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Sharps Compliance Corp. Reports Second Quarter Fiscal 2011 Financial Results

  • Professional market billings up 38% and 25% for the quarter and year-to-date period, respectively, on targeted telemarketing activities and improved sales through distributor network
  • Retail and core Government market billings delayed by temporary suspension of TakeAway Systemâ„¢ Envelope Solution
  • Balance sheet remains strong with a cash balance of $1 7 . 8 million, working capital of $ 21.9 million and no debt as of December 3 1 , 2010
  • Pipeline for the TakeAway Systemâ„¢ Envelope Solution expands with the program re-launch
  • Developing opportunities as retail pharmacies demonstrate initiatives to improve customer interaction and health care relationships
  • Realigning sales and marketing resources for stronger near-term growth potential

HOUSTON, Jan. 26, 2011 (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 medications generated outside the hospital and large healthcare facility setting, today reported $4.6 million in revenue for the second quarter of fiscal year 2011 ended December 31, 2010. Revenue in the fiscal 2010 second quarter was $16.0 million and included $11.5 million from the product build-out phase from a major contract with a large U.S. Government agency. For the six months ended December 31, 2010, revenue was $9.8 million compared with $31.4 million for first six months of fiscal 2010, of which $22.4 million was associated with the Government contract.

Net loss for the fiscal 2011 second quarter was $807 thousand, or $0.05 per diluted share, compared with net income of $5.6 million, or $0.38 per diluted share, in the prior year period. Net loss was $1.6 million, or $0.11 per diluted share, for the six months ended December 31, 2010 compared with net income of $11.4 million, or $0.78 per diluted share, in the corresponding period of prior fiscal year. Included in the fiscal 2011 year-to-date period was a $570 thousand, or $0.02 per diluted share, special charge related to the retirement of the Company's former CEO.

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