464 0 Kommentare Sentry Technology Reports Second Quarter Results

RONKONKOMA, NY--(Marketwired - Sep 18, 2013) - 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/.