-----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, IJNic5xu669cF75E1hXsB696GRyAb4sY6erZoEWsuvPM4uDHbqv/wMPrjFNJ3Ip0 UglUdnRqjDVuBzhAep2Q3Q== 0000950135-03-004173.txt : 20030806 0000950135-03-004173.hdr.sgml : 20030806 20030806110203 ACCESSION NUMBER: 0000950135-03-004173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030805 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030806 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: 03825334 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 b47382pce8vk.txt PSYCHEMEDICS CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) AUGUST 5, 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 August 5, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 5, 2003, Psychemedics Corporation issued a press release announcing preliminary results for the quarter ended June 30, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. LIMITATION ON INCORPORATION BY REFERENCE. 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. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements. 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: August 6, 2003 By: /s/ Peter C. Monson ----------------------------------- Peter C. Monson, Vice President and Chief Financial Officer EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION 99.1 Press release dated August 5, 2003 of Psychemedics Corporation announcing its financial results for the second quarter ended June 30, 2003.
EX-99.1 3 b47382pcexv99w1.txt PRESS RELEASE EXHIBIT 99.1 NEWS RELEASE Contact: Peter Monson Chief Financial Officer (617) 868-7455 Peterm@psychemedics.com PSYCHEMEDICS CORPORATION ANNOUNCES 2ND QUARTER RESULTS, DIVIDEND DECLARED Cambridge, Massachusetts, August 5, 2003 -- Psychemedics Corporation (AMEX: PMD) today announced second quarter results for the period ending June 30, 2002. The Company also announced a quarterly dividend of $.08 per share, which will be paid on September 19, 2003 to shareholders of record on September 5, 2003. The Company's second quarter revenue was $4,266,767 as compared to $4,792,903 in the second quarter of 2002. Net income was $398,781 or $.08 per share versus $638,294 or $.12 per share for the same period in 2002. Raymond C. Kubacki, President and Chief Executive Officer, said, "During the quarter we struggled with a difficult drug testing environment. The employment picture, that some say is the worst in 20 years, has made it a difficult time for our industry. Since pre-employment drug testing is our major business, our results continued to be adversely affected. The good news, however, is that we were able to continue to add new accounts at a healthy pace and to demonstrate our ability to produce strong profit margins in a tough environment. We remain optimistic, however, that an improved employment market will allow us to record significant growth and that our patented and FDA cleared hair test for drugs of abuse will continue to be the "gold standard" in the industry." Kubacki continued, "The dividend demonstrates the Directors' continued commitment to rewarding shareholders and sharing the overall financial success of the Company with them. The Company's balance sheet is strong with over $3 million of cash and no long-term debt." Psychemedics is the world's largest provider of hair testing for drugs of abuse with over 2,600 corporations relying on the patented Psychemedics drug testing services. The Company has the only FDA cleared hair test for drugs of abuse. FINANCIAL SUMMARY (unaudited) June 30, 2003
Three Months Six Months Ended June 30, Ended June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Revenue $4,266,767 $4,792,903 $7,924,334 $8,361,364 Pre-tax Income $ 683,781 $1,082,194 $ 863,120 $1,180,728 Net Income $ 398,781 $ 638,294 $ 503,120 $ 690,728 Basic Net Income Per Share $ 0.08 $ 0.12 $ 0.10 $ 0.13 Diluted Net Income Per Share $ 0.08 $ 0.12 $ 0.10 $ 0.13 Weighted Average Common Shares Outstanding 5,213,572 5,259,720 5,213,946 5,259,473 Weighted Average Common and Common Equivalent Shares Outstanding, Assuming Dilution 5,219,402 5,288,180 5,220,721 5,293,342
All share amounts have been adjusted to reflect the Company's one-for-four reverse stock split that was effected on August 1, 2002. The 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, profit margins, revenues, expenses, dividends, dividend yield, new accounts, market share, test volume, sales and marketing strategies and testing methodologies) 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 employee hiring practices of the Company's principal customers, 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-----