SECURITIES AND EXCHANGE SYSTEM
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number 1-12727
NOTIFICATION OF LATE FILING
(Check One): |X| Form 10-K |_| Form 11-K |_| Form 20-F |_| Form 10-Q
|_| Form N-SAR
For Period Ended: 12/31/99
_______________________________________________________________________________
|_| Transition Report on Form 10-K |_| Transition Report on From 10-Q
|_| Transition Report on Form 20-K |_| Transition Report on Form N-SAR
|_| Transition Report on Form 11-K
For the Transition Period Ended: ________________________________________
READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein,
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
_______________________________________________________________________________
_______________________________________________________________________________
PART I
REGISTRANT INFORMATION
Full name of registrant SENTRY TECHNOLOGY CORPORATION
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Former name if applicable
350 WIRELESS BOULEVARD
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Address of principal executive office (STREET AND NUMBER)
HAUPPAUGE, NEW YORK 11788
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City, state and zip code
PART II
RULE 12B-25 (B) AND (C)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
|X| (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
|X| (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on
or before the 15th calendar day following the prescribed due date; or the
subject quartile report or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
|_| (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K,
20-F, 10-Q, N-SAR or the transition report portion thereof could not be filed
within the prescribed time period. (Attach extra sheets if needed.)
The Company has not completed its review of the year-end results which may be
affected by certain inventory write-downs, related restructuring charges,
write-downs of certain long-lived assets resulting from changes in the
Company's business plan and the effect of pending financing.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contract in regard to this
notification.
JOSEPH HELLERSTEIN 212-806-6418
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(Name) (Area Code)(Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify reports(s). |X| Yes |_| No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof? |X| Yes |_| No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.
Based upon preliminary data, the Company anticipates that revenues for
the fourth quarter of 1999 will be approximately $4.1 million, as compared to
$7.7 million reported in the fourth quarter of 1998. The net loss for the
quarter after preferred dividends is estimated to be $7.7 million, or a loss of
$.79 per diluted share versus a loss of $1.9 million, or $.20 per diluted share,
reported in the fourth quarter of 1998.
Revenues for 1999 are estimated to be $22.3 million, as compared to $28.2
million reported in 1998. The net loss for 1999 after preferred dividends is
estimated to be $12.4 million or a $1.27 loss per diluted share as compared to
$5.8 million or $.59 per diluted share in 1998.
The company's 1999 fourth quarter and year-end results include pretax
restructuring and special charges expected to be $5.1 million. These charges are
expected to include an estimated $.6 million in restructuring charges,
write-downs of good will of an estimated $2.4 million and inventory write-downs
expected to be approximately $2.1 million.
_______________________________________________________________________________
SENTRY TECHNOLOGY CORPORATION
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized
Date MARCH 30, 2000 By: /s/ Peter J. Mundy
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Peter J. Mundy
Vice-President-Finance, Chief Financial
and Accounting Officer, Secretary and
Treasurer
INSTRUCTION. The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and
title of the person signing the form shall be typed or printed beneath
the signature. If the statement is signed on behalf of the registrant by
an authorized representative (other than an executive officer), evidence
of the representative's authority to sign on behalf of the registrant
shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal
criminal violations (SEE 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
(1) This form is required by Rule 12b-25 of the General Rules and
Regulations under the Securities Act of 1934.
(2) One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and Exchange
Commission, Washington, DC 20549, in accordance with Rule 0-3 of the General
Rules and Regulations under the Act. The information contained in or filed with
the form will be made a matter of the public record in the Commission files.
(3) A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of securities of
the registrant is registered.
(4) Amendments to the notifications must also be filed on Form 12b-25
but need not restate information that has been correctly furnished. The form
shall be clearly identified as an amended notification.
(5) ELECTRONIC FILERS. This form shall not be used by electronic
filers unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or Rule 202
of Registration S-T or apply for an adjustment in filing date pursuant to Rule
13(b) of Regulation S-T.
