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TheStreet Open House

Sharps Compliance Reports 12% Increase In Revenue In Fiscal 2012

Stocks in this article: SMED

  • Core billings increased 15% to $20.1 million for the year on strong growth in targeted Retail, Professional and Pharmaceutical Manufacturer markets
  • Achieved revenue of $4.5 million in fourth quarter; $21.8 million for full year
  • Excluding onetime costs, fourth quarter adjusted net loss per share was $0.04, comparable with the fourth quarter of fiscal 2011 adjusted net loss
  • Fiscal 2012 adjusted net loss per share improved to $0.10, compared to fiscal 2011's adjusted net loss per share of $0.16
  • Solid balance sheet with a cash balance of $17.5 million, working capital of $18.6 million and no debt
  • Continued innovation with launch of ComplianceTRAC SM – a robust, web-based training and compliance program

HOUSTON, Aug. 15, 2012 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"), a leading full-service provider of cost-effective solutions designed for the proper management of medical waste, used healthcare materials and unused dispensed medications, today reported financial results for the fourth quarter and fiscal year ended June 30, 2012.

Revenue in the fourth quarter of fiscal 2012 was $4.5 million, down 9.8%, from $5.0 million in the fourth quarter of fiscal 2011. Growth in key targeted markets help to offset the $0.7 million decline associated with the January 31, 2012 termination of the maintenance portion of a U.S. Government contract with the Division of Strategic National Stockpile of the Centers for Disease Control ("CDC").

Billings for the quarter were down $0.8 million compared with the prior year period also reflecting the $0.7 million impact of the termination of the maintenance portion of the U.S. government contract. The Company believes that customer billings are an appropriate measure of performance and progress of the business. (See Reconciliation of Customer Billings to Revenue in the supplemental table included at the end of this release.)

Core customer billings, which exclude the U.S. government contract, were relatively unchanged at $4.5 million in the fiscal 2012 fourth quarter. Solid growth in billings to the home health care, pharmaceutical manufacturer and professional markets were offset by lower billings to the retail and other markets, which were softer primarily due to the timing of orders.

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