|Over a quarter ago|
Psychemedics increases dividend to 7c per share, strategic review continues » 17:2805/1005/10/22
Raymond C. Kubacki,…
Raymond C. Kubacki, Chairman and Chief Executive Officer, of Psychemedics stated: "We are off to a strong start in the first quarter of 2022. Total revenues increased 14%; but more importantly, domestic revenues increased 17%. The main drivers in this improved revenue performance were continued growth in key market segments including Oil and Gas, Transportation and Manufacturing. International revenues, primarily Brazil, declined 42% but on a much smaller base. Brazil volumes continue to be unpredictable, and our focus remains on our domestic business." Based on the strengthening fundamentals and revenue growth, the Board made the decision to initiate an increase in return to shareholders in the form of an increased cash dividend of 7c per share of outstanding common stock. Our Board of Directors shares our confidence in the future of Psychemedics and remains committed to rewarding shareholders and sharing the financial success of the Company with them as we grow. We will continue to evaluate the dividend as we move forward. Throughout 2021 and also 2022, we have stated that we are exploring ways to further enhance shareholder value through a comprehensive review of strategic alternatives. We continue to explore such opportunities. There can be no assurances that the strategic alternatives review process will result in a transaction or other strategic change or outcome. The management team and Board of Directors are committed to continuing to evaluate all avenues for enhancing shareholder value."
Psychemedics appoints Reynolds to board of directors, Connick to retire » 08:3603/2203/22/22
Psychemedics appoints Andrew Reynolds to the Psychemedics Board of Directors effective April 4th, 2022. Mr. Reynolds will also serve as a member of the Audit, Compensation, and Nominating and Governance Committees. Currently, Drew serves as an independent director for AddSecure, Idle Smart, and Linxup. Drew is also on the advisory board of Locomation. The Company is also announcing that Harry Connick plans to retire from the Psychemedics Board of Directors effective April 4th, 2022. Connick has served as a board director for over 18 years and has been a member of the Audit, Compensation, and Nominating and Governance Committees.