Sentry Technology Corporation (PINKSHEETS: SKVY) today reported
financial results for the Company's fourth quarter and year ended
December 31, 2009.
Revenues for the fourth quarter of 2009 were $2,676,000,
compared to revenues of $3,064,000 reported in the fourth quarter
of the prior year. The net loss was $311,000, or $(0.00) per share,
in the fourth quarter of 2009 as compared to a net loss of $55,000,
or $(0.00) per share, in the fourth quarter of 2008.
For the year ended December 31, 2009, revenues were $9,665,000
compared to $12,708,000 reported in 2008. The net loss was
$1,850,000, or $(0.02) per share in 2009, compared to $1,138,000,
or $(0.01) per share in 2008.
"We are pleased to report an operating profit in the fourth
quarter," said Peter L. Murdoch, President and CEO of Sentry
Technology Corporation. "While sales were down due to recent market
conditions, several new products were developed in the second half
of the year that we believe will contribute to future growth."
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. Our CCTV product line features SentryVision®,
SmartTrack™, a proprietary, patented traveling Surveillance System.
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. 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
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2009 2008
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 315 $ 643
Short-term investments 193 264
Accounts receivable, less allowance for
doubtful accounts of $190 in 2009 and
$179 in 2008 1,109 971
Inventory, net 2,062 2,739
Prepaid expenses and other current assets 723 682
------------ ------------
Total current assets 4,402 5,299
PROPERTY AND EQUIPMENT, net 487 439
OTHER ASSETS 213 232
------------ ------------
TOTAL ASSETS $ 5,102 $ 5,970
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Demand loan and revolving line of credit $ 3,831 $ 3,418
Accounts payable 902 830
Accrued liabilities 1,038 1,217
Deferred income 197 175
Convertible debenture 2,153 2,000
------------ ------------
Total current liabilities 8,121 7,640
Deferred tax liabilities 76 90
------------ ------------
Total liabilities 8,197 7,730
STOCKHOLDERS' DEFICIT
Common stock 121 121
Additional paid-in capital 50,742 50,196
Accumulated deficit (55,378) (53,528)
Accumulated other comprehensive (loss) income (86) 140
------------ ------------
Total Sentry Technology Corporation
stockholders' deficit (4,601) (3,071)
Noncontrolling interest in subsidiary 1,506 1,311
------------ ------------
Total deficit (3,095) (1,760)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 5,102 $ 5,970
============ ============
SENTRY TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2009 2008 2009 2008
-------- -------- --------- --------
REVENUES
Sales $ 2,400 $ 2,644 $ 8,581 $ 10,859
Service, installation &
maintenance revenues 276 420 1,084 1,849
-------- -------- --------- --------
2,676 3,064 9,665 12,708
COST OF SALES AND EXPENSES:
Cost of sales 1,271 1,540 4,754 6,261
Customer service expenses 332 488 1,463 2,115
Selling, general and
administrative expenses 914 1,081 3,616 4,339
Research and development 117 127 465 562
Foreign exchange loss (gain) 26 (600) 161 (817)
-------- -------- --------- --------
2,660 2,636 10,459 12,460
-------- -------- --------- --------
(LOSS) INCOME FROM OPERATIONS 16 428 (794) 248
INTEREST EXPENSE, net 128 130 495 545
NON-CASH AMORTIZATION COSTS RELATED
TO FINANCING 132 176 511 636
-------- -------- --------- --------
LOSS BEFORE INCOME TAXES AND
NONCONTROLLING INTEREST (244) 122 (1,800) (933)
INCOME TAX EXPENSE 2 79 2 94
-------- -------- --------- --------
NET LOSS (246) 43 (1,802) (1,027)
LESS: NET INCOME ATTRIBUTABLE TO
THE NONCONTROLLING INTEREST 65 98 48 111
-------- -------- --------- --------
NET LOSS ATTRIBUTABLE TO SENTRY
TECHNOLOGY CORPORATION $ (311) $ (55) $ (1,850) $ (1,138)
======== ======== ========= ========
LOSS PER SHARE BASED ON LOSS
ATTRIBUTABLE TO SENTRY
TECHNOLOGY CORPORATION
Basic and diluted $ (0.00) $ (0.00) $ (0.02) $ (0.01)
======== ======== ========= ========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUSTANDING
Basic and diluted 120,744 120,744 120,744 120,744
======== ======== ========= ========
CONTACT: Peter L. Murdoch President & CEO (631) 739-2000
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