Sentry Technology Reports Second Quarter Results

RONKONKOMA, N.Y., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Sentry Technology Corporation (Pink Sheets:SKVY) today reported financial results for the Company's second quarter ended June 30, 2010, which includes increased sales and a profit on operations.

Revenues for the second quarter of 2010 increased 33% to $2,487,000 compared to revenues of $1,870,000 reported in the second quarter of the prior year. Income from operations increased to $12,000 from a loss of $431,000 in the second quarter of 2009. The net loss was $254,000, or $(0.00) per share, as compared to a net loss of $643,000, or $(0.01) per share, in the second quarter of 2009. The net loss includes a noncash charge related to financing of $163,000 and $117,000 in the second quarter of 2010 and 2009, respectively. 

For the first six months ended June 30, 2010, revenues were $4,713,000 compared to revenues of $4,383,000 reported in the first six months of the prior year. Sentry had a net loss of $714,000, or $(0.01) per share, compared to a net loss of $1,129,000, or $(0.01) per share, in the first half of 2009. The net loss includes a noncash charge related to financing of $295,000 and $242,000 in the first six months of 2010 and 2009, respectively.

"We are pleased with the progress made during the second quarter," said Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "Sales are up substantially compared to the second quarter of last year, the Company achieved a small but important operating profit and our order backlog increased to $3.8 million as of June 30^th. Current order activity remains strong and we expect the trend to continue."

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. Our CCTV product line features SentryVision^(R), SmartTrack™, a proprietary, patented traveling Surveillance System. 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. More information can be found 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.