-----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, MbgxxVonJ8i0lbt+hnRvK+TRTdiGnfK3esBUUHdfAY61zmC65DJcPIeMh14V3k8M xyTGH0Ffk0KuDOUh0Z/cEg== 0000950135-03-005458.txt : 20031104 0000950135-03-005458.hdr.sgml : 20031104 20031104112419 ACCESSION NUMBER: 0000950135-03-005458 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031103 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031104 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: 03974959 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 b48370pce8vk.txt PSYCHEMEDICS CORP. FORM 8-K 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) November 3, 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 November 3, 2003. 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: November 4, 2003 By: /s/ Peter C. Monson ----------------------------------------- Peter C. Monson, Chief Financial Officer 3 EX-99.1 3 b48370pcexv99w1.txt PRESS RELEASE DATED NOV. 3, 2003 Exhibit 99.1 NEWS RELEASE - ------------ CONTACT: PETER MONSON CHIEF FINANCIAL OFFICER (617) 868-7455 Peterm@psychemedics.com ----------------------- PSYCHEMEDICS CORPORATION ANNOUNCES THIRD QUARTER RESULTS, DIVIDEND DECLARED Cambridge, Massachusetts, November 3, 2003 -- Psychemedics Corporation (AMEX: PMD) today announced third quarter results for the period ended September 30, 2003. The Company also today announced a quarterly dividend of $.08 per share that will be paid on December 19, 2003 to shareholders of record on December 5, 2003. The Company's third quarter revenue was $4,166,055 versus $4,344,685 in the third quarter of 2002. Net income was $350,491 or $.07 per share against $434,511 or $.08 per share for the same period in 2002. Raymond C. Kubacki, C.E.O. said, "We are pleased to declare our 29th consecutive quarterly dividend, demonstrating the Directors' commitment to rewarding shareholders and sharing the financial success of the Company with them. The Company's balance sheet is strong with $3 million of cash and no long-term debt." "We continue to operate in a very difficult employment market", Kubacki said, "as millions of jobs have been lost in this economic downturn and there is yet to be a meaningful turnaround in job creation. Since pre-employment drug testing is our primary business, we have found this job market challenging." Kubacki continued, "The good news, however, is our consistent success in new business generation. We continue to add customers at a robust pace and look forward to an improving employment market to leverage our larger client base. Additionally, we have remained consistently profitable and have maintained rigid expense controls. Psychemedics remains focused on adding new customers and building shareholder value while maintaining our commitment to operating a lean, profitable, dividend paying company." 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. The Psychemedics web site is WWW.DRUGTESTWITHHAIR.COM ------------------------ FINANCIAL SUMMARY ----------------- (unaudited) September 30, 2003
Three Months Nine Months Ended September 30, Ended September 30, 2003 2002 2003 2002 -------------------------------------------------------- Revenue $4,166,055 $4,344,685 $12,090,389 $12,706,049 Pre-tax Income $ 602,491 $ 740,911 $ 1,465,611 $ 1,921,639 Net Income $ 350,491 $ 434,511 $ 853,611 $ 1,125,239 Basic and Diluted Net Income Per Share $ 0.07 $ 0.08 $ 0.16 $ 0.21 Weighted Average Common Shares Outstanding 5,193,447 5,261,379 5,207,038 5,260,116 Weighted Average Common and Common Equivalent Shares Outstanding, Assuming Dilution 5,197,795 5,277,456 5,212,852 5,288,225
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-----