Sentry Technology Corp. reports its first-quarter revenue was lower than last year’s quarter due to the timing of orders received from major customers and a weak retail economy.
The company reports $3.6 million for the first-quarter, compared to $4.7 million reported for the same quarter last year. Its net loss for the quarter is $494,000, or 1 cent per share, compared to a loss of $350,000 in the first quarter in 2002.
During this quarter, Dialoc ID Holdings B.V. increased its ownership in Sentry to 51 percent through purchasing more than 4 million shares of newly issued common stock. This is in accordance with the provisions of a share purchase agreement.
“Efforts are ongoing to raise capital,” said Sentry President and CEO Peter Murdoch. He said the company is in negotiations with a potential investment partner to complete a financing transaction, and is working to complete its restructuring.
Sentry designs, manufactures, sells and installs RF and Electro-Magnetic EAS systems and CCTV solutions.
