$PMDI
PSYCHEMEDICS CORP

2016 Q1 Form 10-Q Financial Statement

#000114420416096943 Filed on April 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $6.667M $6.134M $6.756M
YoY Change -1.32% -9.29% -4.1%
Cost Of Revenue $3.929M $3.480M $3.417M
YoY Change 14.99% 6.1% 5.17%
Gross Profit $2.738M $2.652M $3.339M
YoY Change -18.0% -23.84% -12.04%
Gross Profit Margin 41.07% 43.23% 49.42%
Selling, General & Admin $2.379M $2.190M $2.433M
YoY Change -2.2% 1.39% 6.56%
% of Gross Profit 86.89% 82.58% 72.85%
Research & Development $360.0K $350.0K $455.8K
YoY Change -21.01% -2.78% 32.12%
% of Gross Profit 13.15% 13.2% 13.65%
Depreciation & Amortization $530.0K $630.0K $343.1K
YoY Change 54.47% 110.0% 57.38%
% of Gross Profit 19.36% 23.76% 10.28%
Operating Expenses $2.739M $2.540M $2.888M
YoY Change -5.17% 0.79% 9.92%
Operating Profit -$2.000K $114.0K $451.0K
YoY Change -100.44% -88.1% -61.39%
Interest Expense $35.00K -$30.00K $33.33K
YoY Change 5.02% 0.0% 13125.0%
% of Operating Profit -26.32% 7.39%
Other Income/Expense, Net -$33.33K
YoY Change -2251.52%
Pretax Income -$36.00K $80.00K $417.2K
YoY Change -108.63% -91.4% -64.33%
Income Tax -$13.00K -$100.0K $139.7K
% Of Pretax Income -125.0% 33.48%
Net Earnings -$23.00K $185.0K $278.0K
YoY Change -108.27% -72.63% -63.23%
Net Earnings / Revenue -0.34% 3.02% 4.11%
Basic Earnings Per Share $0.00 $0.03 $0.05
Diluted Earnings Per Share $0.00 $0.03 $0.05
COMMON SHARES
Basic Shares Outstanding 5.423M shares 5.423M shares 5.375M shares
Diluted Shares Outstanding 5.423M shares 5.402M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000M $2.690M $2.750M
YoY Change -27.27% -25.48% 24.43%
Cash & Equivalents $2.004M $2.689M $2.746M
Short-Term Investments
Other Short-Term Assets $1.520M $1.060M $1.460M
YoY Change 4.11% -0.93% -3.95%
Inventory
Prepaid Expenses
Receivables $4.819M $3.539M $4.490M
Other Receivables $20.00K $840.0K $830.0K
Total Short-Term Assets $8.361M $8.129M $9.520M
YoY Change -12.17% -23.14% 8.69%
LONG-TERM ASSETS
Property, Plant & Equipment $13.21M $13.13M $12.65M
YoY Change 4.46% 3.08% 47.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $790.8K $774.0K $740.0K
YoY Change 6.87% 1.7% 10.1%
Total Long-Term Assets $14.00M $13.91M $13.40M
YoY Change 4.51% 3.01% 44.62%
TOTAL ASSETS
Total Short-Term Assets $8.361M $8.129M $9.520M
Total Long-Term Assets $14.00M $13.91M $13.40M
Total Assets $22.37M $22.04M $22.92M
YoY Change -2.42% -8.48% 27.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.295M $747.0K $470.0K
YoY Change 175.53% -11.61% -39.63%
Accrued Expenses $1.110M $1.198M $1.280M
YoY Change -13.31% -11.35% -47.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.742M $1.620M $1.400M
YoY Change 24.41% 15.72% 564.77%
Total Short-Term Liabilities $4.146M $3.565M $3.157M
YoY Change 31.34% -0.87% -8.04%
LONG-TERM LIABILITIES
Long-Term Debt $4.355M $4.272M $4.498M
YoY Change -3.18% -11.88% 434.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.355M $4.272M $4.498M
YoY Change -3.18% -11.88% 434.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.146M $3.565M $3.157M
Total Long-Term Liabilities $4.355M $4.272M $4.498M
Total Liabilities $11.35M $10.36M $10.45M
YoY Change 8.63% -7.82% 86.99%
SHAREHOLDERS EQUITY
Retained Earnings -$9.134M -$8.296M -$7.095M
YoY Change 28.74% 26.35% 7.47%
Common Stock $30.23M $30.05M $29.64M
YoY Change 1.97% 1.93% 1.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.08M $10.08M $10.08M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 668.1K shares 668.0K shares 668.1K shares
Shareholders Equity $11.01M $11.67M $12.47M
YoY Change
Total Liabilities & Shareholders Equity $22.37M $22.04M $22.92M
YoY Change -2.42% -8.48% 27.16%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$23.00K $185.0K $278.0K
YoY Change -108.27% -72.63% -63.23%
Depreciation, Depletion And Amortization $530.0K $630.0K $343.1K
YoY Change 54.47% 110.0% 57.38%
Cash From Operating Activities $180.0K $2.620M $470.0K
YoY Change -61.7% 4.8% -280.77%
INVESTING ACTIVITIES
Capital Expenditures $201.0K -$350.0K $128.1K
YoY Change 56.97% 45.83% -91.6%
Acquisitions
YoY Change
Other Investing Activities -$30.00K -$30.00K $10.00K
YoY Change -400.0% -25.0% -107.69%
Cash From Investing Activities -$260.0K -$370.0K -$180.0K
YoY Change 44.44% 27.59% -90.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $350.0K
YoY Change
Cash From Financing Activities -610.0K -1.270M -1.160M
YoY Change -47.41% 4.96% -486.67%
NET CHANGE
Cash From Operating Activities 180.0K 2.620M 470.0K
Cash From Investing Activities -260.0K -370.0K -180.0K
Cash From Financing Activities -610.0K -1.270M -1.160M
Net Change In Cash -690.0K 980.0K -870.0K
YoY Change -20.69% -2.0% -50.85%
FREE CASH FLOW
Cash From Operating Activities $180.0K $2.620M $470.0K
Capital Expenditures $201.0K -$350.0K $128.1K
Free Cash Flow -$21.00K $2.970M $341.9K
YoY Change -106.14% 8.39% -119.16%

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CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <b>9.</b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><b>Recent Accounting Pronouncements</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; CLEAR: both" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard will become effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on its financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The new standard will become effective beginning with the first quarter of 2017, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have <font style="COLOR: #252525">on its financial statements.</font></div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
609844 USD
CY2015Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
0 USD

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