Psychemedics Corporation (PMD), the world’s largest provider of hair testing for drugs of abuse, today announced that it has declared a cash dividend of $0.05 per share to be paid on December 30th, 2021 to shareholders of record as of December 20th, 2021.
As the record shows, the Company paid 94 consecutive dividends (23 ½ years) through the first quarter of 2020, even during the financial crisis in 2008. However, because of the COVID pandemic, the dividend was suspended during 2020 and 2021 thus far as the Company prioritized its liquidity and balance sheet. The Company has consistently been committed to paying a cash dividend and it took a pandemic to break the Company’s long history of consecutive quarterly dividend payments.
Raymond C. Kubacki, Chairman and Chief Executive Officer, stated “Our Board of 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. We are pleased to be paying this dividend again and will continue to evaluate the dividend as we move forward into 2022.”
Psychemedics Corporation is the world’s largest provider of hair testing for the detection of drugs of abuse. 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. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods.