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

Nine-month fiscal 2013 review

For the nine months ended March 31, 2013, revenue was $16.3 million compared with $17.2 million during the prior-year period, which included $1.7 million associated with the maintenance portion of the U.S. government contract. Excluding that impact, core customer billings increased 3.7%, or $0.6 million, to $16.2 million during the year-to-date period in fiscal 2013. Professional billings increased 26.3% to $2.8 million over the first nine months of fiscal 2012. Assisted Living billings increased 23.8% to $1.2 million compared with $0.9 million over the prior-year period.

Retail billings were down $0.1 million to $4.3 million compared with the first nine months of fiscal 2012, as a result of timing of customer orders and a new program launch in the prior-year period of the TakeAway Environmental Return Systemâ„¢ solutions. This was somewhat offset by higher sales of the Complete Needle Collection & Disposal Systemâ„¢ in the current fiscal year. Flu business related orders were comparable at $3.2 million for the year-to-date period. Core government billings increased 83.4%, or $0.3 million, to $0.6 million as a result of a $0.2 million stocking order placed by the U.S. Department of Defense.

For the fiscal 2013 year-to-date period, gross margin was 29.3% compared with 31.8% in the same period of the prior fiscal year as operating leverage was impacted by the overhead absorption associated with the termination of the U.S. Government maintenance contract as well as an additional accrued loss for lease related liabilities for the Atlanta facility. SG&A expense for the first nine months of 2013 was comparable to the previous year period at $6.45 million. Operating loss for the nine months ended March 31, 2013 and 2012 was $2.0 million and $1.3 million, respectively.

EBITDA loss for the first nine months of fiscal 2013 was $1.2 million compared with EBITDA loss of $0.5 million in the prior-year period. (See Reconciliation of Net Loss to EBITDA in the supplemental table included at the end of this release.)

Net loss was $2.0 million, or $0.13 per diluted share, for the nine months ended March 31, 2013, compared with a net loss of $0.8 million, or $0.05 per diluted share, for the nine months ended March 31, 2012.

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