|By Business Wire||
|May 1, 2014 07:30 AM EDT||
PAR Technology Corporation (NYSE:PAR) today announced results for the first quarter ended March 31, 2014. The Company reported first quarter revenues of $56.5 million and a net loss from continuing operations of $989,000 or $0.06 loss per share. This compares with fiscal 2013 first quarter revenue of $66.7 million and a net loss from continuing operations of $369,000 or $0.02 loss per share. On a non-GAAP basis, the Company’s net loss from continuing operations for the first quarter of 2014 was $644,000 or $0.04 loss per share. This compares to non-GAAP net income from continuing operations of $178,000 or $0.01 per diluted share during the first quarter of 2013. See the attached Reconciliation of GAAP to Non-GAAP Financial Results table for further information on these non-GAAP results.
“Our first quarter results reflect a decline in revenue as we periodically experience volatility regarding the timing of product deployments with certain major customers within our Hospitality business, as well as volatility associated with task orders on our ISR contracts with the U.S. Department of Defense. Despite these revenue challenges, we have continued to execute upon cost reduction initiatives to help manage through this volatility,” said PAR Technology President and Chief Executive Officer Ronald J. Casciano. “Although our first quarter results were challenging, we have continued our investment in new technologies associated with both our Hospitality and Government businesses. While these investments impact profitability, they are essential for the Company’s long-term growth.”
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 segment 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 10:00 a.m. eastern time on May 1, 2014, during which the Company’s management will discuss the financial results for the first quarter of 2014. If you would like to participate in this conference please call 866-515-2915 approximately 10 minutes before the call is scheduled to begin and use the PAR pass code 41418004. Individual & Institutional Investors will have the opportunity to listen to the conference call/event over the Internet. Investors can listen to the call by visiting PAR’s website at www.partech.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.partech.com until May 8, 2014 or dial 888-286-8010 and use the Pass Code number 27798351 until May 8, 2014 as well.
PAR TECHNOLOGY CORPORATION
|Cash and cash equivalents||$||10,296||$||10,015|
|Income tax refund||80||-|
|Deferred income taxes||4,496||3,747|
|Other current assets||3,278||3,418|
|Total current assets||75,146||72,333|
|Property, plant and equipment - net||5,719||5,494|
|Deferred income taxes||14,555||15,083|
|Intangible assets - net||15,601||15,071|
|Liabilities and Shareholders’ Equity|
|Current portion of long-term debt||$||153||$||166|
|Accrued salaries and benefits||5,344||6,663|
|Deferred service revenue||16,285||12,170|
|Income taxes payable||-||185|
|Total current liabilities||43,891||40,156|
|Other long-term liabilities||3,672||3,714|
|Liabilities of discontinued operations||-||-|
|Commitments and contingencies|
|Preferred stock, $.02 par value, 1,000,000 shares authorized||-||-|
|Common stock, $.02 par value, 29,000,000 shares authorized;|
|17,354,673 and 17,301,925 shares issued;|
|15,646,564 and 15,593,816 outstanding||347||344|
|Capital in excess of par value||44,157||43,635|
|Accumulated other comprehensive loss||(529)||(539)|
|Treasury stock, at cost, 1,708,109 and 1,708,109 shares||(5,836)||(5,836)|
|Total shareholders’ equity||72,266||72,720|
|Total Liabilities and Shareholders’ Equity||$||120,705||$||117,508|
PAR TECHNOLOGY CORPORATION
For the three months ended
|Costs of sales:|
|Selling, general and administrative||9,263||10,205|
|Research and development||3,864||4,140|
|Operating loss from continuing operations||(1,114)||(1,175)|
|Other expense, net||(78)||(34)|
|Loss from continuing operations before benefit for income taxes||(1,209)||(1,222)|
|Benefit for income taxes||220||853|
|Loss from continuing operations||(989)||(369)|
|Loss on discontinued operations (net of tax)||-||(15)|
|Basic Earnings per Share:|
|Loss from continuing operations||(0.06)||(0.02)|
|Loss from discontinued operations||-||(0.00)|
|Diluted Earnings per Share:|
|Loss from continuing operations||(0.06)||(0.02)|
|Loss from discontinued operations||-||(0.00)|
|Weighted average shares outstanding|
PAR TECHNOLOGY CORPORATION
For the three months ended March 31, 2014
|For the three months ended March 31, 2013|
|Costs of sales||44,528||-||44,528||53,504||-||53,504|
|Selling, general and administrative||9,263||523||8,740||10,205||772||9,433|
|Research and development||3,864||-||3,864||4,140||106||4,034|
|Total operating expenses||13,127||523||12,604||14,345||878||13,467|
Operating loss from continuing operations
|Other expense, net||(78||)||-||(78||)||(34||)||-||(34||)|
|Loss from continuing operations before provision for income taxes||(1,209||)||523||(686||)||(1,222||)||878||(344||)|
(Provision) benefit for income taxes
|Income (loss) from continuing operations||$||(989||)||$||345||$||(644||)||$||(369||)||$||547||$||178|
|Loss from discontinued operations, (net of tax)||$||-||$||-||$||(15||)||$||(15||)|
|Net Income (loss)||$||(989||)||$||(644||)||$||(384||)||$||163|
|Income (loss) per diluted share from continuing operations||$||(0.06||)||$||(0.04||)||$||(0.02||)||$||0.01|
|Loss per diluted share from discontinuing operations||-||-||$||(0.00||)||$||(0.00||)|
Income (loss) per diluted share
The Company reports its financial results in accordance with GAAP, which refers financial information presented in accordance with generally accepted accounting principles in the United States. However, non-GAAP adjusted financial measures, as defined in the reconciliation table above, are provided herein because management uses such measures in evaluating the results of the continuing operations of the Company and believes this information provides investors better insight into underlying business trends and performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.
During the first quarter of 2014, the Company recorded a charge of $523,000 for equity based compensation expense. During the first quarter of 2013, the Company recorded total charges of $878,000. The most significant of the charges was $607,000 of separation related and equity based compensation expense. In addition to this charge, the Company incurred legal costs of $271,000 associated with an intellectual property matter that was settled during the quarter. The aforementioned charges, along with an associated adjustment to the Company’s provision for income taxes have been excluded in the Company’s non-GAAP measures because they are considered non-recurring in nature and are quantitatively and qualitatively different from the Company’s core operations during any particular period.
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 2, 2016 07:00 PM EDT Reads: 1,028
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 2, 2016 06:30 PM EDT Reads: 1,279
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
May. 2, 2016 06:00 PM EDT Reads: 954
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 2, 2016 06:00 PM EDT Reads: 697
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
May. 2, 2016 05:30 PM EDT Reads: 1,548
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 2, 2016 05:15 PM EDT Reads: 972
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 2, 2016 05:00 PM EDT Reads: 1,082
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 2, 2016 04:00 PM EDT Reads: 893
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 2, 2016 03:45 PM EDT Reads: 1,333
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
May. 2, 2016 03:30 PM EDT Reads: 1,053
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 2, 2016 03:00 PM EDT Reads: 325
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 2, 2016 02:45 PM EDT Reads: 1,074
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
May. 2, 2016 12:00 PM EDT Reads: 1,546
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 2, 2016 11:45 AM EDT Reads: 949
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
May. 2, 2016 11:30 AM EDT Reads: 1,030