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Sharps Compliance Corp. Announces Results for Third Quarter of Fiscal Year 2008
Date:5/15/2008

41.5% compared with 42.7% for the same period of the prior year due to product mix. SG&A for the first nine months of fiscal 2008 was $3.5 million compared with $2.8 million in the same period of the prior fiscal year. Higher sales and marketing expenses, non-cash stock-based compensation expense, recruiting fees, facilities rent expenses and expenses related to investor relations activities contributed to the increase.

For the nine month period ended March 31, 2008, net income was $538 thousand, or $0.04 per share, a decrease compared with net income of $795 thousand, or $0.07 per diluted share, in the first nine months of fiscal 2007. 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 were $2.2 million at March 31, 2008, down from $2.7 million at December 31, 2007 and up from $2.1 million at June 30, 2007. The reduction in cash from year end was due primarily to the purchase of the disposal facility in Carthage, Texas during the quarter ended March 31, 2008. At March 31, 2008, stockholders' equity and total assets were $3.3 million and $5.6 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 March 31, 2008. The line of credit is available to finance working capital, expansion and/or potential acquisition opportunities.

Outlook

Dr. Kunik concluded, "We expect a number of our recent sales wins to contribute to billings growth in fiscal year 2009. Our top-line should also grow appreciably as we implement programs and opportunities in the sales pipeline. We have continued to upgrade our sales and marketing team with the addition of key personnel who bring expertise in the facilitation and negotiation of the larger, nationwide
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SOURCE Sharps Compliance Corp.
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