ACTON, Mass., May 26, 2011 /PRNewswire/ -- Psychemedics Corporation (NASDAQ: PMD) was ranked 30th in The Boston Globe's 23rd Annual Globe 100 list of the top performing public companies in Massachusetts.
The Globe 100 list ranks Massachusetts-based companies whose stock is publicly traded. Ranking is based on financial factors calculated for the calendar year 2010: return on average equity; one-year percentage change in revenue; one-year percentage change in profit margin; 2010 revenue.
Raymond Kubacki, Chairman and CEO commented, "We are extremely pleased to be ranked in The Globe 100 and especially pleased to be ranked 30th. With Massachusetts being the home of so many great companies, including so many great technology and biotechnology companies, this is a special honor for Psychemedics. As the world's leading provider of drugs of abuse testing using hair analysis, we are dedicated to helping our clients establish and maintain a drug-free workforce; and creating value for our shareholders."
Psychemedics is the world's largest provider of hair testing for drugs of abuse 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 six Federal Reserve Banks.
The Psychemedics web site is www.psychemedics.com
Cautionary Statement for purposes of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning earnings, earnings per share, revenues, dividends, future business, growth opportunities, new accounts, customer base, market share, test volume and sales and marketing strategies) may be "forward-looking" statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the expansion of the Company's sales and marketing team, development of markets for new products and services offered, the economic health of principal customers of the Company, government regulation, including but not limited to FDA regulations, competition and general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission.
About The Globe 100 ranking methodology
The Globe 100 ranks Massachusetts-based public companies based on financial data from the four quarters ending closest to December 31, 2010, and for corresponding quarters a year earlier. To be eligible, the company must be traded publicly for the entire 2010 calendar year on the New York Stock Exchange, the Nasdaq or the American Stock Exchange and report revenue and profit for both 2009 and 2010. Companies are ranked on four criteria: return on average equity, one-year percentage change in revenue, one-year percentage change in profit margin and 2010 revenue.
About The Boston Globe
The Boston Globe and Boston.com are wholly owned by The New York Times Company, a leading media company with 2010 revenues of $2.4 billion, which includes The New York Times, the International Herald Tribune, The Boston Globe, 15 other daily newspapers and more than 50 Web sites, including NYTimes.com, Boston.com and About.com. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.
Contact: Neil Lerner Vice President and Controller (978) 206-8220 Neill@psychemedics.com
SOURCE Psychemedics Corporation