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): November 3, 2003 (November 3, 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 November 3, 2003

Item 12. Disclosure of Results of Operations and Financial Condition

On November 3, 2003, the Company announced its results of operations for the quarter ended September 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 November 3, 2003 and may change thereafter.

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: NOVEMBER 3, 2003	By:	/s/ DAVID P. TUSA
		Name: David P. Tusa
		Title: Senior Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit

Number

Description

99.1

Press Release, dated November 3, 2003

Exhibit 99.1

Contact:

Sharps Compliance Corp.
www.sharpsinc.com
(713) 432-0300

David P. Tusa

Senior Vice President &

Chief Financial Officer

dtusa@sharpsinc.com

SHARPS COMPLIANCE CORP. ANNOUNCES FIRST QUARTER OF
FISCAL YEAR 2004 RESULTS

HOUSTON, Texas, (November 3, 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, 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™ 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, 2003		June 30, 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