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Sharps Compliance Corp. Announces First Quarter of Fiscal Year 2004 Results
HOUSTON, Nov. 3 /PRNewswire-FirstCall/ -- Sharps Compliance Corp. (BULLETIN
BOARD: SCOM) and subsidiaries ("Sharps" or the "Company"), leading providers of
cost-effective medical waste disposal solutions for industry and consumers,
announced its operating results for the quarter ended September 30, 2003.
For the three months ended September 30, 2003, the Company generated revenues of
$2.0 million which was virtually flat when compared to the prior year first
quarter revenue.
The Company realized an improved gross margin of 39% for the quarter ended
September 30, 2003 versus a gross margin of 33% for the corresponding quarter of
the prior year.
The Company reported an operating loss of $0.1 million for the quarter ended
September 30, 2003, an improvement over the operating loss for the quarter ended
September 30, 2002 of $0.2 million.
Regarding the results, Dr. Burt Kunik, Chairman, Chief Executive Officer and
President of Sharps Compliance Corp. stated, "Although, the revenues for the
quarter were slightly below our expectations, we are very pleased with the
significant improvement in our gross margins to the near 40% level as well as
the narrowing of our quarterly operating loss. This improved performance is a
direct result of our refocus on pricing, operational efficiencies and an
aggressive cost reduction program."
Kunik added, "We are extremely focused on closing a number of sales
opportunities in the industrial, commercial and other markets during the fiscal
year 2004. Revenue from these opportunities is a critical component to our
fiscal year 2004 Plan expectations. Additionally, our Plan reflects the
continuing improvement in our gross margins as well as stability in our
quarterly overhead. Achievement of the above should result not only in revenue
growth but also significantly improved bottom-line performance."
In September 2003, the Company announced the completion of a $500,000 private
placement of 625,000 of the Company's common stock.
In closing, Kunik stated, "We are very pleased with the recent completion of the
$500,000 common stock equity raise. These funds along with our current credit
arrangement are expected to be utilized not only to fund working capital but
also the planned growth of the business."
Headquartered in Houston, Texas, Sharps is a leading developer of superior
solutions for improving safety, efficiency and cost related to the proper
disposal of medical waste by industry and consumers. The Company's products and
services represent cutting edge solutions for a variety of industries dealing
with the complexity of managing regulatory compliance, environmental
sensitivity, employee and customer safety, corporate risk and operating costs
related to medical waste disposal. Sharps is a leading proponent and
participant in the development of public awareness and solutions for the safe
disposal of needles, syringes and other sharps in the community setting.
Sharps Compliance Corp. is the exclusive supplier of Sharps Disposal by Mail
systems to the Consumer Health Care division of Becton, Dickinson and Company.
The Company also maintains an exclusive sales and marketing arrangement with
Waste Management, Inc. whereby Sharps provides safe disposal systems and related
services for Waste Management's residential and commercial customers.
The Company also has a mutually exclusive joint marketing agreement with
McKesson Health Solutions ("McKesson"), a subsidiary of McKesson Corporation, to
co-market and sell the Sharps Disposal by Mail System(TM) products and services
to pharmaceutical manufacturers and biotechnology companies. McKesson is a
leader in the design, implementation and management of marketing programs,
specialty pharmaceutical services and patient support centers that help
pharmaceutical and biotechnology manufactures successfully commercialize their
products.
Sharps Compliance Corp.'s common stock trades on the OTC Bulletin Board under
the symbol SCOM.
Any forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Act of 1995. Investors
are cautioned that actual results may differ substantially from such
forward-looking statements. Forward-looking statements involve risks and
uncertainties including, but not limited to, continued acceptance of the
Company's products and services in the marketplace, competitive factors, new
products and technological changes, dependence upon third-party vendors,
customer relations, government supervision and regulation, changes in industry
practices, changes in third-party expense reimbursement procedures, and other
risks detailed in the Company's periodic filings with the Securities and
Exchange Commission.
(Financial Highlights Follow)
SHARPS COMPLIANCE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
2003 2002
(Unaudited) (Unaudited)
REVENUES $1,997,212 $2,048,868
COSTS AND EXPENSES:
Cost of revenues 1,217,710 1,381,390
Selling, general and administrative 836,386 841,811
Depreciation and amortization 38,658 21,151
Operating loss (95,542) (195,484)
INTEREST (EXPENSE) INCOME, net (21,035) 7,282
Net loss ($116,577) ($188,202)
BASIC AND DILUTED NET LOSS PER SHARE ($0.01) ($0.02)
SHARES USED IN COMPUTING BASIC AND
DILUTED NET LOSS PER SHARE 9,960,811 9,822,023
SHARPS COMPLIANCE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, June 30,
2003 2003
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $281,507 $135,884
Restricted cash 43,614 152,851
Accounts receivable, net 763,142 740,760
Inventory 403,786 299,136
Prepaid and other assets 100,253 125,808
Total current assets 1,592,302 1,454,439
Property and equipment, net 577,358 597,691
Intangible assets, net 1,950 ---
Other assets 11,695 11,695
Total assets $2,183,305 $2,063,825
Liabilities and stockholders' (deficit) equity
Current liabilities:
Accounts payable $462,575 $567,918
Accrued liabilities 279,073 226,427
Deferred revenue - pump return 186,461 205,125
Current portion of deferred revenue -
incineration 102,799 108,547
Current portion of deferred revenue -
transportation 460,644 476,630
Notes payable and current portion of
long-term debt 261,932 407,374
Current maturities of capital lease
obligations 31,835 36,501
Total current liabilities 1,785,319 2,028,522
Long-term deferred revenue - incineration,
net of current portion 33,977 35,794
Long-term deferred revenue -
transportation, net of current portion 159,094 164,142
Long-term debt, net of current portion 16,096 45,563
Obligations under capital lease, net of
current maturities 110,156 102,314
Other 34,750 27,000
Total liabilities 2,139,392 2,403,335
Stockholders' (deficit) equity:
Total stockholders' (deficit) equity 43,913 (339,510)
Total liabilities and stockholders'
(deficit) equity $2,183,305 $2,063,825
DATASOURCE: Sharps Compliance Corp.
CONTACT: David P. Tusa, Senior Vice President & Chief Financial Officer
of Sharps Compliance Corp., +1-713-432-0300, or
Web site: http://www.sharpsinc.com/