Acton's Psychemedics Sees Record Revenue
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.
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