Psychemedics Corp. of Acton posted record revenue of $6.9 million for the second quarter, the company announced.
That’s a 10-percent increase from the same quarter last year for the company that produces hair tests for drug abuse.
Net income for the quarter, which ended June 30, fell 8 percent to $1 million, or 19 cents per diluted share, from $1.1 million, or 21 cents per diluted share.
Chairman and CEO Raymond C. Kubacki said profits were negatively impacted by an increase in research and development spending, costs associated with a changeover to new technology, and increased sales and marketing expenses.
He said the company has more than $4.7 million and cash and equivalents and no long-term debt.
Psychemedics also announced a quarterly dividend of 15 cents per share payable to shareholders as of Aug. 17 that will be paid Aug. 30. It will be the company’s 64th consecutive quarterly dividend.
Read more
