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): August 11, 2003 (August 11, 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.)
9350 Kirby Drive, Suite 300, 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 August 11, 2003

Item 12. Disclosure of Results of Operations and Financial Condition

        On August 11, 2003, the Company announced its results of operations for the year ended June 30, 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 August 11, 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: AUGUST 11, 2003	By:	/s/  DAVID P. TUSA Name: David P. Tusa Title: Senior Vice President and Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit Number	Description
99.1	Press Release, dated August 11, 2003

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EX-99.1

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EXHIBIT 99.1

Sharps Compliance Corp.
www.sharpsinc.com
(713) 432-0300 Contact:
David Tusa
Senior Vice President &
Chief Financial Officer
dtusa@sharpsinc.com

        SHARPS COMPLIANCE CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2003 RESULTS

HOUSTON, Texas, (August 11, 2003)—Sharps Compliance Corp. and subsidiaries (OTC BB: SCOM) ("Sharps" or the "Company"), leading providers of cost-effective medical waste disposal solutions for industry and consumers, today announced, its operating results for the fourth quarter and fiscal year 2003.

For the fiscal year ended June 30, 2003, the Company generated revenues of $8.4 million, a 29% increase, over the prior fiscal year revenue of $6.5 million. The increase in annual revenue was driven primarily by increased product sales in the healthcare and retail markets. Additionally, the fiscal year 2003 revenues were positively impacted by the Pro-Tec manufacturing division which became operational in October 2002.

For the three months ended June 30, 2003, the Company generated revenues of $2.2 million, an increase of 14%, over the corresponding prior year quarter revenues of $1.9 million.

The Company reported an operating loss of $0.1 million for the quarter ended June 30, 2003. This loss represents a significant improvement over the sequential quarter ended March 31, 2003 operating loss of $0.7 million.

The quarter ended June 30, 2003 included three special items. The first item is a $0.3 million change in accounting estimate related to product revenue (increase in revenues). The second item is a $0.1 million increase in allowance for bad debt (increase in cost of revenues). The third item is a $0.1 million non-cash expense related to non-employee stock options (increase in selling, general and administrative expense). Without the effect of these three special items, the Company generated an operating loss of $0.2 million for the quarter ended June 30, 2003 on revenues of $1.9 million.

Regarding the results, Dr. Burt Kunik, Chairman and Chief Executive Officer of Sharps Compliance Corp. stated, "We are very pleased with the significant improvement in our fourth quarter 2003 results which reflected an increase in our sequential quarter gross margins from 30% to 35% and a reduction in our S, G & A expense by over 22%, excluding special items. This improved financial performance is a direct result of our recently announced refocus on pricing, operational efficiencies and an aggressive cost reduction program."

Kunik added, "Our fiscal year 2004 plan envisions revenue growth generated not only from home healthcare but also from the retail, residential, industrial and other markets. We expended significant efforts selling to these markets during fiscal 2003 and have been very pleased with the receptivity of the Company's products and services. Our plan for 2004 is to capitalize on a number of these new market opportunities thereby generating incremental revenue to the Company during fiscal year 2004. Additionally, we are focused on continuing improvement in our gross margins while holding our S, G & A reasonably constant throughout the year. Accomplishment of this plan, if achieved, should result not only in an attractive revenue growth rate, but also significantly improved bottom-line financial performance."

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. Additionally, the Company 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.

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 June 30,						Fiscal Year Ended June 30,
			2003			2002			2003			2002
			(Unaudited)			(Unaudited)			(Unaudited)
REVENUES			$	2,192,866		$	1,927,579		$	8,419,339		$	6,513,025
COSTS AND EXPENSES:
	Cost of revenues			1,367,135			1,233,470			5,798,150			4,361,072
	Selling, general and administrative			891,540			820,906			3,754,014			2,893,205
	Depreciation and amortization			52,433			30,517			150,294			117,398
Operating income (loss)				(118,242	)		(157,314	)		(1,283,119	)		(858,650	)
INTEREST (EXPENSE) INCOME, net				(7,675	)		8,254			5,592			39,612
		Net loss	($	125,917	)	($	149,060	)	($	1,277,527	)	($	819,038	)
BASIC AND DILUTED NET LOSS PER SHARE			($	0.01	)	($	0.02	)	($	0.13	)	($	0.09	)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER SHARE				9,897,134			9,822,023			9,863,123			9,502,888

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SHARPS COMPLIANCE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

				June 30, 2003			June 30, 2002
				(Unaudited)
Assets
	Current assets:
		Cash and cash equivalents		$	135,884		$	497,353
		Short-term investments			—			502,287
		Restricted cash			152,851			10,010
		Accounts receivable, net			740,760			784,466
		Inventory			299,136			331,463
		Prepaid and other assets			125,808			219,406
			Total current assets		1,454,439			2,344,985
	Property and equipment, net				597,691			269,990
	Intangible assets, net				—			20,246
	Note receivable from stockholder				—			320,000
	Other assets				11,695			37,294
			Total assets	$	2,063,825		$	2,992,515
Liabilities and stockholders' (deficit) equity
	Current liabilities:
		Accounts payable		$	567,918		$	636,124
		Accrued liabilities			226,427			290,440
		Deferred revenue — pump return			205,125			323,088
		Current portion of deferred revenue — incineration			108,547			114,212
		Current portion of deferred revenue — transportation			476,630			419,370
		Notes payable and current portion of long-term debt			471,653			114,429
			Total current liabilities		2,056,300			1,897,663
	Long-term deferred revenue — incineration, net of current portion				35,792			53,745
	Long-term deferred revenue — transportation, net of current portion				164,142			197,351
	Long-term debt, net of current portion				120,101			24,227
	Other				27,000			—
			Total liabilities		2,403,335			2,172,986
	Stockholders' (deficit) equity:
			Total stockholders' (deficit) equity		(339,510	)		819,529
			Total liabilities and stockholders' (deficit) equity	$	2,063,825		$	2,992,515

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SHARPS COMPLIANCE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SHARPS COMPLIANCE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS