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Sentry Technology Reports First Quarter Results(eTeligis.com Via Acquire Media NewsEdge) RONKONKOMA, NY, United States, via ETELIGIS INC., 08/20/2014 - - Sentry Technology Corporation (OTC Pink: SKVY) (PINKSHEETS: SKVY) today reported financial results for the Company's first quarter ended March 31, 2014. Revenues for the first quarter of 2014 were $1,207,000 compared to revenues of $1,355,000 reported in the first quarter of the prior year. The operating loss was $179,000, or $(0.00) per share, in the first quarter of 2014 as compared to an operating loss of $214,000 or $(0.00) per share, in the first quarter of 2013.EBITDA for the first quarter was a negative ($162,000) in 2014 compared to a negative EBITDA of ($192,000) in the first quarter of 2013. Sentry Technology Corporation designs, manufactures, sells and installs Closed Circuit Television (CCTV) solutions, Electro-Magnetic (EM) and RFID based Library security and self-service systems.Our CCTV product line features VideoRailway and SmartTrack, proprietary, traveling camera technology.Our OperationalVideo, OVportal software application assists retailers with on-line management of safety and security, merchandising audits and employee procedure compliance.Products are used by libraries to secure inventory and improve operating efficiency, by retailers to deter theft and enhance productivity, and by industrial/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. Adjusted EBITDA Sentry Technology Corporation uses Adjusted EBITDA as a non-GAAP financial performance measurement.Adjusted EBITDA is calculated by adding back to net income (loss) interest, income taxes, depreciation and amortization expense and net (loss) income attributable to the noncontrolling interest.Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP.Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing Sentry Technology Corporation's financial results with other companies that also use Adjusted EBITDA in their communications to investors.By excluding non-cash charges such as depreciation and amortization, as well as non-operating charges for interest and income taxes and net (loss) income attributable to the noncontrolling interest, investors can evaluate the Company's operations and can compare its results on a more consistent basis to the results of other companies.In addition, Adjusted EBITDA is one of the primary measures management uses to monitor and evaluate financial and operating results. Sentry Technology Corporation considers Adjusted EBITDA to be an indicator of the Company's operational strength and performance of its business and a useful measure of the Company's operating trends.However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest income and expense, income taxes, and net (loss) income attributable to the noncontrolling interest, all of which impact the Company's profitability, as well as depreciation and amortization related to the use of long term assets which benefit multiple periods.Sentry Technology Corporation believes that these limitations are compensated by providing Adjusted EBITDA only with GAAP net income (loss) and clearly identifying the difference between the two measures.Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP.Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities.A reconciliation of Adjusted EBITDA to GAAP net income or loss is included in the schedule below. * Additional financial statements are available on the Company's website at http://www.sentrytechnology.com/. CONTACT: Peter L. Murdoch President & CEO (631) 739-2000 SOURCE: Sentry Technology Corporation Copyright eTeligis Inc. 2014. All rights reserved. |