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

Stocks in this article: SMED

Financial Flexibility and a Strong Balance Sheet

Cash and cash equivalents were $16.1 million at March 31, 2013 compared with $17.5 million at June 30, 2012. Working capital was $17.4 million at March 31, 2013 compared with $18.6 million at the end of fiscal year 2012. At March 31, 2013, stockholders' equity and total assets were $21.6 million and $26.5 million, respectively, compared with $23.2 million and $27.6 million, respectively, at June 30, 2012.

In January 2013, the Company's Board of Directors authorized a stock repurchase program for up to $3 million over a two-year period. During the quarter ended March 31, 2013, 25,360 shares of the Company's stock were repurchased at an average price of $2.93 per share.

At March 31, 2013, the Company had no debt outstanding. The Company is in the process of modifying its current credit line to extend out one year and to reduce the line to a level which better matches its needs in light of current cash balances.


Mr. Tusa noted, "While the transformation of our Company into a provider of comprehensive medical waste management services is well underway, there is much work left to be done. We have leveraged our Daniels Alliance and have successfully closed and created more opportunities in multiple markets which we believe will positively impact revenue for the calendar year 2013. We have added Berkley Nelson to the team as our new Senior Vice President of Sales who brings successful leadership not only in the complex sales arena but also the medical waste management business. As we close out fiscal 2013, our focus is on closing additional business and creating additional recurring streams of revenue as we successfully execute our business strategy."

Third Quarter Fiscal Year 2013 Webcast and Conference Call

The Company will host a teleconference today beginning at 11:00 a.m. Eastern Time, during which management will review the financial and operating results for the period and discuss Sharps' corporate strategy and outlook. A question-and-answer session will follow.

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