Sentry Technology Corporation Reports Third Quarter Results

RONKONKOMA, N.Y. , Nov. 14 /PRNewswire-FirstCall/ -- Sentry Technology Corporation (OTC Bulletin Board: SKVY) today reported financial results for the Company's third quarter ended September 30, 2008 . Revenues for the third quarter...


RONKONKOMA, N.Y. , Nov. 14 /PRNewswire-FirstCall/ -- Sentry Technology Corporation (OTC Bulletin Board: SKVY) today reported financial results for the Company's third quarter ended September 30, 2008 .

Revenues for the third quarter were $3,573,000, compared to revenues of $4,061,000 reported in the third quarter of the prior year. Sentry had an operating profit of $124,000 and a net loss in the third quarter of 2008 of $204,000, or $(0.00) per share, compared to a $2,000 operating profit and a net loss of $168,000, 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 $172,000 and $89,000, respectively. The results in the third quarter also include a foreign exchange gain of $141,000 in 2008 and a loss of $255,000 in 2007.

For the first nine months ended September 30, 2008 , revenues were $9,644,000, compared to $9,157,000 reported in the previous year. Sentry had a net loss of $1,083,000, or $(0.01) per share, in the first nine months of 2008 compared to a net loss of $1,790,000, or $(0.01) per share, in the first nine months of 2007. The net loss in both periods includes a non-cash amortization expense related to financing of $460,000 and $243,000, respectively. The results in the third quarter also include a foreign exchange gain of $217,000 in 2008 and a loss of $592,000 in 2007.

"We are pleased to report a year to date sales increase of 5.3%," said Peter L. Murdoch , President and CEO of Sentry Technology Corporation. "Efforts to reduce costs and manage cash have resulted in a net loss improvement over the first nine months of this year compared to 2007. We continue to see opportunities for our products both domestically and internationally in an uncertain environment."

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