Psychemedics Corporation (PMD) will raise its quarterly dividend by 10 percent to $0.18 per share in the second quarter of 2018. This will be the Company’s 87(th) consecutive quarterly dividend. The last time PMD hiked its dividend was in 2012.

The next dividend is payable to shareholders of record as of May 8, 2018, to be paid on May 18, 2018. The new dividend yield is 3.4%.

Raymond C. Kubacki, Chairman and Chief Executive Officer, said, “The Company’s balance sheet remains strong with $8.3 million in cash and $10.4 million of working capital.  The total equipment financing obligation outstanding was $3.1 million as of March 31, 2018.  Our directors share our confidence in the future of Psychemedics and remain committed to rewarding shareholders and sharing the financial success of the Company with them as we grow.  Therefore, we are pleased to increase the quarterly dividend from $0.15 to $0.18 per share, an increase of 20%. This dividend represents our 87th consecutive quarterly dividend.”

Psychemedics Corporation (Psychemedics) provides hair testing for drugs of abuse, utilizing a hair analysis method involving digestion of hair, enzyme immunoassay (EIA) technology and confirmation by mass spectrometry to analyze human hair to detect abused substances. The Company’s patented process is used by thousands of U.S. and international clients, including over 10% of the Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve Banks, schools, and other public entities also rely on our unique patented drug testing process.