ACTON, Mass., Oct. 26, 2016 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) today announced third quarter financial results for the period ended September 30, 2016. The Company also announced a quarterly dividend of $0.15 per share payable to shareholders of record as of November 7, 2016 to be paid on November 17, 2016. This will be the Company’s 81st consecutive quarterly dividend.
The Company’s revenue for the quarter ended September 30, 2016 increased 67% to $11.8 million, from $7.1 million for the quarter ended September 30, 2015. Net income for the quarter ended September 30, 2016 increased 240% to $2.7 million or $0.49 per diluted share, from $796 thousand or $0.15 per diluted share for the comparable period last year. The Company’s revenue for the nine months ended September 30, 2016 increased 35% to $28.2 million, from $20.8 million for the nine months ended September 30, 2015. Net income for the nine months ended September 30, 2016 increased 226% to $4.3 million or $0.79 per diluted share, from $1.3 million or $0.25 per diluted share for the comparable period last year.
Raymond C. Kubacki, Chairman and Chief Executive Officer, said,
“For the second quarter in a row, we had record sales and earnings for any quarter in the Company’s history. The growth has been driven by our international business, specifically professional driver testing in Brazil.
“We have noted since 2013 a significant opportunity in Brazil, and are very pleased to see the results of our efforts and the efforts of our exclusive independent Brazilian distributor, Psychemedics Brasil. This opportunity is to compete for the testing of drugs of abuse required for professional drivers in Brazil.
“In the second quarter of this year, we noted that testing for drugs of abuse for professional drivers in Brazil had begun. We also noted that some of the Brazilian states had required additional time to implement the law. In this quarter, we had virtually all of the states begin testing and this had a very positive impact on the revenue and earnings for the quarter.
“In addition, this mandated program is showing significantly positive results for Brazil. The Technology Institute for Road Safety did a study, in parallel with the Federal Highway Police, that found from March to July the number of accidents involving trucks on federal roads in the country decreased by 38%, from 18,000 to 11,000, compared to the same period last year.
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