2017 Q1 Form 10-Q Financial Statement
#000114420417023901 Filed on May 02, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| Revenue | $10.21M | $6.667M |
| YoY Change | 53.13% | -1.32% |
| Cost Of Revenue | $4.893M | $3.929M |
| YoY Change | 24.54% | 14.99% |
| Gross Profit | $5.316M | $2.738M |
| YoY Change | 94.16% | -18.0% |
| Gross Profit Margin | 52.07% | 41.07% |
| Selling, General & Admin | $2.718M | $2.379M |
| YoY Change | 14.25% | -2.2% |
| % of Gross Profit | 51.13% | 86.89% |
| Research & Development | $330.0K | $360.0K |
| YoY Change | -8.33% | -21.01% |
| % of Gross Profit | 6.21% | 13.15% |
| Depreciation & Amortization | $687.0K | $530.0K |
| YoY Change | 29.62% | 54.47% |
| % of Gross Profit | 12.92% | 19.36% |
| Operating Expenses | $3.048M | $2.739M |
| YoY Change | 11.28% | -5.17% |
| Operating Profit | $2.268M | -$2.000K |
| YoY Change | -113500.0% | -100.44% |
| Interest Expense | $22.00K | $35.00K |
| YoY Change | -37.14% | 5.02% |
| % of Operating Profit | 0.97% | |
| Other Income/Expense, Net | -$22.00K | |
| YoY Change | ||
| Pretax Income | $2.246M | -$36.00K |
| YoY Change | -6338.89% | -108.63% |
| Income Tax | $746.0K | -$13.00K |
| % Of Pretax Income | 33.21% | |
| Net Earnings | $1.500M | -$23.00K |
| YoY Change | -6621.74% | -108.27% |
| Net Earnings / Revenue | 14.69% | -0.34% |
| Basic Earnings Per Share | $0.27 | $0.00 |
| Diluted Earnings Per Share | $0.27 | $0.00 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 5.460M | 5.423M shares |
| Diluted Shares Outstanding | 5.533M | 5.423M shares |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $6.870M | $2.000M |
| YoY Change | 243.5% | -27.27% |
| Cash & Equivalents | $6.869M | $2.004M |
| Short-Term Investments | ||
| Other Short-Term Assets | $1.170M | $1.520M |
| YoY Change | -23.03% | 4.11% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $3.790M | $4.819M |
| Other Receivables | $0.00 | $20.00K |
| Total Short-Term Assets | $11.83M | $8.361M |
| YoY Change | 41.45% | -12.17% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $13.06M | $13.21M |
| YoY Change | -1.2% | 4.46% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $813.0K | $790.8K |
| YoY Change | 2.8% | 6.87% |
| Total Long-Term Assets | $13.87M | $14.00M |
| YoY Change | -0.98% | 4.51% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $11.83M | $8.361M |
| Total Long-Term Assets | $13.87M | $14.00M |
| Total Assets | $25.70M | $22.37M |
| YoY Change | 14.89% | -2.42% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $622.0K | $1.295M |
| YoY Change | -51.97% | 175.53% |
| Accrued Expenses | $2.889M | $1.110M |
| YoY Change | 160.37% | -13.31% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $1.144M | $1.742M |
| YoY Change | -34.31% | 24.41% |
| Total Short-Term Liabilities | $4.655M | $4.146M |
| YoY Change | 12.27% | 31.34% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.951M | $4.355M |
| YoY Change | -55.2% | -3.18% |
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $1.951M | $4.355M |
| YoY Change | -55.2% | -3.18% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $4.655M | $4.146M |
| Total Long-Term Liabilities | $1.951M | $4.355M |
| Total Liabilities | $9.244M | $11.35M |
| YoY Change | -18.58% | 8.63% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$4.264M | -$9.134M |
| YoY Change | -53.32% | 28.74% |
| Common Stock | $30.80M | $30.23M |
| YoY Change | 1.89% | 1.97% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $10.08M | $10.08M |
| YoY Change | 0.0% | 0.0% |
| Treasury Stock Shares | 668.0 shares | 668.1K shares |
| Shareholders Equity | $16.45M | $11.01M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $25.70M | $22.37M |
| YoY Change | 14.89% | -2.42% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $1.500M | -$23.00K |
| YoY Change | -6621.74% | -108.27% |
| Depreciation, Depletion And Amortization | $687.0K | $530.0K |
| YoY Change | 29.62% | 54.47% |
| Cash From Operating Activities | $4.402M | $180.0K |
| YoY Change | 2345.56% | -61.7% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $153.0K | $201.0K |
| YoY Change | -23.88% | 56.97% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $3.000K | -$30.00K |
| YoY Change | -110.0% | -400.0% |
| Cash From Investing Activities | -$366.0K | -$260.0K |
| YoY Change | 40.77% | 44.44% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -1.105M | -610.0K |
| YoY Change | 81.15% | -47.41% |
| NET CHANGE | ||
| Cash From Operating Activities | 4.402M | 180.0K |
| Cash From Investing Activities | -366.0K | -260.0K |
| Cash From Financing Activities | -1.105M | -610.0K |
| Net Change In Cash | 2.931M | -690.0K |
| YoY Change | -524.78% | -20.69% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $4.402M | $180.0K |
| Capital Expenditures | $153.0K | $201.0K |
| Free Cash Flow | $4.249M | -$21.00K |
| YoY Change | -20333.33% | -106.14% |
Facts In Submission
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|---|---|---|---|---|
| CY2017Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
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Assets Current
AssetsCurrent
|
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Sales Revenue Services Net
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Sales Revenue Services Net
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Cost Of Services
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Cost Of Services
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Gross Profit
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Gross Profit
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General And Administrative Expense
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Selling And Marketing Expense
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Selling And Marketing Expense
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Research And Development Expense
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Operating Expenses
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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Net Income Loss
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Earnings Per Share Diluted
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Common Stock Dividends Per Share Declared
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Depreciation Depletion And Amortization
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Increase Decrease In Deferred Income Taxes
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Share Based Compensation
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Share Based Compensation
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Increase Decrease In Accounts Receivable
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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Increase Decrease In Accrued Liabilities
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Increase Decrease In Accrued Liabilities
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Net Cash Provided By Used In Operating Activities Continuing Operations
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Liabilities Current
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Long Term Debt Noncurrent
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Liabilities
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Liabilities
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Preferred Stock Value
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Treasury Stock Value
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Treasury Stock Value
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Preferred Stock Shares Issued
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Payments To Acquire Property Plant And Equipment
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Net Cash Provided By Used In Financing Activities Continuing Operations
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Cash And Cash Equivalents Period Increase Decrease
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Cash And Cash Equivalents Period Increase Decrease
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Cash And Cash Equivalents At Carrying Value
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|
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Income Taxes Paid
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|
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Interest Paid
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Proceeds From Sale Of Machinery And Equipment
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|
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Payments To Acquire Machinery And Equipment
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|
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Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | dei |
Amendment Flag
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|
false | |
| CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
| CY2017Q1 | dei |
Document Fiscal Year Focus
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|
2017 | |
| CY2017Q1 | dei |
Document Fiscal Period Focus
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|
Q1 | |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
PSYCHEMEDICS CORP | |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000806517 | |
| CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
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Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
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Trading Symbol
TradingSymbol
|
PMD | |
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Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
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Property Plant And Equipment Net
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Property Plant And Equipment Net
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Commitments And Contingencies
CommitmentsAndContingencies
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USD | |
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Commitments And Contingencies
CommitmentsAndContingencies
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USD | |
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Allowance For Doubtful Accounts Receivable Current
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Allowance For Doubtful Accounts Receivable Current
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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Preferred Stock Par Or Stated Value Per Share
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|
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Preferred Stock Par Or Stated Value Per Share
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Common Stock Par Or Stated Value Per Share
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Preferred Stock Shares Authorized
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|
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Preferred Stock Shares Authorized
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Preferred Stock Shares Issued
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Preferred Stock Shares Outstanding
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Common Stock Shares Authorized
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Common Stock Shares Authorized
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Common Stock Shares Issued
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|
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Common Stock Shares Issued
CommonStockSharesIssued
|
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Treasury Stock Shares
TreasuryStockShares
|
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Treasury Stock Shares
TreasuryStockShares
|
668 | shares |
| CY2016Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
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| CY2017Q1 | us-gaap |
Interest Income Expense Net
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|
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| CY2017Q1 | us-gaap |
Payments To Acquire Assets Investing Activities
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|
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Payments To Acquire Assets Investing Activities
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Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
307000 | shares |
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Long Term Debt Maturities Repayments Of Principal In Year Two
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|
1144000 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
776000 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
287000 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
30000 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
3095000 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
858000 | USD |
| CY2017Q1 | us-gaap |
Interest Expense
InterestExpense
|
22000 | USD |
| CY2016Q1 | us-gaap |
Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
|
0.0241 | pure |
| CY2016Q1 | us-gaap |
Interest Expense
InterestExpense
|
35000 | USD |
| CY2017Q1 | us-gaap |
Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
|
0.0293 | pure |
| CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
9.2 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
5460000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
5423000 | shares |
| CY2017Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
73000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
0 | shares |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
5533000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
5423000 | shares |
| CY2017Q1 | us-gaap |
Payments To Develop Software
PaymentsToDevelopSoftware
|
210000 | USD |
| CY2016Q1 | us-gaap |
Payments To Develop Software
PaymentsToDevelopSoftware
|
30000 | USD |
| CY2017Q1 | 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: 0.3pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"></td> <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><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>10.</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> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" 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: 0in 0in 0pt" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify">The standard’s implementation date, as amended by ASU 2015-14, is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We have done a preliminary review of the impact of our pending adoption of ASU 2014-09 on our financial statements and have determined the implementation of this standard should not have a material impact on the financial statements. The Company intends to adopt the standard at the date required for public companies.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
|
0.0276 | pure |
