Sentry Technology Reports Third Quarter Results
November 04 2010 - 1:00PM
Sentry Technology Corporation (Pink Sheets:SKVY) today reported
financial results for the Company's third quarter ended September
30, 2010.
Revenues for the third quarter of 2010 were $2,711,000, compared
to revenues of $2,606,000 reported in the third quarter of the
prior year. Sentry had a net loss of $282,000 in the third quarter
of 2010, or $(0.00) per share, compared to a net loss of $410,000,
or $(0.00) per share, in the third quarter of last year. The net
loss in both periods includes a non-cash amortization expense
related to financing of $229,000 and $129,000,
respectively. The results in the third quarter also include a
foreign exchange loss of $34,000 in 2010 and $89,000 in
2009.
For the first nine months ended September 30, 2010, revenues
were $7,424,000, compared to $6,989,000 reported in the previous
year. Sentry had a net loss of $996,000, or $(0.01) per share,
in the first nine months of 2010 compared to a net loss of
$1,539,000, or $(0.01) per share, in the first nine months of
2009. The net loss in both periods includes a non-cash
amortization expense related to financing of $524,000 and $379,000,
respectively. The year-to-date results also include a foreign
exchange loss of $36,000 in 2010 and $135,000 in 2009.
"This year we have seen revenue increases from $2.2 million in
the first quarter to $2.5 million in the second quarter and $2.7
million in the third quarter. As a result, the Company had income
from operations of $137,000 in the third quarter," said Peter L.
Murdoch, President and CEO of Sentry Technology
Corporation. "In addition to sales and profit increases, we
have decreased expenses, successfully sold our SmartTrackTM
traveling camera system to a new very large international
distribution partner and are on track to release important new
products in 2011. Things are improving at Sentry."
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. The CCTV product line features SentryVision®,
SmartTrackTM, a proprietary, patented traveling Surveillance
System. The Company's 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. For further
information, please visit our website 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 |
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS * |
(In thousands, except per share
data) |
|
|
|
|
|
|
Three Months
Ended September 30, |
Nine Months Ended
September 30, |
|
2010 |
2009 |
2010 |
2009 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Revenues |
$ 2,711 |
$ 2,606 |
$ 7,424 |
$ 6,989 |
Cost of sales |
1,288 |
1,361 |
3,704 |
3,483 |
Operating expenses |
1,286 |
1,411 |
3,765 |
4,316 |
Income (loss) from operations |
137 |
(166) |
(45) |
(810) |
Interest expense, net |
155 |
128 |
416 |
367 |
Non-cash amortization costs related to
financing |
229 |
129 |
524 |
379 |
Loss before income taxes and noncontrolling
interest |
(247) |
(423) |
(985) |
(1,556) |
Income tax expense |
6 |
-- |
6 |
-- |
Net loss |
(253) |
(423) |
(991) |
(1,556) |
Less: net income (loss) attributable to the
noncontrolling interest |
29 |
(13) |
5 |
(17) |
Net loss attributable to Sentry Technology
Corporation |
$ (282) |
$ (410) |
$ (996) |
$ (1,539) |
Loss per share |
|
|
|
|
Basic and diluted |
$(0.00) |
$(0.00) |
$(0.01) |
$(0.01) |
Weighted average number of common shares
outstanding |
|
|
|
|
Basic and diluted |
120,744 |
120,744 |
120,744 |
120,744 |
|
|
|
|
|
* 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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