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Sharps Compliance Corp. Reports Second Quarter Fiscal 2009 Results
Date:2/10/2009

d administrative (SG&A) expense was $1.4 million for the second quarter of fiscal year 2009, an increase of $253 thousand, or 21% over the corresponding period of the prior year. For the six-months ended December 31, 2008, SG&A expense was $2.6 million compared with $2.3 million for the corresponding period of the prior year, an increase of 11%. The increase in the SG&A for both the second quarter and fiscal year-to-date periods was a result of increased non-cash 123R stock-based compensation expense, professional fees, recruiting and compensation-related expenses.

Dr. Kunik continued, "We invested heavily in our organization as we developed the systems and processes necessary to address the expected and rapid increase in top line growth. The operating leverage inherent in our business model will become even more evident as the Company's top line grows significantly while our SG&A expense increases at a much lower pace."

Operating loss for the second quarter of fiscal 2009 was $232 thousand, compared with operating income of $354 thousand in the second quarter of fiscal 2008. Operating income for the six-months ended December 31, 2008 was $377 thousand, or 5% of sales, a decrease of $198 thousand compared with operating income of $575 thousand, or 8% of sales, in the same period the prior fiscal year period. The reduction in operating income was primarily due to the increases in SG&A, as noted above.

During the quarter ended December 31, 2008, the Company evaluated its deferred tax asset valuation allowance and determined that such valuation allowance should be reduced to zero. As a result of this decision, the Company's balance sheet reflects deferred tax assets of $3.1 million at December 31, 2008. Additionally, the Company recorded a corresponding income tax benefit of $1.8 million, or $0.13 per diluted share, and an increase to additional paid in capital of $1.3 million during the quarter
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SOURCE Sharps Compliance Corp.
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