Selling, general and administrative (SG&A) expenses were $1.2 million in first quarters of both fiscal 2008 and 2009, but as a percentage of sales, decreased from 34% in the first quarter of fiscal 2008 to 27% in the first quarter of fiscal 2009.
Dr. Kunik continued, "The investment in the expansion and enhancement of our operational infrastructure over the past year in anticipation of this rapid growth in demand has allowed us to quickly and easily ramp-up our production and fulfillment capabilities. As our level of sales accelerates, we are now beginning to realize operational leverage and greater earnings power."
Operating income for the first quarter of fiscal 2009 was $610 thousand, or 14.3% of sales, an increase of $390 thousand, or 177%, compared with operating income of $220 thousand, or 6.5% of sales, in the same period the prior fiscal year.
Net income was $605 thousand, or $0.04 per diluted share, for the first quarter of fiscal 2009 compared with net income of $242 thousand, or $0.02 per diluted share, in the first quarter of fiscal 2008.
Liquidity and Balance Sheet Strength
Cash and cash equivalents were $2.5 million at September 30, 2008, up
from $2.0 million at June 30, 2008. At September 30, 2008, stockholders'
equity and total assets were $3.7 million and $7.0 million, respectively,
up from $2.9 million and $5.7 million at June 30, 2008, respectively.
Although Sharps maintains a $2.5 million line of credit with JPMorgan
Chase, no amounts were outstanding at Ju
|SOURCE Sharps Compliance Corp.|
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