Psychemedics Corp. of Acton said it ended the first quarter with a $39,000 profit on $4.1 million in revenue, both significant declines from a year ago.
For the first quarter of last year, the drug testing company reported a profit of $890,000 on $5.7 million in revenue.
Despite the declines, the company declared a $0.17 per share dividend and said that it knows how to manage the company “in difficult environments.”
The company ended the quarter with $5.5 million in cash and no long-term debt on its balance sheet. That gives the company “a solid economic platform to weather storms,” and the ability to take advantage of growth opportunities, the company said.
