RONKONKOMA, N.Y. - Sentry Technology Corporation today reported financial results for the Company's fourth quarter and year ended December 31, 2005.
Revenues for the fourth quarter of 2005 were $2,949,000, compared to revenues of $4,966,000 reported in the fourth quarter of the prior year. The decrease in revenues is primarily related to a reduction in Lowe's revenues by approximately $0.9 million as well as a reduction in sales to other repeat customers. Net loss was $604,000, or $(0.01) per share, in the fourth quarter of 2005 as compared to a net income of $172,000, or $0.00 per share, in the fourth quarter of 2004.
For the year ended December 31, 2005, revenues were $13,570,000 compared to $16,863,000 reported in the previous year. The decrease in revenues is primarily related to a reduction in Lowe's revenues by approximately $4.0 million on a comparable basis. Net loss was $1,690,000, or $(0.01) per share in 2005, compared to $31,000, or $0.00 per share in 2004.
"We had disappointing financial results in the fourth quarter of 2005 which continued into the first quarter of 2006," said Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "At the same time, since joining the Company in 2001, I believe that our business opportunities and Company structure have never been better."