Sentry Technology Reports Second Quarter Results
17 August 2010 - 4:21AM
Sentry Technology Corporation (Pink Sheets:SKVY) today reported
financial results for the Company's second quarter ended June 30,
2010, which includes increased sales and a profit on operations.
Revenues for the second quarter of 2010 increased 33% to
$2,487,000 compared to revenues of $1,870,000 reported in the
second quarter of the prior year. Income from operations increased
to $12,000 from a loss of $431,000 in the second quarter of 2009.
The net loss was $254,000, or $(0.00) per share, as compared to a
net loss of $643,000, or $(0.01) per share, in the second quarter
of 2009. The net loss includes a noncash charge related to
financing of $163,000 and $117,000 in the second quarter of 2010
and 2009, respectively.
For the first six months ended June 30, 2010, revenues were
$4,713,000 compared to revenues of $4,383,000 reported in the first
six months of the prior year. Sentry had a net loss of
$714,000, or $(0.01) per share, compared to a net loss of
$1,129,000, or $(0.01) per share, in the first half of
2009. The net loss includes a noncash charge related to
financing of $295,000 and $242,000 in the first six months of 2010
and 2009, respectively.
"We are pleased with the progress made during the second
quarter," said Peter L. Murdoch, President and CEO of Sentry
Technology Corporation. "Sales are up substantially compared
to the second quarter of last year, the Company achieved a small
but important operating profit and our order backlog increased to
$3.8 million as of June 30th. Current order activity remains
strong and we expect the trend to continue."
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(R),
SmartTrackā¢, 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 |
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CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS * |
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(In thousands, except per share data) |
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Three Months Ended
June 30, |
Six Months Ended June
30, |
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2010 |
2009 |
2010 |
2009 |
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(Unaudited) |
(Unaudited) |
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Revenues |
$ 2,487 |
$ 1,870 |
$ 4,713 |
$ 4,383 |
Cost of sales |
1,315 |
916 |
2,416 |
2,122 |
Operating expenses |
1,160 |
1,385 |
2,479 |
2,905 |
Income (loss) from operations |
12 |
(431) |
(182) |
(644) |
Interest expense, net |
135 |
127 |
261 |
247 |
Non-cash amortization costs related to
financing |
163 |
117 |
295 |
242 |
Loss before income taxes and noncontrolling
interest |
(286) |
(675) |
(738) |
(1,133) |
Income tax recovery |
(4) |
(15) |
--- |
--- |
Net loss |
(282) |
(660) |
(738) |
(1,133) |
Less: net loss attributable to the
noncontrolling interest |
(28) |
(17) |
(24) |
(4) |
Net loss attributable to Sentry Technology
Corporation |
$ (254) |
$ (643) |
$ (714) |
$ (1,129) |
Loss per share |
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Basic and diluted |
$ (0.00) |
$ (0.01) |
$ (0.01) |
$ (0.01) |
Weighted average number of common shares
outstanding |
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Basic and diluted |
120,744 |
120,744 |
120,744 |
120,744 |
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* Full financial statements are
available on the Company's website at
www.sentrytechnology.com. |
CONTACT: Sentry Technology Corporation
Peter L. Murdoch, President & CEO
(631) 739-2000
Sentry Technology (CE) (USOTC:SKVY)
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