Revenues for the fourth quarter of 2007 were
For the year ended
"Sales in 2007 increased 11% while our operating loss, excluding foreign
exchange, was reduced by 58%," said
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(R), 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 CONSOLIDATED BALANCE SHEETS (In thousands) December 31, December 31, 2007 2006 ASSETS CURRENT ASSETS Cash and cash equivalents $ 256 $ 360 Short-term investments 202 259 Accounts receivable, less allowance for doubtful accounts of $209 and $160, respectively 3,014 2,251 Inventory 3,299 3,005 Prepaid expenses and other current assets 858 306 Total current assets 7,629 6,181 PROPERTY AND EQUIPMENT, net 634 609 GOODWILL - 1,564 OTHER ASSETS 269 480 $ 8,532 $ 8,834 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY CURRENT LIABILITIES Bank indebtedness, demand loan and revolving line of credit $ 4,551 $ 3,030 Accounts payable 1,223 609 Accrued liabilities 1,539 1,078 Obligations under capital leases - current portion 2 3 Deferred income 145 185 Total current liabilities 7,460 4,905 OBLIGATIONS UNDER CAPITAL LEASES - less current portion 7 8 DEFERRED TAX LIABILITY 117 91 CONVERTIBLE DEBENTURE 1,986 1,945 Total liabilities 9,570 6,949 MINORITY INTEREST 1,200 1,237 STOCKHOLDERS' (DEFICIT) EQUITY Common stock 121 121 Additional paid-in capital 49,420 49,037 Accumulated deficit (52,390) (48,712) Accumulated other comprehensive income 611 202 Total stockholders' (deficit) equity (2,238) 648 $ 8,532 $ 8,834 SENTRY TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2007 2006 2007 2006 REVENUES Sales $ 3,509 $ 3,170 $ 11,051 $ 10,212 Service, installation & other revenues 832 582 2,447 1,923 4,341 3,752 13,498 12,135 COST OF SALES AND EXPENSES: Cost of sales 2,040 1,599 6,215 5,374 Customer service expenses 842 608 2,474 2,209 Selling, general and administrative expenses 1,399 1,332 5,394 5,296 Research and development 132 224 688 838 4,413 3,763 14,771 13,717 OPERATING LOSS (72) (11) (1,273) (1,582) GOODWILL IMPAIRMENT (1,564) - 1,564 - INTEREST AND FINANCING EXPENSE, net 291 164 918 473 LOSS BEFORE INCOME TAXES AND MINORITY INTEREST (1,927) (175) (3,755) (2,055) INCOME TAX (BENEFIT) EXPENSE (40) 75 (40) 145 LOSS BEFORE MINORITY INTEREST (1,887) (250) (3,715) (2,200) MINORITY INTEREST (1) (43) 37 (104) NET LOSS $(1,888) $ (293) $(3,678) $(2,304) LOSS PER SHARE Basic and diluted $ (0.02) $(0.00) $ (0.03) $ (0.02) WEIGHTED AVERAGE SHARES Basic and diluted 120,744 120,744 120,744 120,716
SOURCE Sentry Technology Corporation