$PMDI
PSYCHEMEDICS CORP

2017 Q3 Form 10-Q Financial Statement

#000114420417054244 Filed on October 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $10.05M $11.85M
YoY Change -15.19% 67.26%
Cost Of Revenue $4.928M $4.744M
YoY Change 3.87% 30.78%
Gross Profit $5.121M $7.105M
YoY Change -27.92% 105.58%
Gross Profit Margin 50.96% 59.96%
Selling, General & Admin $2.536M $2.653M
YoY Change -4.41% 5.55%
% of Gross Profit 49.52% 37.34%
Research & Development $353.0K $348.0K
YoY Change 1.45% -11.24%
% of Gross Profit 6.89% 4.9%
Depreciation & Amortization $710.0K $560.0K
YoY Change 26.79% 43.59%
% of Gross Profit 13.86% 7.88%
Operating Expenses $2.889M $3.001M
YoY Change -3.73% 3.28%
Operating Profit $2.232M $4.104M
YoY Change -45.61% 646.18%
Interest Expense $10.00K -$30.00K
YoY Change -133.33% -195.51%
% of Operating Profit 0.45% -0.73%
Other Income/Expense, Net $13.00K
YoY Change
Pretax Income $2.245M $4.070M
YoY Change -44.84% 681.53%
Income Tax $881.0K $1.362M
% Of Pretax Income 39.24% 33.46%
Net Earnings $1.364M $2.708M
YoY Change -49.63% 240.2%
Net Earnings / Revenue 13.57% 22.85%
Basic Earnings Per Share $0.25 $0.49
Diluted Earnings Per Share $0.25 $0.49
COMMON SHARES
Basic Shares Outstanding 5.491M 5.460M shares
Diluted Shares Outstanding 5.564M 5.510M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $4.110M
YoY Change 36.25% 138.95%
Cash & Equivalents $5.604M $4.110M
Short-Term Investments
Other Short-Term Assets $1.350M $1.810M
YoY Change -25.41% -4.23%
Inventory
Prepaid Expenses
Receivables $5.420M $6.270M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.38M $12.19M
YoY Change 1.53% 28.32%
LONG-TERM ASSETS
Property, Plant & Equipment $12.26M $12.93M
YoY Change -5.17% -1.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $818.0K $816.0K
YoY Change 0.25% 7.37%
Total Long-Term Assets $13.08M $13.74M
YoY Change -4.82% -0.66%
TOTAL ASSETS
Total Short-Term Assets $12.38M $12.19M
Total Long-Term Assets $13.08M $13.74M
Total Assets $25.45M $25.93M
YoY Change -1.84% 11.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.103M $1.144M
YoY Change -3.6% 78.79%
Accrued Expenses $2.905M $1.588M
YoY Change 82.98% 13.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $542.0K $1.742M
YoY Change -68.88% 7.51%
Total Short-Term Liabilities $4.550M $5.498M
YoY Change -17.24% 50.62%
LONG-TERM LIABILITIES
Long-Term Debt $928.0K $3.484M
YoY Change -73.37% -25.55%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $928.0K $3.484M
YoY Change -73.37% -25.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.550M $5.498M
Total Long-Term Liabilities $928.0K $3.484M
Total Liabilities $8.220M $12.03M
YoY Change -31.65% 8.05%
SHAREHOLDERS EQUITY
Retained Earnings -$6.486M
YoY Change
Common Stock $30.92M $30.47M
YoY Change 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.08M $10.08M
YoY Change 0.0%
Treasury Stock Shares 668.0K shares 668.1K shares
Shareholders Equity $17.23M $13.90M
YoY Change
Total Liabilities & Shareholders Equity $25.45M $25.93M
YoY Change -1.84% 11.14%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $1.364M $2.708M
YoY Change -49.63% 240.2%
Depreciation, Depletion And Amortization $710.0K $560.0K
YoY Change 26.79% 43.59%
Cash From Operating Activities $3.690M $3.630M
YoY Change 1.65% 3530.0%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K -$530.0K
YoY Change -66.04% 10.42%
Acquisitions
YoY Change
Other Investing Activities -$30.00K -$10.00K
YoY Change 200.0% -50.0%
Cash From Investing Activities -$210.0K -$550.0K
YoY Change -61.82% 7.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -930.0K -1.250M
YoY Change -25.6% -6350.0%
NET CHANGE
Cash From Operating Activities 3.690M 3.630M
Cash From Investing Activities -210.0K -550.0K
Cash From Financing Activities -930.0K -1.250M
Net Change In Cash 2.550M 1.830M
YoY Change 39.34% -569.23%
FREE CASH FLOW
Cash From Operating Activities $3.690M $3.630M
Capital Expenditures -$180.0K -$530.0K
Free Cash Flow $3.870M $4.160M
YoY Change -6.97% 617.24%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.3pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </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;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> 10.</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Recent Accounting Pronouncements</font></b></div> </td> </tr> </table> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></b></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">The standard&#8217;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).&#160;We are in the process of analyzing our sales contracts and related performance obligations and expect to complete this review at the end of November.&#160; Based on our evaluation to date, we believe the implementation of this standard should not have a material impact to the Company.&#160; We plan to start drafting footnote disclosures under ASU 2014-09 during Q4 2017 as well as making our final determination of implementation approach.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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