having a positive impact on sales opportunities in virtually all
markets, particularly pharmaceutical manufacturing and hospitality where
the value proposition of the Sharps Disposal By Mail Systems(R) is
viewed as an integral component to compliance with the state law.
Third Quarter Operating Performance
For the three-month period ended March 31, 2008, gross margin was 39.0%, down from 41.9% in the third quarter of fiscal 2007. The reduction in gross margin was a result of increased costs, product and customer mix. Gross margin is expected to be about 42% for fiscal year 2008, ending June 30, 2008.
Selling, general and administrative (SG&A) expenses were $1.2 million in the third quarter of fiscal 2008 compared with $953 thousand in the same period of the prior year and $1.2 million in the second quarter of fiscal 2008. The year-over-year increase in SG&A expense was a result of higher sales and marketing expenses, facilities rent expense, as well as expenses related to investor relations activities. SG&A is expected to be approximately $4.6 million for fiscal year 2008, exclusive of any non-cash stock-based compensation expense (SFAS 123R).
For the three months ended March 31, 2008, net loss was $84 thousand, or $0.01 per diluted share, compared with net income of $82 thousand, or $0.01 per diluted share, in the third quarter of fiscal 2007.
For the nine-month period ended March 31, 2008, revenue was $10.1 million, an 11% increase compared with revenue of $9.1 million in the first nine months of fiscal 2007. Customer billings for the same period were $10.4 million in fiscal 2008 and $9.3 million in fiscal 2007, an increase of 12%. The Company expects customer billing of approximately $14 million for fiscal year 2008, an increase of 14% over the prior fiscal year.
Gross margin for the first nine months of fiscal 2008 was
|SOURCE Sharps Compliance Corp.|
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