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

ended December 31, 2008.

Net income was $1.6 million, or $0.11 per diluted share, for the second quarter of fiscal 2009 compared with net income of $380 thousand, or $0.03 per diluted share, in the second quarter of fiscal 2008. Net income was $2.2 million, or $0.16 per diluted share, for the six months ended December 31, 2008 compared with net income of $622 thousand, or $0.05 per diluted share, in the corresponding period of prior fiscal year.

Liquidity and Balance Sheet Strength

Cash and cash equivalents were $2.1 million at December 31, 2008, up from $2.0 million at June 30, 2008. At December 31, 2008, stockholders' equity and total assets were $6.8 million and $9.5 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 (the "Bank"), no amounts were outstanding at June 30, 2008. The line of credit is available to finance working capital, expansion and/or potential acquisition opportunities. The Company has completed negotiations and received a favorable term sheet from the Bank to increase its line of credit from $2.5 to $4.5 million. While no assurances can be made, the Company believes it should have its new line of credit in place by the end of February 2009.

Dr. Kunik concluded, "Over the last two years we have been able to grow shareholder equity over 520% and established a solid balance sheet to a level that qualifies us to move from the bulletin board and apply for listing on a major exchange. We are confident that we have the experience, expertise, personnel and infrastructure to transform into a comprehensive provider of medical waste management services for alternative site healthcare customers and other generators of medical waste."

Second Quarter 2009 Webcast and Conference Call

The Company will host a teleconference today beginning a
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SOURCE Sharps Compliance Corp.
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