Sharps Compliance Corp. Reports 16% Core Billings Growth In First Quarter Fiscal 2011
- First quarter core billings, which excludes its U. S. Government contract, grew 16% over the prior year period and 26% over the trailing fourth quarter of fiscal year 2010
- Retail billings reached a record $1.9 million, up 22% over prior year period
- Net loss of $0.4 million, or $0.03 per diluted share, excludes special charge for retirement of former CEO
- Strong, flexible balance sheet with a cash balance of $19.6 million, working capital of $20.9 million and no debt as of September 30, 2010
HOUSTON, Oct. 27, 2010 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"), a leading full-service provider of cost-effective management solutions for medical waste and unused dispensed medications generated outside the hospital and large healthcare facility setting, today reported $5.2 million in revenue for the first quarter of fiscal year 2011 ended September 30, 2010. Revenue in the fiscal 2010 first quarter was $15.4 million and included $11.0 million from the product build-out phase from a major contract with a large U.S. Government agency contract.
Net loss for the first fiscal quarter was $421 thousand, or $0.03 per diluted share, which excludes a $570 thousand, or $0.02 per share, special charge related to the retirement of the Company's former CEO. The special charge included a non-cash portion of $73 thousand related to the acceleration of unvested stock options. Including the special charge, net loss for the fiscal 2011 first quarter was $797 thousand or $0.05 per diluted share. Fiscal year 2010 first quarter had net income of $5.8 million, or $0.40 per diluted share.
David P. Tusa, Chief Executive Officer and President, commented, "We continue to make progress in the development and penetration of what we believe to be a $2 billion market for the proper management of unused medications and medical waste generated outside of the hospital and large healthcare facility setting. Our well recognized line of solutions are seen as a value-added offering by our customers, including government agencies, major retail pharmacy chains, professional offices, clinics, home healthcare patients and other generators of medical waste outside of the hospital and large healthcare setting. Additionally, we believe we are leading the country in the education of medical waste generators, many which operate in a regulated setting, about our cost effective waste management solutions that we believe reduces cost by approximately 50% compared with a traditional pick-up service."
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