Sentry Technology Reports Year End Results
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.
| CONTACT: |
Peter L. Murdoch |
|
| President & CEO |
||
| (631) 739-2000 |
| SENTRY TECHNOLOGY CORPORATION |
|||
| CONSOLIDATED BALANCE SHEETS |
|||
| (In thousands) |
|||
| (Unaudited) |
|||
| December 31, |
December 31, |
||
| 2012 |
2011 |
||
| ASSETS |
|||
| Current Assets: |
|||
| Cash |
$ 278 |
$ 360 |
|
| Short-term investments |
205 |
200 |
|
| Accounts receivable, net of allowance for doubtful |
|||
| accounts of $81 in 2012 and $80 in 2011 |
724 |
540 |
|
| Inventory, net |
1,495 |
1,944 |
|
| Prepaid expenses and other current assets |
222 |
222 |
|
| Total current assets |
2,924 |
3,266 |
|
| PROPERTY AND EQUIPMENT, net |
346 |
399 |
|
| OTHER ASSETS |
159 |
128 |
|
| TOTAL ASSETS |
$ 3,429 |
$ 3,793 |
|
| LIABILITIES AND STOCKHOLDERS' DEFICIT |
|||
| Current Liabilities: |
|||
| Amount due to related parties |
$ 3,954 |
$ 3,544 |
|
| Bank indebtedness and revolving line of credit |
1,174 |
1,080 |
|
| Accounts payable |
1,038 |
988 |
|
| Accrued liabilities |
803 |
697 |
|
| Deferred income |
234 |
240 |
|
| Convertible debenture |
--- |
2,531 |
|
| Promissory notes payable – short-term |
38 |
--- |
|
| Total current liabilities |
7,241 |
9,080 |
|
| Amount due to related parties– long-term |
151 |
197 |
|
| Promissory notes payable – long-term |
37 |
--- |
|
| Deferred tax liabilities |
50 |
67 |
|
| Total long-term liabilities |
238 |
264 |
|
| Total liabilities |
7,479 |
9,344 |
|
| STOCKHOLDERS' DEFICIT: |
|||
| Common stock |
196 |
196 |
|
| Additional paid-in capital |
51,748 |
51,733 |
|
| Accumulated deficit |
(57,380) |
(58,890) |
|
| Accumulated other comprehensive loss |
(192) |
(136) |
|
| Total stockholders' deficit |
(5,628) |
(7,097) |
|
| Noncontrolling interest in subsidiary |
1,578 |
1,546 |
|
| Total deficit |
(4,050) |
(5,551) |
|
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ 3,429 |
$ 3,793 |
|
| SENTRY TECHNOLOGY CORPORATION |
|||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||
| (In thousands, except per share data) |
|||
| (Unaudited) |
|||
| Years Ended December 31, |
|||
| 2012 |
2011 |
||
| REVENUES |
$ 6,392 |
$ 7,519 |
|
| Sales |
779 |
1,069 |
|
| Service, installation & maintenance revenues |
7,171 |
8,588 |
|
| COST OF SALES AND EXPENSES: |
|||
| Cost of sales |
3,720 |
4,348 |
|
| Customer service expenses |
747 |
1,068 |
|
| Selling, general and administrative expenses |
2,859 |
3,339 |
|
| Research and development |
332 |
371 |
|
| Foreign exchange loss (gain) |
43 |
(27) |
|
| 7,701 |
9,099 |
||
| LOSS FROM OPERATIONS |
(530) |
(511) |
|
| INTEREST EXPENSE, net |
596 |
900 |
|
| NON-CASH AMORTIZATION COSTS RELATED TO FINANCING |
9 |
556 |
|
| LOSS BEFORE INCOME TAXES, NONCONTROLLING INTEREST |
|||
| AND EXTRAORDINARY ITEM |
(1,135) |
(1,967) |
|
| INCOME TAX (BENEFIT) EXPENSE |
(15) |
3 |
|
| LOSS BEFORE NONCONTROLLING INTEREST AND EXTRAORDINARY ITEM |
(1,120) |
(1,970) |
|
| LESS: NET (LOSS) INCOME ATTRIBUTABLE TO THE NONCONTROLLING |
|||
| INTEREST |
(2) |
11 |
|
| LOSS BEFORE EXTRAORDINARY ITEM |
(1,118) |
(1,981) |
|
| EXTRAORDINARY ITEM: |
|||
| Gain from extinguishment of debt, net of tax |
(2,628) |
--- |
|
| NET INCOME (LOSS) |
$ 1,510 |
$ (1,981) |
|
| LOSS PER SHARE BEFORE EXTINGUISHMENT OF DEBT - Basic and diluted |
$ (0.01) |
$ (0.01) |
|
| EXTINGUISHMENT OF DEBT PER SHARE - Basic and diluted |
0.01 |
--- |
|
| NET INCOME (LOSS) PER SHARE - Basic and diluted |
$ 0.01 |
$ (0.01) |
|
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
|||
| Basic and diluted |
196,405 |
153,802 |
|
SOURCE Sentry Technology Corporation
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article