-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MwM4d+L7XBX1NuJHu/Y3ovhtVvoVT+SjFu5rOaXzHQGsvD0sBYztvuXkOd+b80jL SdgIWOi5HNJXQqwOM5op+A== 0000950135-03-002933.txt : 20030509 0000950135-03-002933.hdr.sgml : 20030509 20030509095439 ACCESSION NUMBER: 0000950135-03-002933 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030508 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSYCHEMEDICS CORP CENTRAL INDEX KEY: 0000806517 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 581701987 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13738 FILM NUMBER: 03689158 BUSINESS ADDRESS: STREET 1: 1280 MASSACHUSETTS AVENUE STREET 2: SUITE 200 CITY: CAMBRIDGE STATE: MA ZIP: 02138 BUSINESS PHONE: 6178687455 MAIL ADDRESS: STREET 1: 1280 MASSACHUSETTS AVE STREET 2: SUITE 200 CITY: CAMBRIDGE STATE: MA ZIP: 02138 8-K 1 b46600pce8vk.txt PSYCHEMEDICS CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant To Section 13 or 14(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 8, 2003 ----------- PSYCHEMEDICS CORPORATION ------------------------------------------------------ (Exact Name of Registrant As Specified In Its Charter) DELAWARE ---------------------------------------------- (State if Other Jurisdiction of Incorporation) 1-13738 58-1701987 - ------------------------ ------------------------------------ (Commission File Number) (I.R.S. Employer Identification No.) 1280 Massachusetts Ave., Suite 200, Cambridge, MA 02138 - ------------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) (617-868-7455) ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits The following exhibits are filed herewith: 99.1 Press Release dated May 8, 2003. ITEM 9. REGULATION FD DISCLOSURE (INFORMATION FURNISHED PURSUANT TO ITEM 12, "RESULTS OF OPERATIONS AND FINANCIAL CONDITION") On May 8, 2003, Psychemedics Corporation issued a press release announcing preliminary results for the quarter ended March 31, 2003. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. PSYCHEMEDICS CORPORATION Dated: May 8, 2003 By: /s/ Peter C. Monson ----------------------------------------- Peter C. Monson, Chief Financial Officer 3 EX-99.1 3 b46600pcexv99w1.txt PRESS RELEASE DATED MAY 8, 2003 EXHIBIT 99.1 NEWS RELEASE Contact: Peter Monson Chief Financial Officer (617) 868-7455 Peterm@psychemedics.com PSYCHEMEDICS CORPORATION ANNOUNCES 1ST QUARTER RESULTS AND DIVIDEND NET INCOME UP 99% Cambridge, Massachusetts, May 8, 2003 -- Psychemedics Corporation (AMEX: PMD) today announced first quarter results for the period ending March 31, 2003. The Company also announced a quarterly dividend of $.08 per share, which will be paid on June 26, 2003 to shareholders of record June 12, 2003. The Company's first quarter revenue was $3,657,567, up 3% compared to $3,568,461 in the first quarter of 2002. Net income was $104,339 or $0.02 per share, up 99% from $52,434 or $0.01 per share for the same period in 2002. Raymond C. Kubacki, President and Chief Executive Officer, said, "The poor employment situation made the first quarter very challenging for our Company. The hiring rebound that was hoped for did not occur, in fact, over 500,000 jobs were lost during the quarter and the Iraq war further complicated an already dismal jobs situation." Kubacki continued, "Given the realities of the drug testing market, we are pleased to be able to report revenue growth and a substantial net income improvement. Our new business has been robust. While business from existing customers is down across the board due to the lack of new hiring, a combination of revenue from new customers and careful expense controls have allowed us to continue to grow. With over 2,600 customers, we are poised for rapid growth once the employment situation improves. Until then we will continue to expend every effort to add new customers, build our base of business, operate efficiently and position our Company for the rapid growth we expect with an improved economy." Kubacki continued, "The Company's balance sheet remains strong with over $3 million of cash and no long-term debt. The dividend demonstrates the Directors' confidence in the Company's future growth and their continued commitment to rewarding shareholders." FINANCIAL SUMMARY (unaudited) March 31, 2003 Three Months Ended March 31, 2003 2002 ---------- ---------- Revenue $3,657,567 $3,568,461 Pre-tax Income $179,339 $98,534 Net Income $104,339 $52,434 Basic Net Income Per Share $0.02 $0.01 Diluted Net Income Per Share $0.02 $0.01 Weighted Average Common Shares Outstanding 5,214,325 5,259,224 Weighted Average Common and Common Equivalent Shares Outstanding, Assuming Dilution 5,222,190 5,397,497 All share amounts have been adjusted to reflect the Company's one-for-four reverse stock split that was effective August 1, 2002. 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, expenses, dividends, dividend yield, new accounts, 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 expansion of the Company's sales and marketing network, 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. -----END PRIVACY-ENHANCED MESSAGE-----