8-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 13, 2003 (May 13, 2003)

Sharps Compliance Corp.
(Exact Name of Registrant as Specified in Charter)

Delaware (State or Other Jurisdiction of Incorporation)	000-22390 (Commission File Number)	74-2657168 (IRS Employer Identification No.)
9050 Kirby Drive, Suite 350, Houston, Texas (Address of Principal Executive Offices)		77054 (Zip Code)

Registrant's telephone number, including area code: (713) 432-0300

Item 7. Financial Information, Pro Forma Financial Information and Exhibits

(a)	Financial Information
	Not applicable.
(b)	Pro Forma Financial Information
	Not applicable.
(c)	Exhibits
	Exhibit	Description
	99.1	Press Release, dated May 13, 2003

Item 12. Disclosure of Results of Operations and Financial Condition

        On May 13, 2003, the Company announced its results of operations for the three and nine months ended March 31, 2003. A copy of the earnings release is attached as Exhibit 99.1.

        The information in this Current Report is being furnished pursuant to Item 12 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Act of 1934, as amended, and Section 11 of the Securities Act of 1933, as amended, or otherwise subject to the liabilities of those sections. This Current Report will not be deemed an admission by the Company as to the materiality of any information in this report that is not required to be disclosed solely by Item 12. The Company does not undertake a duty to update the information in this Current Report and cautions that the information included in this Current Report is current only as of May 13, 2003 and may change thereafter.

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this current report to be signed on its behalf by the undersigned hereunto duly authorized.

	SHARPS COMPLIANCE CORP.
DATE: MAY 13, 2003	By:	/s/  DAVID P. TUSA Name: David P. Tusa Title: Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit Number	Description
99.1	Press Release, dated May 13, 2003

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SIGNATURE

EX-99.1

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Sharps Compliance Corp.
www.sharpsinc.com
(800) 772-5657 Contact:
David Tusa
Chief Financial Officer
dtusa@sharpsinc.com

EXHIBIT 99.1

SHARPS COMPLIANCE CORP. ANNOUNCES THIRD QUARTER
RESULTS FOR FISCAL YEAR 2003

HOUSTON, Texas, (May 13, 2003,)—Sharps Compliance Corp. and subsidiaries (OTC BB: SCOM) ("Sharps"), leading providers of cost-effective medical waste disposal solutions for industry and consumers, today announced, operating results for the third quarter of fiscal year 2003.

For the three months ended March 31, 2003, revenues increased 13% to $1.8 million versus $1.6 million for the three months ended March 31, 2002.    For the nine months ended March 31, 2003, revenues increased 36% to $6.2 million versus $4.6 million for the nine months ended March 31, 2002.

For the nine months ended March 31, 2003, the Company generated an operating loss of $1.2 million versus an operating loss of $0.7 million for the corresponding period of the prior year.

Regarding the results, Dr. Burt Kunik, Chief Executive Officer of Sharps Compliance Corp. stated, "The 36% increase in our year-to-date revenue was driven not only by increased sales in our core home healthcare market but also by the entry of the Sharps Mailback products into the retail market. Our business plan contemplates a growing contribution of our revenues generated from the retail and consumer markets."

Kunik added, "We are disappointed by the third quarter operating loss and have recently implemented an aggressive cost reduction program designed to reduce expenses and improve operating margins without adversely affecting our ability to execute the Company's growth plan and serve our customer base. We began realizing the benefits from the cost reduction program in March 2003."

In closing Kunik noted, "We continue to see significant growth opportunities in new and existing markets. I believe we have the infrastructure in place to capitalize on these existing opportunities and move the Company to the next level."

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.'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
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended March 31,						Nine Months Ended March 31,
			2003			2002			2003			2002
						(Restated)						(Restated)
REVENUES:
	Distribution, net		$	1,761,374		$	1,538,741		$	5,790,138		$	4,235,487
	Environmental			48,830			73,558			365,917			333,927
	Consulting services			27,592			8,495			70,418			16,032
		Total revenues		1,837,796			1,620,794			6,226,473			4,585,446
COSTS AND EXPENSES:
	Cost of revenues			1,438,175			1,004,474			4,418,116			3,127,602
	Selling, general and administrative			1,065,503			654,627			2,865,460			2,072,299
	Depreciation and amortization			39,927			21,597			107,773			86,881
		Operating loss		(705,809	)		(59,904	)		(1,164,876	)		(701,336	)
INTEREST (EXPENSE) INCOME, net				(577	)		8,038			13,268			31,358
		Net loss	($	706,386	)	($	51,866	)	($	1,151,608	)	($	669,978	)
BASIC AND DILUTED NET LOSS PER SHARE			($	0.07	)	($	0.01	)	($	0.12	)	($	0.07	)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER SHARE				9,874,060			9,820,899			9,852,802			9,391,376

SHARPS COMPLIANCE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

				March 31, 2003			June 30, 2002
				(Unaudited)
Assets
	Current assets:
		Cash and cash equivalents		$	340,110		$	999,640
		Restricted cash			48,318			10,010
		Accounts receivable, net			860,979			784,466
		Inventory			332,131			331,463
		Prepaid and other assets			147,206			219,406
			Total current assets		1,728,744			2,344,985
	Property and equipment, net				466,708			269,990
	Intangible assets, net				5,062			20,246
	Note receivable from stockholder				—			320,000
	Other assets				11,694			37,294
			Total assets	$	2,212,208		$	2,992,515
Liabilities and stockholders' (deficit) equity
	Current liabilities:
		Accounts payable		$	501,422		$	636,124
		Accrued liabilities			433,216			290,440
		Deferred revenue — pump return			500,803			323,088
		Current portion of deferred revenue — incineration			110,220			114,212
		Current portion of deferred revenue — transportation			461,506			419,370
		Notes payable and current portion of long-term debt			127,605			114,429
			Total current liabilities		2,134,772			1,897,663
	Long-term deferred revenue — incineration, net of current portion				51,868			53,745
	Long-term deferred revenue — transportation, net of current portion				217,179			197,351
	Long-term debt, net of current portion				98,467			24,227
			Total liabilities		2,502,286			2,172,986
	Stockholders' (deficit) equity:
			Total stockholders' (deficit) equity		(290,078	)		819,529
			Total liabilities and stockholders' (deficit) equity	$	2,212,208		$	2,992,515

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SHARPS COMPLIANCE CORP. ANNOUNCES THIRD QUARTER RESULTS FOR FISCAL YEAR 2003
SHARPS COMPLIANCE CORP. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SHARPS COMPLIANCE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS