Sentry Technology Corporation Reports First Quarter Results

RONKONKOMA, N.Y. , May 15 /PRNewswire-FirstCall/ -- Sentry Technology Corporation (OTC Bulletin Board: SKVY) today reported financial results for the Company's first quarter ended March 31, 2008 . Revenues for the first quarter were...


RONKONKOMA, N.Y. , May 15 /PRNewswire-FirstCall/ -- Sentry Technology Corporation (OTC Bulletin Board: SKVY) today reported financial results for the Company's first quarter ended March 31, 2008 .

Revenues for the first quarter were $2,042,000, compared to revenues of $2,668,000 reported in the first quarter of the prior year. Sentry had a net loss of $887,000, or $(0.01) per share in the first quarter of 2008, compared to a net loss of $724,000, or $(0.01) per share, in the first quarter of 2007.

"Sales revenue was short of expectation primarily as a result of several large orders that were received too late in the quarter to be installed and recognized in Q1 revenue," said Peter L. Murdoch , President and CEO of Sentry Technology Corporation. "This resulted in an increase in our order backlog to a total of $5.6 million as of March 31, 2008 compared with $1.7 million at the end of March '07. Several strategic sales were closed in the first quarter including a large SmartTrack(TM) sale to the Mexico City Metro as well as orders for OperationalVideo(TM) from one of our most important customers in the courier business."

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 including QuickCheck(TM) patron self-service kiosks. 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 manage operations, deter shoplifting and internal theft and by industrial and institutional customers to protect assets and people. Recently the Company launched OVportal(TM), a video information portal over the internet offering retailers an OperationalVideo(TM) solution to manage security, merchandising, sign placement and procedure compliance. OVportal(TM) uses the SmartTrack(TM) traveling CCTV system and the Company's real-time video server to provide remote viewing and control of retail operations. OperationalVideo(TM) is the next major trend in online video and OVportal(TM) is a leading, cost effective, market proven solution. 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.

SOURCE Sentry Technology Corporation