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Sharps Compliance Corp. Reports Net Income More Than Doubles on 26% Increase in Revenue in the First Quarter of Fiscal 2009
Date:10/27/2008

aunch in the second quarter of fiscal 2009, ending December 31, 2008, and are expected to generate billings of up to $400 thousand in the second and third quarters of fiscal 2009.

Sharps' unique Patient Support Programs include the direct fulfillment of the Sharps Disposal By Mail System(R) to the pharmaceutical manufacturers' self-injecting patients, who use the product as a convenient means of disposing of used syringes. Sharp's proprietary SharpsTracer(TM) system tracks the return of the Sharps Disposal By Mail System(R) by the patient to the treatment facility, where the package is scanned and weighed prior to destruction. This data is electronically transmitted to the pharmaceutical manufacturer which assists them in monitoring drug usage and provides them with a touch point for individual patient follow-up.

Customer billings to retail market customers increased 23% to $0.8 million in the first quarter of fiscal 2009 as a result of strong seasonal demand for the Sharps Disposal By Mail Systems(R) as pharmacies and medical clinics in retail settings prepare for the upcoming flu shot season. Higher customer billings to the professional, commercial and agricultural markets were offset by slight year-over-year decreases in billings to healthcare and hospitality customers.

Dr. Burton J. Kunik, Chairman, Chief Executive Officer and President of Sharps Compliance, commented, "Throughout fiscal 2008, we wisely invested to build the breadth and depth of our sales and marketing team by bringing on experienced talent who have been diligently working to fill our pipeline with prospects and convert those opportunities into sales. Our success is now being evidenced by our record revenue and customer billings in this quarter."

First Quarter Fiscal 2009 Operating Performance

Gross profit was $1.8 million, up 29% over the prior year period. Gross margin was 43.3% in the first quarter of fiscal 2009, a 100 basis point increase compared with 42.
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SOURCE Sharps Compliance Corp.
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