Acton Firm Takes Job Market Hit
Acton-based employee drug testing company Psychemedics Corp. reported a 23 percent drop in second quarter net income and a 4 percent decrease in revenue.
The company said it saw net income for the quarter decrease from $1.3 million a year ago to $1 million this year. Revenue was down to $6.2 million from $6.5 million for the same period the prior year.
The company said the weak job market has affected the company, but that weakness was offset somewhat by Psychemedics' ability to attract new clients. The company also increased spending on its sales and marketing department and saw increased legal expenses compared to the second quarter of 2007.
The company is also carrying out the repurchase of 250,000 shares of its stock.
Psychemedics provides hair testing for drugs.
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