Revenues for the first quarter of 2009 were
Management has been successful in restructuring the terms of its
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. The CCTV product line features SentryVision, SmartTrack, a proprietary, patented traveling Surveillance System. The Company's 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. For further information, please visit our website 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) March 31, December 31, 2009 2008 (Unaudited) (Audited) ASSETS Current Assets: Cash and cash equivalents $ 340 $ 643 Short-term investments 159 264 Accounts receivable, net of allowance for doubtful accounts of $178 in 2009 and $179 in 2008 1,319 971 Inventory, net 2,596 2,739 Prepaid expenses and other current assets 555 682 ----------- ----------- Total current assets 4,969 5,299 PROPERTY AND EQUIPMENT, net 409 439 OTHER ASSETS 224 232 ----------- ----------- TOTAL ASSETS $ 5,602 $ 5,970 ============= =========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Bank indebtedness, demand loan and revolving line of credit $ 3,407 $ 3,418 Accounts payable 849 830 Accrued liabilities 1,257 1,211 Obligations under capital leases - current portion 2 2 Deferred income 213 175 Convertible debenture 2,000 2,000 ----------- ----------- Total current liabilities 7,728 7,636 Long-term debt - less current portion: Obligations under capital leases 3 4 Deferred tax liabilities 87 90 ----------- ----------- Total long-term liabilities 90 94 ----------- ----------- Total liabilities 7,818 7,730 MINORITY INTEREST 1,324 1,311 STOCKHOLDERS' DEFICIT Preferred stock, $0.001 par value; authorized 10,000 (2008 - 10,000) shares; none issued and outstanding Common stock, $0.001 par value; authorized 190,000 (2008 - 190,000) shares; issued and outstanding 120,744 (2008 - 120,744) shares 121 121 Additional paid-in capital 50,200 50,196 Accumulated deficit (54,014) (53,528) Accumulated other comprehensive income 153 140 ----------- ------------ Total stockholders' deficit (3,540) (3,071) ----------- ------------ TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 5,602 $ 5,970 =========== ============ SENTRY TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) Three Months Ended March 31, 2009 2008 ---- ---- (Unaudited) REVENUES: Sales $ 2,184 $ 1,712 Service, installation and maintenance revenues 329 330 ------- -------- 2,513 2,042 COST OF SALES AND EXPENSES: Cost of sales 1,206 1,019 Customer service expenses 426 550 Selling, general and administrative expenses 993 1,120 Research and development 120 147 Foreign exchange gain (19) (141) ------- -------- 2,726 2,695 ------- -------- LOSS FROM OPERATIONS (213) (653) INTEREST EXPENSE, net 120 108 NON-CASH AMORTIZATION COSTS RELATED TO FINANCING 125 129 ------- -------- LOSS BEFORE INCOME TAXES AND MINORITY INTEREST (458) (890) INCOME TAX EXPENSE 15 --- ------- -------- LOSS BEFORE MINORITY INTEREST (473) (890) MINORITY INTEREST EXPENSE (INCOME) 13 (3) ------- -------- NET LOSS $ (486) $ (887) ======= ======== LOSS PER SHARE Basic and diluted $ (0.00) $ (0.01) ======= ======== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Basic and diluted 120,744 120,744 ======= ========
SOURCE Sentry Technology Corporation