Sales, net income soar at Psychemedics
PHOTO/Emily Micucci
Chairman and CEO Raymond Kubacki said Psychemedics also benefited from expanded products offerings such as a hair test for alcohol that can look back 90 days and new partnerships in the instant drug and alcohol testing arena.
Sales and profits soared at Psychemedics Corp. of Acton in the fourth quarter of 2013.
The maker of drug-detection tests reported quarterly net income of $868,000, up from $273,000 last year. Earnings per share was 16 cents, beating both analysts’ expectations of 12 cents and last year’s performance of 5 cents.
Psychemedics also announced revenue of $6.5 million, up from $5.7 million in the same quarter in 2012.
“The extraordinary growth in earnings in the fourth quarter compared to 2012 was driven by several factors, including an increase in revenues … higher-than-normal expenses in 2012 related to transition costs of new technologies … and a benefit due to a change in the calculation of California’s income tax,” said Raymond Kubacki, chairman and CEO, said in a statement.
Kubacki said the company also benefitted from expanded products offerings such as a hair test for alcohol that can look back 90 days and new partnerships in the instant drug and alcohol testing arena.
For the full year, Psychemedics’ sales were up $1.7 million to $26.9 million, while profits were $3.8 million, up from $3 million.
The company also announced its 70th consecutive quarterly dividend of 15 cents per share, which will be paid March 7.
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