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Sharps Compliance Corp. Announces 20% Growth in Customer Billings for Second Quarter of Fiscal Year 2008
Date:2/4/2008

n for the first six months of fiscal 2008 was 42.5% compared with 43.1% for the same period of the prior year resulting from a lower percentage of higher margin products sold in the first quarter fiscal 2008 versus the prior year. SG&A for the first six months of fiscal 2008 was $2.3 million, or 32.8% of sales, compared with $1.9 million, or 30.4% of sales, in the same period the prior fiscal year. Higher sales and marketing expenses, non-cash stock-based compensation expense, recruiting fees and facilities rent expenses contributed to the increase.

For the six months ended December 31, 2007, the Company reported net income of $621 thousand, or $0.05 per share, a decrease compared with net income of $713 thousand, or $0.06 per diluted share. The diluted earnings per share were adversely affected by a significant increase in the diluted shares outstanding as a result of stock options exercised.

Liquidity and Balance Sheet Strength

Cash and cash equivalents was $2.7 million at December 31, 2007, up from $2.1 million at June 30, 2007 and $2.2 million at September 30, 2007. At December 31, 2007, stockholders' equity and total assets were $3.0 million and $5.7 million, respectively, up from $2.2 million and $4.7 million at June 30, 2007, respectively. Although, Sharps maintains a $2.5 million line of credit with JPMorgan Chase, no amounts were outstanding at December 31, 2007. The line of credit is available to finance working capital, expansion and/or potential acquisition opportunities.

Disposal Facility

The Company recently announced the purchase of its previously leased disposal facility in Carthage, Texas. The purchase includes an incinerator with a maximum capacity of thirty (30) tons per day, a 12,000 square foot building and 4.5 acres of land. The Company, through a subsidiary, has leased the facility since June of 2000. The facility is currently permitted to treat eleven (11) tons per day of waste.

Additionally, the Comp
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SOURCE Sharps Compliance Corp.
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