$PMDI
PSYCHEMEDICS CORP

2018 Q2 Form 10-Q Financial Statement

#000117184318005470 Filed on July 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $10.79M $9.684M
YoY Change 11.39% -0.16%
Cost Of Revenue $5.615M $5.075M
YoY Change 10.64% 13.0%
Gross Profit $5.172M $4.609M
YoY Change 12.22% -11.52%
Gross Profit Margin 47.95% 47.59%
Selling, General & Admin $2.758M $2.578M
YoY Change 6.98% 3.62%
% of Gross Profit 53.33% 55.93%
Research & Development $358.0K $321.0K
YoY Change 11.53% -8.29%
% of Gross Profit 6.92% 6.96%
Depreciation & Amortization $780.0K $690.0K
YoY Change 13.04% 27.78%
% of Gross Profit 15.08% 14.97%
Operating Expenses $3.116M $2.899M
YoY Change 7.49% 2.15%
Operating Profit $2.056M $1.710M
YoY Change 20.23% -27.88%
Interest Expense $28.00K -$10.00K
YoY Change -380.0% -75.0%
% of Operating Profit 1.36% -0.58%
Other Income/Expense, Net $24.00K -$12.00K
YoY Change -300.0%
Pretax Income $2.080M $1.698M
YoY Change 22.5% -27.31%
Income Tax $903.0K $791.0K
% Of Pretax Income 43.41% 46.58%
Net Earnings $1.177M $907.0K
YoY Change 29.77% -44.46%
Net Earnings / Revenue 10.91% 9.37%
Basic Earnings Per Share $0.21 $0.17
Diluted Earnings Per Share $0.21 $0.16
COMMON SHARES
Basic Shares Outstanding 5.502M 5.477M
Diluted Shares Outstanding 5.554M 5.541M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.720M $2.960M
YoY Change 160.81% 29.82%
Cash & Equivalents $7.721M $2.961M
Short-Term Investments
Other Short-Term Assets $1.470M $1.290M
YoY Change 13.95% -25.43%
Inventory
Prepaid Expenses
Receivables $5.195M $5.230M
Other Receivables $0.00 $600.0K
Total Short-Term Assets $14.38M $10.08M
YoY Change 42.67% 6.44%
LONG-TERM ASSETS
Property, Plant & Equipment $11.13M $12.75M
YoY Change -12.71% -3.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $915.0K $800.0K
YoY Change 14.38% -1.6%
Total Long-Term Assets $12.04M $13.55M
YoY Change -11.11% -3.71%
TOTAL ASSETS
Total Short-Term Assets $14.38M $10.08M
Total Long-Term Assets $12.04M $13.55M
Total Assets $26.43M $23.63M
YoY Change 11.83% 0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.117M $400.0K
YoY Change 179.25% -59.53%
Accrued Expenses $3.014M $1.990M
YoY Change 51.46% 36.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $957.0K $540.0K
YoY Change 77.22% -68.99%
Total Short-Term Liabilities $5.088M $3.360M
YoY Change 51.43% -28.91%
LONG-TERM LIABILITIES
Long-Term Debt $1.942M $1.060M
YoY Change 83.21% -72.96%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.942M $1.060M
YoY Change 83.21% -72.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.088M $3.360M
Total Long-Term Liabilities $1.942M $1.060M
Total Liabilities $8.168M $7.210M
YoY Change 13.29% -38.31%
SHAREHOLDERS EQUITY
Retained Earnings -$1.497M
YoY Change
Common Stock $31.24M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.08M
YoY Change
Treasury Stock Shares $668.0K 668.0K shares
Shareholders Equity $18.26M $16.42M
YoY Change
Total Liabilities & Shareholders Equity $26.43M $23.63M
YoY Change 11.83% 0.37%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $1.177M $907.0K
YoY Change 29.77% -44.46%
Depreciation, Depletion And Amortization $780.0K $690.0K
YoY Change 13.04% 27.78%
Cash From Operating Activities $2.190M -$970.0K
YoY Change -325.77% -142.92%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$380.0K
YoY Change -23.68% -32.14%
Acquisitions
YoY Change
Other Investing Activities -$30.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$320.0K -$370.0K
YoY Change -13.51% -36.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.320M -2.500M
YoY Change -47.2% 78.57%
NET CHANGE
Cash From Operating Activities 2.190M -970.0K
Cash From Investing Activities -320.0K -370.0K
Cash From Financing Activities -1.320M -2.500M
Net Change In Cash 550.0K -3.840M
YoY Change -114.32% -1471.43%
FREE CASH FLOW
Cash From Operating Activities $2.190M -$970.0K
Capital Expenditures -$290.0K -$380.0K
Free Cash Flow $2.480M -$590.0K
YoY Change -520.34% -120.92%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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IncreaseDecreaseInAccruedExpensesAndAccruedIncomeTaxes
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pmd Increase Decrease In Accrued Expenses And Accrued Income Taxes
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pmd Payments Of Equipment Financing
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pmd Payments Of Equipment Financing
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CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q2 us-gaap Commitments And Contingencies
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CY2017Q4 us-gaap Commitments And Contingencies
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></div></td> <td><div style="display: inline; font-weight: bold;">Accounting Pronouncements Issued But <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Effective</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> &#x201c;Leases&#x201d;, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. The new standard will become effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018 </div>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 consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div>&nbsp;&#x201c;Income Statement &#x2013; Reporting Comprehensive Income&#x201d; (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div>) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the Tax Cuts and Jobs Act (Tax Reform Act) that are stranded in accumulated other comprehensive income. This standard also requires certain disclosures about stranded tax effects. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> however, does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> will be effective for the Company&#x2019;s fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> with the option to early adopt at any time prior to the effective date. It must be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Reform Act is recognized. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on its consolidated financial statements.</div></div>
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398000
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.005
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.005
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
873000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
873000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1465000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1212000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-92000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-198000
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11129000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11811000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
358000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
321000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
717000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
651000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1497000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2113000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10787000
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9684000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21722000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
19893000
CY2018Q2 us-gaap Revenues
Revenues
10787000
CY2017Q2 us-gaap Revenues
Revenues
9684000
us-gaap Revenues
Revenues
21722000
us-gaap Revenues
Revenues
19893000
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1301000
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1244000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2540000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2487000
us-gaap Share Based Compensation
ShareBasedCompensation
278000
us-gaap Share Based Compensation
ShareBasedCompensation
317000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
80000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
133000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.82
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
117000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1436000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1068000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
279000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
396000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.40
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.07
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.04
CY2018Q2 us-gaap Share Price
SharePrice
19.24
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
590000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y36D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y255D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y255D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
18257000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
18620000
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
668000
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
668000
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
10082000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
10082000
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
52000
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
64000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
55000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
64000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5554000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5541000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5552000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5533000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5502000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5477000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5497000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5469000

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pmd-20180630_def.xml Edgar Link unprocessable
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