Psychemedics Corporation (Nasdaq: PMD) today announced a special dividend of $.50 per share payable December 24, 2008 to shareholders of record on December 10, 2008.
Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "Psychemedics' strong earnings and cash flow have resulted in aggregate cash and investments of approximately $9.1 million dollars and no long term debt as of September 30, 2008. The board of directors decided to enhance shareholder return with this special dividend which also allows our shareholders to accrue the benefit under the current tax structure. The Company has no plans at this time to change its current dividend rate. We believe this special dividend is consistent with our continuous commitment to enhance shareholder value and returns."
It is important to note this special dividend is in addition to the regular quarterly dividend the Company announced on November 3, which is payable to shareholders of record as of December 3, 2008 to be paid on December 17, 2008.
Psychemedics is the world's largest provider of testing for drugs of abuse using hair analysis with thousands of corporations relying on the patented Psychemedics drug testing services. Psychemedics' clients include over 10% of the Fortune 500, some of the largest police departments in America and Federal Reserve Banks. -- Psychemedics Corporation
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