Sentry Technology Reports Second Quarter Results
September 18 2013 - 11:54AM
Marketwired
Sentry Technology Corporation (OTC Pink: SKVY) today reported
financial results for the Company's second quarter ended June 30,
2013.
Revenues for the second quarter of 2013 were $1,767,000 compared
to revenues of $1,661,000 reported in the second quarter of the
prior year. The loss from operations was $53,000 compared to a loss
of $178,000 in the second quarter of 2012. The net loss was
$129,000, or $(0.00) per share, as compared to a net loss of
$362,000, or $(0.00) per share, in the second quarter of 2012.
For the first six months ended June 30, 2013, revenues were
$3,122,000 compared to revenues of $3,258,000 reported in the first
six months of the prior year. Sentry had a net loss of $448,000, or
$(0.00) per share, compared to a net loss of $795,000, or $(0.00)
per share, in the first half of 2012.
"Our new VideoRailway™, HD/IP traveling camera system has
started to ship to customers," said Peter Murdoch, President and
CEO of Sentry Technology Corporation. "As recently reported, CSI,
our 51% owned label subsidiary, is now selling its new security
label products which have a much larger addressable market compared
with the company's historic offerings. We have been able to
complete the development of two entirely new, major product lines
while maintaining sales levels comparable with previous periods. In
addition, YTD expenses have been reduced by a further 16%. We
expect these changes will bring sales growth and profitability for
Sentry."
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 VideoRailway™
and SmartTrack™, a proprietary, traveling camera technology. 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.
SENTRY TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Par Value Amounts)
(Unaudited)
June 30, December 31,
2013 2012
------------ ------------
ASSETS
Current Assets:
Cash $ 98 $ 278
Short-term investments 194 205
Accounts receivable, net of allowance for
doubtful accounts of $81 in 2013 and $81 in
2012 715 724
Inventory, net 1,663 1,495
Prepaid expenses and other current assets 214 222
------------ ------------
Total current assets 2,884 2,924
PROPERTY AND EQUIPMENT, net 310 346
OTHER ASSETS 148 159
------------ ------------
TOTAL ASSETS $ 3,342 $ 3,429
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Amount due to related parties $ 4,065 $ 3,954
Bank indebtedness and revolving line of credit 1,272 1,174
Accounts payable 1,187 1,038
Accrued liabilities 803 803
Deferred income 186 234
Promissory notes payable - short-term 75 38
------------ ------------
Total current liabilities 7,588 7,241
Amount due to related parties - long-term 143 151
Promissory notes payable - long-term - 37
Deferred tax liabilities 48 50
------------ ------------
Total long-term liabilities 191 238
Total liabilities 7,779 7,479
STOCKHOLDERS' DEFICIT
Common stock 196 196
Additional paid-in capital 51,752 51,748
Accumulated deficit (57,828) (57,380)
Accumulated other comprehensive loss (39) (192)
------------ ------------
Total stockholders' deficit (5,919) (5,628)
Noncontrolling interest in subsidiary 1,482 1,578
------------ ------------
Total deficit (4,437) (4,050)
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,342 $ 3,429
============ ============
SENTRY TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2013 2012 2013 2012
-------- -------- -------- --------
REVENUES:
Sales $ 1,573 $ 1,470 $ 2,758 $ 2,846
Service, installation and
maintenance revenues 194 191 364 412
-------- -------- -------- --------
1,767 1,661 3,122 3,258
COST OF SALES AND EXPENSES:
Cost of sales 983 864 1,732 1,673
Customer service expenses 178 198 361 405
Selling, general and
administrative expenses 627 708 1,207 1,487
Research and development 80 95 165 173
Foreign exchange gain (48) (26) (76) (1)
-------- -------- -------- --------
1,820 1,839 3,389 3,737
-------- -------- -------- --------
LOSS FROM OPERATIONS (53) (178) (267) (479)
INTEREST EXPENSE, net 100 145 193 289
NON-CASH AMORTIZATION COSTS RELATED
TO FINANCING - 4 1 8
-------- -------- -------- --------
LOSS BEFORE INCOME TAXES AND
NONCONTROLLING INTEREST (153) (327) (461) (776)
INCOME TAX (RECOVERY) EXPENSE (6) 10 - 10
-------- -------- -------- --------
LOSS BEFORE NONCONTROLLING INTEREST (147) (337) (461) (786)
LESS: NET (LOSS) INCOME ATTRIBUTABLE
TO THE NONCONTROLLING INTEREST (18) 25 (13) 9
-------- -------- -------- --------
NET LOSS (129) (362) (448) (795)
======== ======== ======== ========
LOSS PER SHARE ON LOSS ATTRIBUTABLE
TO SENTRY TECHNOLOGY CORPORATION
Basic and diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
======== ======== ======== ========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING
Basic and diluted 196,405 196,405 196,405 196,405
======== ======== ======== ========
* Additional financial statements are available on the Company's website at
http://www.sentrytechnology.com/.
CONTACT: Peter L. Murdoch President & CEO (631) 739-2000
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