RONKONKOMA, N.Y., April 9, 2013 /PRNewswire/ -- Sentry Technology
Corporation (OTC Markets: SKVY) today reported financial results
for the Company's year ended December
31, 2012.
"During 2012, we substantially reduced costs and restructured
more than $2.6 million in debt," said
Peter Murdoch, President and CEO of
Sentry Technology. "Significant investments have been made in new
products including our new VideoRailway™ traveling camera system
and OperationalVideo™ visual merchandising, audit software. Patent
applications have been filed for both products that will be key to
the growth of our company."
"VideoRailway™ offers important new features including an HD, IP
camera that travels along straight and curved, ceiling mounted rail
segments. The rail can also be configured in a continuous loop. We
have received our first VideoRailway™ system order that will be
installed in a home improvements retailer at the end of April.
Additional installations will be completed in a food retailer and a
major discount department store."
Mr. Murdoch goes on to say, "HD, IP video is the future of the
CCTV industry and our new VideoRailway™, traveling video system,
delivers many advantages over fixed position cameras. In addition
to offering a superior security solution, VideoRailway™ is designed
to complement OperationalVideo™ by using the pinpoint angles and HD
camera quality to audit store operations, product pricing and
merchandise displays."
Sentry Technology Corporation designs, manufactures, sells and
installs Closed Circuit Television (CCTV) solutions,
Electro-Magnetic (EM) and RFID based Library security and
self-service systems. Our CCTV product line features
SentryVisiona, SmartTrack™ and VideoRailway™, a proprietary,
traveling Surveillance System. Our OperationalVideo™,
OVportal™ software application assists retailers with on-line
management of safety and security, merchandising audits and
employee procedure compliance. Products are used by libraries
to secure inventory and improve operating efficiency, by retailers
to deter theft and enhance productivity, and by
industrial/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.
CONTACT:
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Peter L.
Murdoch
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President &
CEO
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(631) 739-2000
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SENTRY TECHNOLOGY
CORPORATION
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CONSOLIDATED BALANCE
SHEETS
|
|
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(In thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
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December 31,
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December 31,
|
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2012
|
|
2011
|
|
|
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ASSETS
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|
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Current Assets:
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|
|
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Cash
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$
278
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$
360
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Short-term investments
|
205
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200
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Accounts receivable, net of allowance for doubtful
|
|
|
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accounts of $81 in 2012 and $80 in 2011
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724
|
|
540
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Inventory, net
|
1,495
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|
1,944
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Prepaid expenses and other current assets
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222
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|
222
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Total current
assets
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2,924
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|
3,266
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PROPERTY AND EQUIPMENT,
net
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346
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|
399
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OTHER ASSETS
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159
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|
128
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TOTAL
ASSETS
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$
3,429
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$
3,793
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current
Liabilities:
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Amount due to related parties
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$
3,954
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$
3,544
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Bank
indebtedness and revolving line of credit
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1,174
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|
1,080
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Accounts payable
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1,038
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|
988
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Accrued liabilities
|
803
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|
697
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Deferred income
|
234
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|
240
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Convertible debenture
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---
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2,531
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Promissory notes payable – short-term
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38
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---
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Total current
liabilities
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7,241
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|
9,080
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|
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Amount due to related parties–
long-term
|
151
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|
197
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Promissory notes payable –
long-term
|
37
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---
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Deferred tax
liabilities
|
50
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|
67
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Total long-term
liabilities
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238
|
|
264
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|
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Total
liabilities
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7,479
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9,344
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STOCKHOLDERS'
DEFICIT:
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Common stock
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196
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196
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Additional paid-in capital
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51,748
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51,733
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Accumulated deficit
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(57,380)
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(58,890)
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Accumulated other comprehensive loss
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(192)
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(136)
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Total stockholders'
deficit
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(5,628)
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(7,097)
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Noncontrolling interest in
subsidiary
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1,578
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1,546
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Total deficit
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(4,050)
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(5,551)
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TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
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$
3,429
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$
3,793
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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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(Unaudited)
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Years Ended December
31,
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2012
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2011
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REVENUES
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$
6,392
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$
7,519
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Sales
|
779
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|
1,069
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Service, installation & maintenance revenues
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7,171
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8,588
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COST OF SALES AND
EXPENSES:
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Cost
of sales
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3,720
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4,348
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Customer service expenses
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747
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|
1,068
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Selling, general and administrative expenses
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2,859
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3,339
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Research and development
|
332
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|
371
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Foreign exchange loss (gain)
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43
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(27)
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7,701
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9,099
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LOSS FROM
OPERATIONS
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(530)
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(511)
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INTEREST EXPENSE,
net
|
596
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|
900
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NON-CASH AMORTIZATION COSTS
RELATED TO FINANCING
|
9
|
|
556
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LOSS BEFORE INCOME TAXES,
NONCONTROLLING INTEREST
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AND EXTRAORDINARY ITEM
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(1,135)
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(1,967)
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INCOME TAX (BENEFIT)
EXPENSE
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(15)
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3
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LOSS BEFORE NONCONTROLLING
INTEREST AND EXTRAORDINARY ITEM
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(1,120)
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(1,970)
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LESS: NET (LOSS) INCOME
ATTRIBUTABLE TO THE NONCONTROLLING
|
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INTEREST
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(2)
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11
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LOSS BEFORE EXTRAORDINARY
ITEM
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(1,118)
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(1,981)
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EXTRAORDINARY
ITEM:
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Gain
from extinguishment of debt, net of tax
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(2,628)
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---
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NET INCOME
(LOSS)
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$
1,510
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$
(1,981)
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LOSS PER SHARE BEFORE
EXTINGUISHMENT OF DEBT - Basic and diluted
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$
(0.01)
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$
(0.01)
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EXTINGUISHMENT OF DEBT PER
SHARE - Basic and diluted
|
0.01
|
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---
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NET INCOME (LOSS) PER SHARE -
Basic and diluted
|
$
0.01
|
|
$
(0.01)
|
|
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WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
|
|
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Basic
and diluted
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196,405
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153,802
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SOURCE Sentry Technology Corporation