$PMDI
PSYCHEMEDICS CORP

2016 Q3 Form 10-Q Financial Statement

#000114420416129813 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $11.85M $6.134M $7.084M
YoY Change 67.26% -9.29% -8.05%
Cost Of Revenue $4.744M $3.480M $3.628M
YoY Change 30.78% 6.1% -2.86%
Gross Profit $7.105M $2.652M $3.456M
YoY Change 105.58% -23.84% -12.95%
Gross Profit Margin 59.96% 43.23% 48.79%
Selling, General & Admin $2.653M $2.190M $2.513M
YoY Change 5.55% 1.39% 6.43%
% of Gross Profit 37.34% 82.58% 72.73%
Research & Development $348.0K $350.0K $392.0K
YoY Change -11.24% -2.78% 7.77%
% of Gross Profit 4.9% 13.2% 11.34%
Depreciation & Amortization $560.0K $630.0K $390.0K
YoY Change 43.59% 110.0% 39.29%
% of Gross Profit 7.88% 23.76% 11.28%
Operating Expenses $3.001M $2.540M $2.905M
YoY Change 3.28% 0.79% 6.61%
Operating Profit $4.104M $114.0K $550.0K
YoY Change 646.18% -88.1% -55.79%
Interest Expense -$30.00K -$30.00K $31.41K
YoY Change -195.51% 0.0% -7.45%
% of Operating Profit -0.73% -26.32% 5.71%
Other Income/Expense, Net
YoY Change
Pretax Income $4.070M $80.00K $520.8K
YoY Change 681.53% -91.4% -56.97%
Income Tax $1.362M -$100.0K -$275.6K
% Of Pretax Income 33.46% -125.0% -52.92%
Net Earnings $2.708M $185.0K $796.0K
YoY Change 240.2% -72.63% -13.2%
Net Earnings / Revenue 22.85% 3.02% 11.24%
Basic Earnings Per Share $0.49 $0.03 $0.15
Diluted Earnings Per Share $0.49 $0.03 $0.15
COMMON SHARES
Basic Shares Outstanding 5.460M shares 5.423M shares 5.423M shares
Diluted Shares Outstanding 5.510M shares 5.425M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.110M $2.690M $1.720M
YoY Change 138.95% -25.48% -34.1%
Cash & Equivalents $4.110M $2.689M $1.720M
Short-Term Investments
Other Short-Term Assets $1.810M $1.060M $1.890M
YoY Change -4.23% -0.93% 25.17%
Inventory
Prepaid Expenses
Receivables $6.270M $3.539M $5.450M
Other Receivables $0.00 $840.0K $440.0K
Total Short-Term Assets $12.19M $8.129M $9.500M
YoY Change 28.32% -23.14% -3.85%
LONG-TERM ASSETS
Property, Plant & Equipment $12.93M $13.13M $13.07M
YoY Change -1.1% 3.08% 1.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $816.0K $774.0K $760.0K
YoY Change 7.37% 1.7% 4.11%
Total Long-Term Assets $13.74M $13.91M $13.83M
YoY Change -0.66% 3.01% 2.07%
TOTAL ASSETS
Total Short-Term Assets $12.19M $8.129M $9.500M
Total Long-Term Assets $13.74M $13.91M $13.83M
Total Assets $25.93M $22.04M $23.33M
YoY Change 11.14% -8.48% -0.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.144M $747.0K $640.0K
YoY Change 78.79% -11.61% -5.88%
Accrued Expenses $1.588M $1.198M $1.400M
YoY Change 13.4% -11.35% -28.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.742M $1.620M $1.620M
YoY Change 7.51% 15.72% 15.72%
Total Short-Term Liabilities $5.498M $3.565M $3.650M
YoY Change 50.62% -0.87% -9.99%
LONG-TERM LIABILITIES
Long-Term Debt $3.484M $4.272M $4.680M
YoY Change -25.55% -11.88% -9.97%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.484M $4.272M $4.680M
YoY Change -25.55% -11.88% -9.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.498M $3.565M $3.650M
Total Long-Term Liabilities $3.484M $4.272M $4.680M
Total Liabilities $12.03M $10.36M $11.13M
YoY Change 8.05% -7.82% 5.32%
SHAREHOLDERS EQUITY
Retained Earnings -$6.486M -$8.296M
YoY Change 26.35%
Common Stock $30.47M $30.05M
YoY Change 1.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.08M $10.08M
YoY Change 0.0%
Treasury Stock Shares 668.1K shares 668.0K shares 668.1K shares
Shareholders Equity $13.90M $11.67M $12.20M
YoY Change
Total Liabilities & Shareholders Equity $25.93M $22.04M $23.33M
YoY Change 11.14% -8.48% -0.42%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $2.708M $185.0K $796.0K
YoY Change 240.2% -72.63% -13.2%
Depreciation, Depletion And Amortization $560.0K $630.0K $390.0K
YoY Change 43.59% 110.0% 39.29%
Cash From Operating Activities $3.630M $2.620M $100.0K
YoY Change 3530.0% 4.8% -94.32%
INVESTING ACTIVITIES
Capital Expenditures -$530.0K -$350.0K -$480.0K
YoY Change 10.42% 45.83% -62.79%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$30.00K -$20.00K
YoY Change -50.0% -25.0% -60.0%
Cash From Investing Activities -$550.0K -$370.0K -$510.0K
YoY Change 7.84% 27.59% -61.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.250M -1.270M 20.00K
YoY Change -6350.0% 4.96% -112.5%
NET CHANGE
Cash From Operating Activities 3.630M 2.620M 100.0K
Cash From Investing Activities -550.0K -370.0K -510.0K
Cash From Financing Activities -1.250M -1.270M 20.00K
Net Change In Cash 1.830M 980.0K -390.0K
YoY Change -569.23% -2.0% -250.0%
FREE CASH FLOW
Cash From Operating Activities $3.630M $2.620M $100.0K
Capital Expenditures -$530.0K -$350.0K -$480.0K
Free Cash Flow $4.160M $2.970M $580.0K
YoY Change 617.24% 8.39% -80.98%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><b>10.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><b>Recent Accounting Pronouncements</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 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: 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: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY:Times New Roman, Times, Serif">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 elected early adoption of ASU 2016-09 in the second quarter of 2016 which will be applied using a modified retrospective approach.</font> <font style="FONT-FAMILY:Times New Roman, Times, Serif">The adoption of ASU 2016-09 did not materially impact the Company&#8217;s financial position, results of operations, equity or cash flows. As a result of our adoption of ASU 2016-09, we recognize the impact of forfeitures when they occur with no adjustment for estimated forfeitures and recognize excess tax benefits as a reduction of income tax expense regardless of whether the benefit reduces income taxes payable. Additionally, we recognize the cash flow impact of such excess tax benefits in operating activities in our condensed statements of cash flows. The cumulative impact upon adoption was a $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">41</font> thousand benefit from income taxes and a $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">60</font> thousand adjustment to retained earnings.&#160;&#160;</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
435000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
507888 USD
CY2016Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
41000 USD
CY2016Q1 us-gaap Cumulative Effect On Retained Earnings Tax1
CumulativeEffectOnRetainedEarningsTax1
60000 USD

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