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Sharps Compliance Reports $5.4 Million In Revenue In Third Quarter Fiscal 2013

Mr. Tusa noted, "First quarter billings were subject to the impact of timing associated with distributor orders which are unpredictable. Likewise, timing on Patient Support Program returns and inventory replenishments can vary from quarter to quarter. We believe that as we grow and gain scale, the variability associated with order timing should lessen."

Operating Performance

Gross margin was 28.0% in the third quarter of fiscal 2013 compared with gross margin of 28.8% in the fiscal 2012 third quarter. The margin contraction reflected the impact of $89 thousand, or 160 basis points, associated with additional accrued loss for lease related liabilities upon the complete sublease of the Atlanta facility during the quarter.

Selling, general and administrative (SG&A) expense was $2.4 million in the third quarter of fiscal year 2013, a slight increase when compared with $2.2 million in the third quarter of fiscal 2012. Higher SG&A included one-time severance costs of $0.2 million. The Company expects its SG&A to continue at approximately the $2.2 million level.

For the third quarter of fiscal 2013, the Company had an operating loss of $0.9 million compared with an operating loss of $0.8 million in the same period of the prior year.

Earnings before interest, taxes, depreciation, and amortization, or EBITDA, was a $0.7 million loss for the third quarter of fiscal 2013 compared with an EBITDA loss of $0.5 million in the same period of the prior fiscal year. Sharps believes that when used in conjunction with GAAP measures, EBITDA, which is a non-GAAP measure, provides additional information related to its operating performance. (See Reconciliation of Net Loss to EBITDA in the supplemental table included at the end of this release.)

Net loss for the fiscal 2013 third quarter was $1.0 million, or $0.06 per diluted share, compared with a net loss of $0.5 million, or $0.03 per diluted share, for the corresponding prior-year period.

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