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.
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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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SENTRY
TECHNOLOGY CORPORATION
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CONSOLIDATED BALANCE SHEETS
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(In
thousands)
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(Unaudited)
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December
31,
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December
31,
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2012
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2011
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ASSETS
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Current
Assets:
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Cash
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$
278
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$
360
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Short-term
investments
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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 $80 in 2011
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724
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540
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Inventory, net
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1,495
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1,944
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Prepaid expenses and other
current assets
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222
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222
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Total
current assets
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2,924
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3,266
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PROPERTY
AND EQUIPMENT, net
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346
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399
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OTHER
ASSETS
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159
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128
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TOTAL ASSETS
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$
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
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803
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697
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Deferred income
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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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Amount due
to related parties– long-term
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151
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197
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Promissory
notes payable – long-term
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37
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---
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Deferred
tax liabilities
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50
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67
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Total
long-term liabilities
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238
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264
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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
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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
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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
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596
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900
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NON-CASH
AMORTIZATION COSTS RELATED TO FINANCING
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9
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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
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0.01
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---
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NET INCOME
(LOSS) PER SHARE - Basic and diluted
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$
0.01
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$
(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