Psychemedics Corporation (NASDAQ:PMD) announced first quarter financial results for the period ended March 31, 2011.
Raymond C. Kubacki, Chairman and Chief Executive Officer, said, “We are very pleased to report significant growth in revenues and profits in the first quarter over last year’s first quarter results. The revenue was the highest of any first quarter in the Company’s history. New business was a significant factor, as well as increased volume from existing customers. Our margins continued strong as we achieved a 25% pre-tax profit margin in the first quarter of 2011 versus 19% for the comparable period in 2010. We remain confident about our future prospects.”