RONKONKOMA, N.Y., May 11, 2011 /PRNewswire/ -- Sentry Technology
Corporation (OTC Markets: SKVY) today reported financial results
for the Company's first quarter ended March
31, 2011.
Revenues for the first quarter of 2011 were $2,235,000 compared to revenues of $2,226,000 reported in the first quarter of the
prior year. The operating loss was $186,000, or $(0.00) per share, in the first quarter of 2011
as compared to an operating loss of $194,000 or $(0.00)
per share, in the first quarter of 2010.
"First quarter sales and operating results are similar to the
first quarter of last year," said Peter
Murdoch, President and CEO of Sentry Technology Corporation.
"We anticipate having a complete system prototype of our new
VideoRailway™ in test next month. Our core customers have expressed
strong interest in VideoRailway™ and we expect that the new design
will create a much larger market for our traveling camera
technology."
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
SentryVision®, SmartTrack™, a proprietary, patented 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.
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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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Three Months
Ended
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March
31,
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2011
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2010
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(Unaudited)
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REVENUES:
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Sales
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$1,943
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$1,970
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Service,
installation and maintenance revenues
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292
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256
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2,235
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2,226
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COST OF SALES AND
EXPENSES:
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Cost of
sales
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1,100
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1,101
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Customer service
expenses
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290
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258
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Selling, general
and administrative expenses
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904
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868
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Research and
development
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93
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143
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Foreign exchange
loss
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34
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50
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2,421
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2,420
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LOSS FROM OPERATIONS
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(186)
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(194)
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INTEREST EXPENSE, net
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172
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126
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NON-CASH AMORTIZATION COSTS
RELATED TO FINANCING
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245
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132
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LOSS BEFORE INCOME TAXES AND
NONCONTROLLING
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INTEREST
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(603)
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(452)
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INCOME TAX EXPENSE
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---
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4
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NET LOSS BEFORE NONCONTROLLING
INTEREST
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(603)
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(456)
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LESS: NET (LOSS) INCOME
ATTRIBUTABLE TO THE
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NONCONTROLLING
INTEREST
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(6)
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4
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NET LOSS
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$(597)
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$(460)
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LOSS PER SHARE
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Basic and diluted
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$(0.00)
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$(0.00)
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WEIGHTED AVERAGE NUMBER OF
COMMON SHARES
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OUTSTANDING
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Basic and diluted
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143,617
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120,744
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* Full financial statements are
available on the Company's website at www.sentrytechnology.com.
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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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SOURCE Sentry Technology Corporation