SHARPS COMPLIANCE CORP

CIK:0000898770|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
REVENUES	$ 13,915	$ 13,151
Cost of revenues	11,216	9,528
GROSS PROFIT	2,699	3,623
Selling, general and administrative	4,200	3,788
Depreciation and amortization	218	204
OPERATING LOSS	(1,719)	(369)
OTHER INCOME (EXPENSE)
Interest expense	(56)	(32)
Income associated with derivative instrument	7	5
TOTAL OTHER EXPENSE	(49)	(27)
LOSS BEFORE INCOME TAXES	(1,768)	(396)
INCOME TAX BENEFIT - Deferred	(427)	(103)
NET LOSS	$ (1,341)	$ (293)
NET LOSS PER COMMON SHARE - Basic (in dollars per share)	$ (0.08)	$ (0.02)
NET LOSS PER COMMON SHARE - Diluted (in dollars per share)	$ (0.08)	$ (0.02)
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET LOSS PER COMMON SHARE:
Basic (in shares)	17,879	16,391
Diluted (in shares)	17,879	16,391

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,341)	$ (293)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	582	423
Bad debt expense	25	65
Inventory write-off	0	10
Loss on disposal of property, plant and equipment	0	1
Stock-based compensation expense	280	162
Income associated with derivative instrument	(7)	(5)
Deferred tax benefit	(427)	(103)
Changes in operating assets and liabilities:
Accounts receivable	(134)	1,095
Inventory	(1,151)	182
Prepaid and other assets	(305)	296
Accounts payable and accrued liabilities	606	(311)
Contract asset and contract liability	(1,179)	239
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(3,051)	1,761
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(47)	(925)
Additions to intangible assets	(18)	(48)
NET CASH USED IN INVESTING ACTIVITIES	(65)	(973)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	0	225
Proceeds from issuance of common stock, net	16,771	0
Proceeds from long-term debt	0	508
Repayments of long-term debt	(206)	(152)
Payments on financing lease liabilities	(54)	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	16,511	581
NET INCREASE IN CASH	13,395	1,369
CASH, beginning of period	27,767	5,416
CASH, end of period	41,162	6,785
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid, net of refunds	170	(283)
Interest paid on long-term debt	58	23
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property, plant and equipment financed through accounts payable	$ 20	$ 85

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
CURRENT ASSETS
Cash	$ 41,162	$ 27,767
Accounts receivable, net	9,847	9,738
Inventory	7,272	6,114
Contract asset	27	20
Prepaid and other current assets	1,756	1,459
TOTAL CURRENT ASSETS	60,064	45,098
PROPERTY, PLANT AND EQUIPMENT, net	10,508	10,843
OPERATING LEASE RIGHT OF USE ASSET	7,919	8,353
FINANCING LEASE RIGHT OF USE ASSET, net	934	907
INVENTORY, net of current portion	982	989
OTHER ASSETS	118	110
GOODWILL	6,735	6,735
INTANGIBLE ASSETS, net	2,109	2,239
DEFERRED TAX ASSET, net	584	157
TOTAL ASSETS	89,953	75,431
CURRENT LIABILITIES
Accounts payable	2,972	2,922
Accrued liabilities	4,472	3,940
Operating lease liability	2,240	2,368
Financing lease liability	174	160
Current maturities of long-term debt	622	735
Contract liability	5,965	7,028
TOTAL CURRENT LIABILITIES	16,445	17,153
CONTRACT LIABILITY, net of current portion	1,352	1,461
OPERATING LEASE LIABILITY, net of current portion	5,810	6,118
FINANCING LEASE LIABILITY, net of current portion	772	741
OTHER LIABILITIES	44	45
LONG-TERM DEBT, net of current portion	3,236	3,329
TOTAL LIABILITIES	27,659	28,847
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value per share; 40,000,000 shares authorized; 19,524,859 and 17,454,859 shares issued, respectively and 19,229,244 and 17,159,244 shares outstanding, respectively	197	176
Treasury stock, at cost, 295,615 shares repurchased	(1,554)	(1,554)
Additional paid-in capital	51,363	34,333
Retained earnings	12,288	13,629
TOTAL STOCKHOLDERS' EQUITY	62,294	46,584	$ 29,672	$ 29,578
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 89,953	$ 75,431