RONKONKOMA, N.Y., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Sentry Technology Corporation (Pink Sheets:SKVY) today reported financial results for the Company's third quarter ended September 30, 2010.
Revenues for the third quarter of 2010 were $2,711,000, compared to revenues of $2,606,000 reported in the third quarter of the prior year. Sentry had a net loss of $282,000 in the third quarter of 2010, or $(0.00) per share, compared to a net loss of $410,000, or $(0.00) per share, in the third quarter of last year. The net loss in both periods includes a non-cash amortization expense related to financing of $229,000 and $129,000, respectively. The results in the third quarter also include a foreign exchange loss of $34,000 in 2010 and $89,000 in 2009.
For the first nine months ended September 30, 2010, revenues were $7,424,000, compared to $6,989,000 reported in the previous year. Sentry had a net loss of $996,000, or $(0.01) per share, in the first nine months of 2010 compared to a net loss of $1,539,000, or $(0.01) per share, in the first nine months of 2009. The net loss in both periods includes a non-cash amortization expense related to financing of $524,000 and $379,000, respectively. The year-to-date results also include a foreign exchange loss of $36,000 in 2010 and $135,000 in 2009.
"This year we have seen revenue increases from $2.2 million in the first quarter to $2.5 million in the second quarter and $2.7 million in the third quarter. As a result, the Company had income from operations of $137,000 in the third quarter," said Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "In addition to sales and profit increases, we have decreased expenses, successfully sold our SmartTrackTM traveling camera system to a new very large international distribution partner and are on track to release important new products in 2011. Things are improving at Sentry."
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®, SmartTrackTM, 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 .
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: Sentry Technology Corporation Peter L. Murdoch, President & CEO (631) 739-2000