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.Outlook 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV