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Strong growth in targeted Retail, Professional and Assisted Living markets
22% growth in billings through inside and online sales channel in the third quarter; Reached record quarterly level of $0.8 million
Balance sheet remains solid with cash of $16.1 million, working capital of $17.4 million
HOUSTON, May 1, 2013 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"), a leading full-service provider of solutions for the cost-effective management of medical waste, used healthcare materials and unused dispensed medications, today reported financial results for the third quarter of fiscal year 2013 ended March 31, 2013.
Revenue in the third quarter of fiscal 2013 was $5.4 million. Growth in key targeted markets helped to offset the $0.2 million decrease associated with the maintenance portion of a U.S. Government contract with the Division of Strategic National Stockpile of the Centers for Disease Control that was terminated on January 31, 2012. Comparable core market revenue for the third quarter of fiscal 2012 was $5.1 million.
Customer billings, the Company's measure for performance and progress of the business, decreased $0.2 million, or 3.9%, when compared with the prior year period, reflecting the $0.2 million impact from the termination of the maintenance portion of the U.S. government contract. Excluding that impact, core customer billings were unchanged year-over-year at $5.2 million in the third quarter of fiscal 2013. Solid growth in billings to the Retail, Professional and Assisted Living markets were offset by lower billings to the Pharmaceutical market, which were softer due to the timing of orders from three new Patient Support Programs in the prior year. On a sequential basis, core customer billings decreased $0.3 million, or 5.1%, compared with $5.5 million in the trailing second quarter which had higher billings to the Pharmaceutical market. This is an indication of the variability quarter-to-quarter in orders from this market.
(See Reconciliation of Customer Billings to Revenue in the supplemental table included at the end of this release.)
David P. Tusa, President and CEO of Sharps Compliance, commented, "We believe our concerted efforts to be recognized as a preferred provider of comprehensive medical waste management services and to better educate the market place regarding our solutions are beginning to deliver results. Our repositioning has greatly improved the quality of our pipeline and we are beginning to realize growth in markets that value an alternative provider of comprehensive medical waste management services throughout North America. We believe our timing is very good as our prospective customers are looking for cost savings during these uncertain times in healthcare. In addition, we see our strong relationships with retail and pharmaceutical manufacturer customers and our growing Professional market customer base as a testament to the value of our medical waste management solutions including our regulatory compliance offerings."