PAR Technology Corporation Announces 2013 First Quarter Results from Continuing Operations

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PAR Technology Corporation Announces 2013 First Quarter Results from Continuing Operations

NEW HARTFORD, N.Y.--(BUSINESS WIRE)-- PAR Technology Corporation (NYS: PAR) today announced results for the first quarter ended March 31, 2013. The Company reported first quarter revenues of $66.7 million and a net loss from continuing operations of $369,000 or $0.02 net loss per share. This compares with prior year first quarter revenue of $55.6 million and net income from continuing operations of $1.0 million or $0.07 per diluted share. On a non-GAAP basis, the Company's net income from continuing operations for the first quarter was $178,000 or $0.01 per diluted share. These non-GAAP results exclude specific charges primarily related to severance and legal costs incurred in the quarter.

"During the first quarter we increased revenues by 20% over the prior year's quarter with both of our business segments showing growth. In particular we had significant revenue growth with our newest hardware offering for restaurants and also realized a 33% growth in contract revenues from last year's corresponding quarter," said PAR Technology President and Chief Executive Officer Ronald J. Casciano. "We will continue to take the necessary steps to sharpen our focus on our core businesses and better position PAR to capitalize upon our competitive strengths in hospitality technology and Government I/T services. Our strong market presence, innovative software and hardware products, customer service and industry leading domain expertise will continue to differentiate PAR from other providers. Our solid balance sheet will support the execution of our strategies and will position us for growth for the remainder of 2013 and beyond."


Certain Company information in this release or statements made by its spokespersons from time to time may contain forward-looking statements. Any statements in this document that do not describe historical facts are forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, delays in new product introduction, risks in technology development and commercialization, risks in product development and market acceptance of and demand for the Company's products, risks of downturns in economic conditions generally, and in the quick service sector of the restaurant market specifically, risks of intellectual property rights associated with competition and competitive pricing pressures, risks associated with foreign sales and high customer concentration, and other risks detailed in the Company's filings with the Securities and Exchange Commission.

About PAR Technology Corporation

PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PAR. PAR's Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years. PAR offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. PAR's Hospitality business also provides hotel management systems with a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. In addition, PAR offers the spa industry a leading management application specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality segment. Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums and food service companies. PAR's Government Business is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. Visit www.partech.com for more information.

There will be a conference call at 4:30 p.m. eastern time on May 1, 2013, during which the Company's management will discuss the financial results for the first quarter of 2013. If you would like to participate in this conference please call 866-318-8615 approximately 10 minutes before the call is scheduled to begin and use the PAR pass code 14665237. Individual & Institutional Investors will have the opportunity to listen to the conference call/event over the Internet. Individual Investors can listen to the call by visiting PAR's website at www.partech.com, and through CCBN's individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected site, StreetEvents (www.streetevents.com). In case you are unable to participate in the conference call, an automatic replay will be available on the World Wide Web via www.companyboardroom.com until May 8, 2013 or dial 888-286-8010 and use the Pass Code number 17179887 until May 8, 2013 as well.

 
 

PAR TECHNOLOGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

     
March 31,December 31,
Assets20132012
Current assets:
Cash and cash equivalents$14,121$19,475
Accounts receivable-net28,13729,890
Inventories-net25,83526,172
Deferred income taxes12,45111,037
Other current assets3,4923,236
Escrow receivable 828  828 
Total current assets84,86490,638
Property, plant and equipment - net5,5885,857
Deferred income taxes5,7266,280
Goodwill6,8526,852
Intangible assets - net12,31611,747
Other assets 2,605  2,391 
Total Assets$117,951 $123,765 
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt$161$159
Accounts payable16,39321,216
Accrued salaries and benefits6,5446,397
Accrued expenses2,5424,467
Customer deposits8851,380
Deferred service revenue14,78912,522
Income taxes payable 288  547 
Total current liabilities 41,602  46,688 
Long-term debt 1,043  1,084 
Other long-term liabilities 3,429  3,030 
Liabilities of discontinued operations 104  141 
Total liabilities 46,178  50,943 
Commitments and contingencies
Shareholders' Equity:
Preferred stock, $.02 par value, 1,000,000 shares authorized--
Common stock, $.02 par value, 29,000,000 shares authorized;
17,043,128 and 17,038,405 shares issued;
15,335,441 and 15,330,718 outstanding341341
Capital in excess of par value43,31343,661
Retained earnings34,37434,758
Accumulated other comprehensive loss(421)(104)
Treasury stock, at cost, 1,707,687 and 1,707,687 shares (5,834) (5,834)
Total shareholders' equity 71,773  72,822 
Total Liabilities and Shareholders' Equity$117,951 $123,765 
 
 

PAR TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

      

     For the months     

      ended March 31,      

20132012
Net revenues:
Product$23,916$20,170
Service16,02015,379
Contract 26,738  20,044 
 66,674  55,593 
Costs of sales:
Product16,47310,977
Service11,55210,565
Contract 25,479  18,983 
 53,504  40,525 
Gross margin 13,170  15,068 
Operating expenses:
Selling, general and administrative10,20510,143
Research and development4,1403,549
Amortization of identifiable intangible assets -  153 
 14,345  13,845 
 
Operating income (loss) from continuing operations(1,175)1,223
Other income (expense), net(34)573
Interest expense (13) (21)
 
Income (loss) from continuing operations before provision for income taxes(1,222)1,775
Benefit (provision) for income taxes 853  (740)
Income (loss) from continuing operations(369)1,035
Discontinued operations
Income (loss) on discontinued operations (net of tax) (15) 1,430 
Net Income (loss)$(384)$2,465 
Basic Earnings per Share:
Income (loss) from continuing operations(.02)0.07
Income (loss) from discontinued operations (.00) 0.09 
Net Income (loss)$(.03)$0.16 
Diluted Earnings per Share:
Income (loss) from continuing operations(.02)0.07
Income (loss) from discontinued operations (.00) 0.09 
Net Income (loss)$(.03)$0.16 
Weighted average shares outstanding
Basic 15,154  15,083 
Diluted 15,154  15,162 
 
 
PAR TECHNOLOGY CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
     
For the three months ended March 31, 2013

Reported

basis

(GAAP)

Adjustments

Comparable

basis (Non-

GAAP)

For the three

months ended

March 31, 2012

 
Net revenues$66,674-$66,674$55,593
Costs of sales 53,504  -  53,504  40,525 
Gross Margin13,170-13,17015,068
 
Operating Expenses
Selling, general and administrative10,2057729,43310,143
Research and development4,1401064,0343,549
Amortization of identifiable intangible assets -  -  -  153 

Total operating expenses

14,34587813,46713,845
 
Operating income (loss) from continuing operations(1,175)878(297)1,223
Other income (expense), net(34)-(34)573
Interest expense (13) -  (13) (21)
Income (loss) from continuing operations before provision for income taxes(1,222)878(344) Read Full Story

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