Drug Testing Firm Reports Difficult 2009
Psychemedics Corp. of Acton said it made a $1.5 million profit on $16.9 million in revenue in 2009, decreases of 49 percent and 26 percent, respectively.
The drug testing firm said its profit for the fourth quarter was $546,083, a 216 percent increase from the same period a year earlier. Revenue for the quarter was $4.3 million, an 11 percent decrease.
The fourth quarter profit increase was the result of a significant cost control and reduction effort that included layoffs, elimination of bonuses, stock grants and 401(k) matching and a reduction in base salary for all employees.
Psychemedics tests hair for evidence of drug use, particularly for pre-employment screenings. It said its business fell significantly in 2009 as employers laid off workers.
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