Sentry Technology Reports First Quarter Results
18 Mayo 2010 - 12:48PM
Marketwired
Sentry Technology Corporation (PINKSHEETS: SKVY) today reported
financial results for the Company's first quarter ended March 31,
2010.
Revenues for the first quarter of 2010 were $2,226,000 compared
to revenues of $2,513,000 reported in the first quarter of the
prior year. The operating loss net of foreign exchange was
$144,000, or $(0.00) per share, in the first quarter of 2010 as
compared to a net operating loss of $232,000 or $(0.00) per share,
in the first quarter of 2009.
"We have been successful in implementing expense reductions
while continuing to develop new products," said Peter L. Murdoch,
President and CEO of Sentry Technology Corporation. "During the
first quarter we designed an unlocking device for DVDs as an add-on
feature to our QuickCheck™ library self-service system. The first
units were installed in one of America's largest municipal
libraries. Our SmartTrack™ traveling camera systems are beginning
to be shipped under an OEM agreement with one of the world's
largest video systems integrators. Orders are anticipated to
increase in the coming quarters as technical and sales training is
completed at the customer's many European offices. Recently, two
shareholders loaned the company a total of $450,000 dollars and
management negotiated to postpone all non-supplier debt until June
30, 2011."
Sentry Technology Corporation designs, manufactures, sells and
installs a complete line of Closed Circuit Television (CCTV)
solutions, Electro-Magnetic (EM) and RFID based Library Management
systems as well as Radio Frequency (RF) and Electro-Magnetic (EM)
EAS systems. Our CCTV product line features SentryVision®,
SmartTrack™, a proprietary, patented traveling Surveillance System.
Products are used by libraries to secure inventory and improve
operating efficiency, by retailers to deter shoplifting and
internal theft and by industrial and institutional customers to
protect assets and people. More information can be found at
www.sentrytechnology.com.
This press release may include information that could constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
Any such forward-looking statements may involve risk and
uncertainties that could cause actual results to differ materially
from any future results encompassed within the forward-looking
statements. Factors that could cause or contribute to such
differences include those matters disclosed in the Company's
Securities and Exchange Commission filings.
SENTRY TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2010 2009
------------- ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 92 $ 315
Short-term investments 200 193
Accounts receivable, less allowance for
doubtful accounts of $161 in 2010 and $178
in 2009 1,204 1,109
Inventory, net 2,111 2,062
Prepaid expenses and other current assets 585 723
------------- ------------
Total current assets 4,192 4,402
PROPERTY AND EQUIPMENT, net 498 487
OTHER ASSETS 207 213
------------- ------------
TOTAL ASSETS $ 4,897 $ 5,102
============= ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Demand loan and revolving line of credit $ 3,974 $ 3,831
Accounts payable 1,177 902
Accrued liabilities 887 1,038
Deferred income 149 197
Convertible debenture 2,197 2,153
------------- ------------
Total current liabilities 8,384 8,121
Deferred tax liabilities 79 76
------------- ------------
Total liabilities 8,463 8,197
STOCKHOLDERS' DEFICIT
Common stock 121 121
Additional paid-in capital 50,747 50,742
Accumulated deficit (55,838) (55,378)
Accumulated other comprehensive loss (152) (86)
------------- ------------
Total Sentry Technology Corporation
stockholders' deficit (5,122) (4,601)
Noncontrolling interest in subsidiary 1,556 1,506
------------- ------------
Total deficit (3,566) (3,095)
------------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 4,897 $ 5,102
============= ============
SENTRY TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
-----------------------
2010 2009
----------- ----------
(Unaudited)
REVENUES:
Sales $ 1,970 $ 2,184
Service, installation and maintenance revenues 256 329
----------- ----------
2,226 2,513
COST OF SALES AND EXPENSES:
Cost of sales 1,101 1,206
Customer service expenses 258 426
Selling, general and administrative expenses 868 993
Research and development 143 120
Foreign exchange (loss) gain 50 (19)
----------- ----------
2,420 2,726
----------- ----------
LOSS FROM OPERATIONS (194) (213)
INTEREST EXPENSE, net 126 120
NON-CASH AMORTIZATION COSTS RELATED TO FINANCING 132 125
----------- ----------
LOSS BEFORE INCOME TAXES AND NONCONTROLLING
INTEREST (452) (458)
INCOME TAX EXPENSE 4 15
----------- ----------
NET LOSS (456) (473)
LESS: NET INCOME ATTRIBUTABLE TO THE NONCONTROLLING
INTEREST 4 13
----------- ----------
NET LOSS ATTRIBUTABLE TO SENTRY TECHNOLOGY
CORPORATION $ (460) $ (486)
=========== ==========
LOSS PER SHARE
Basic and diluted $ (0.00) $ (0.00)
=========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING
Basic and diluted 120,744 120,744
=========== ==========
CONTACT: Peter L. Murdoch President & CEO (631) 739-2000
Sentry Technology (CE) (USOTC:SKVY)
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