Balance Sheets(in
thousands, except par value)(UNAUDITED) |
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash |
$ |
4,380 |
|
|
$ |
4,750 |
|
|
Accounts receivable, net of allowance for
doubtful accounts |
|
4,058 |
|
|
|
3,739 |
|
|
Prepaid expenses and other current assets |
|
1,088 |
|
|
|
1,136 |
|
|
Income tax receivable |
|
9 |
|
|
|
339 |
|
|
Total
Current Assets |
|
9,535 |
|
|
|
9,964 |
|
|
|
|
|
|
|
Fixed
assets, net of accumulated amortization and depreciation |
|
4,150 |
|
|
|
4,573 |
|
|
Other
assets |
|
840 |
|
|
|
823 |
|
|
Net deferred
tax assets |
|
850 |
|
|
|
691 |
|
|
Operating
lease right-of-use assets |
|
2,532 |
|
|
|
2,681 |
|
|
Total
Assets |
$ |
17,907 |
|
|
$ |
18,732 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts payable |
$ |
785 |
|
|
$ |
448 |
|
|
Accrued expenses |
|
3,632 |
|
|
|
3,939 |
|
|
Current portion of long-term debt |
|
297 |
|
|
|
294 |
|
|
Current portion of operating lease
liabilities |
|
1,076 |
|
|
|
1,037 |
|
|
Total
Current Liabilities |
|
5,790 |
|
|
|
5,718 |
|
|
|
|
|
|
|
Long-term
debt |
|
230 |
|
|
|
305 |
|
|
Long-term
portion of operating lease liabilities |
|
1,721 |
|
|
|
1,938 |
|
|
Total
Liabilities |
|
7,741 |
|
|
|
7,961 |
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
Common stock, $0.005 par value; 50,000 shares
authorized; 6,354 and 6,349 shares issued and 5,686 and 5,681
shares outstanding, respectively |
|
32 |
|
|
|
32 |
|
|
Additional paid-in capital |
|
34,452 |
|
|
|
34,275 |
|
|
Less - Treasury stock, at cost, 668 shares |
|
( 10,082 |
) |
|
|
( 10,082 |
) |
|
Accumulated deficit |
|
( 12,602 |
) |
|
|
( 11,820 |
) |
|
Accumulated other comprehensive loss |
|
( 1,634 |
) |
|
|
( 1,634 |
) |
|
Total
Shareholders' Equity |
|
10,166 |
|
|
|
10,771 |
|
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity |
$ |
17,907 |
|
|
$ |
18,732 |
|
|
|
|
|
|
|
Psychemedics (NASDAQ:PMD)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Psychemedics (NASDAQ:PMD)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024