Click here to close now.


@CloudExpo Authors: Pat Romanski, Jayaram Krishnaswamy, Elizabeth White, Liz McMillan, Peter Silva

News Feed Item

PAR Technology Corporation Announces 2012 Third Quarter Results

PAR Technology Corporation (NYSE: PAR) today announced results for the third quarter ended September 30, 2012. PAR reported third quarter revenues of $61.1 million, a 4% increase from the $58.7 million reported for the third quarter of 2011. Net income from continuing operations for the third quarter of 2012 was $1.3 million, representing diluted earnings per share of $0.09, compared to the third quarter of 2011 figure of $1.6 million, representing diluted earnings per share of $0.11.

Paul B. Domorski, Chairman and Chief Executive Officer, stated, “Current market conditions, in the hospitality segments we serve, are making organic growth challenging in the near-term. Despite this uncertainty, PAR has been able to maintain profitability, while continuing our investment in expanding our market reach through new products and services.”

Mr. Domorski continued, “During the third quarter, PAR made several important announcements. In the hospitality segment, we introduced our all new PAR EverServ® 7000 Point of Sale terminal. This is a terrific new product, which delivers demonstrable value to our customers at an attractive price point. Also in the quarter, PAR Springer-Miller formally announced the transition of its ATRIO® Guest Experience Management software with Microsoft Corporation’s Windows Azure™ cloud platform. With Windows Azure, a global network of Microsoft-managed datacenters, PAR is now able to provide computing and storage resources in support of ATRIO, assuring our customers of 99.95% uptime. During the quarter, we also announced new distribution partners, as we prepare for the aggressive roll-out of ATRIO worldwide.”

“Finally, our Government contracting segment announced several new contracts, most notably the award by the U.S. Army of an additional contract with a ceiling value of $48 million and a five year term. This is the most recent contract we have received based on our expertise in advanced Full Motion Video (FMV), Geospatial Information Systems (GIS) and Intelligence Surveillance and Reconnaissance (ISR) software and hardware technologies. PAR is providing research, development, deployment and operational support, and user training necessary to transition these innovative and important capabilities to the field.”

Mr. Domorski concluded, “The continued slowdown in business with our largest restaurant technology customer in the quarter has resulted in lower year-over-year revenue in our hospitality technology segment. Our other hospitality markets have also shown weakness in the quarter. However, given our conservative approach to uncertainty, we braced PAR for such conditions, refrained from any non-essential expenditures and concentrated on profitability while continuing our focus on innovation and new product introductions. It is important to note that we continue to benefit from our strong and growing Government contracting business through a pipeline of new contract wins. As our hospitality technology markets rebound from the current market slowdown, we are poised to return to improved growth patterns with higher profitability.”

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 has two operating segments:

  • PAR’s Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years. ParTech, Inc. offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. PAR Springer-Miller Systems, Inc. offers hotel management systems that provide a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. PAR Springer-Miller Systems also provides the spa industry a leading management application that was 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 comprised of PAR Government Systems Corporation, which provides system solutions to Federal/State Government agencies, and Rome Research Corporation, which is a leading provider of communications and information technology support services to the United States Department of Defense.

Visit for more information.

There will be a conference call at 10:00 a.m. eastern time on November 5, 2012, during which the Company’s management will discuss the financial results for the third quarter of 2012. If you would like to participate in this conference please call 800-561-2731 approximately 10 minutes before the call is scheduled to begin and use the PAR pass code 23958721. 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, and through CCBN’s individual investor center at 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 ( In case you are unable to participate in the conference call, an automatic replay will be available on the World Wide Web via until November 12, 2012 or dial 888-286-8010 and use the Pass Code number 39590683 until November 12, 2012 as well.



(in thousands, except share amounts)

    September 30,   December 31,
2012 2011
Current assets:
Cash and cash equivalents $ 18,206 $ 7,742
Accounts receivable-net 26,323 30,680
Inventories-net 25,469 25,260
Income tax refund 37 -
Deferred income taxes 9,503 10,240
Other current assets 3,958 3,088
Escrow receivable   956     -  
Total current assets 84,452 77,010
Property, plant and equipment - net 6,099 5,259
Deferred income taxes 5,402 5,605
Goodwill 6,852 6,852
Intangible assets - net 16,779 15,888
Other assets 2,392 2,147
Assets of discontinued operations   -     3,182  
Total Assets $ 121,976   $ 115,943  
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of long-term debt $ 157 $ 1,494
Accounts payable 17,164 15,773
Accrued salaries and benefits 6,628 7,002
Accrued expenses 3,792 2,609
Customer deposits 763 1,137
Deferred service revenue 12,880 10,412
Income taxes payable   -     138  
Total current liabilities 41,384 38,565
Long-term debt 1,114 1,249
Other long-term liabilities 3,184 2,837
Liabilities of discontinued operations 104   925  
Total liabilities 45,786 43,576
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;
17,061,171 and 16,863,868 shares issued;
15,353,484 and 15,156,584 outstanding 341 337
Capital in excess of par value 43,547 42,990
Retained earnings 38,371 35,073
Accumulated other comprehensive loss (235 ) (201 )
Treasury stock, at cost, 1,707,687 and 1,707,284 shares   (5,834 )   (5,832 )
Total shareholders’ equity   76,190     72,367  
Total Liabilities and Shareholders’ Equity $ 121,976   $ 115,943  

See accompanying notes to consolidated financial statements



(in thousands, except per share amounts)

    For the three months   For the nine months
Ended September 30, Ended September 30,
2012   2011 2012   2011
Net revenues:
Product $ 22,340 $ 24,424 $ 62,652 $ 68,877
Service 16,720 18,510 48,113 51,594
Contract   21,992     15,756     67,965     48,836  
  61,052     58,690     178,730     169,307  
Costs of sales:
Product 14,681 15,754 39,699 42,888
Service 11,775 13,184 33,813 44,176
Contract   20,584     14,667     64,151     45,812  
  47,040     43,605     137,663     132,876  
Gross margin   14,012     15,085     41,067     36,431  
Operating expenses:
Selling, general and administrative 9,410 8,745 28,844 27,730
Research and development 3,309 3,363 9,947 10,428
Impairment of goodwill and intangible assets - - - 20,843
Amortization of identifiable intangible assets   138     257     441     667  
  12,857     12,365     39,232     59,668  
Operating income (loss) from continuing operations 1,155 2,720 1,835 (23,237 )
Other income (expense), net 233 23 440 (106 )
Interest expense   (22 )   (48 )   (64 )   (163 )
Income (loss) from continuing operations before provision for income taxes 1,366 2,695 2,211 (23,506 )
(Provision) benefit for income taxes   (62 )   (1,099 )   (383 )   8,317  
Income (loss) from continuing operations 1,304 1,596 1,828 (15,189 )
Discontinued operations
Income (loss) on discontinued operations (net of tax)   50     (394 )   1,470     (1,053 )
Net income (loss) $ 1,354   $ 1,202   $ 3,298   $ (16,242 )
Basic Earnings per Share:
Income (loss) from continuing operations .09 .11 .12 (1.01 )
Income (loss) from discontinued operations   .00     (.03 )   .10     (.07 )
Net income (loss) $ .09   $ .08   $ .22   $ (1.08 )
Diluted Earnings per Share:
Income (loss) from continuing operations .09 .11 .12 (1.01 )
Income (loss) from discontinued operations   .00     (.03 )   .10     (.07 )
Net income (loss) $ .09   $ .08   $ .22   $ (1.08 )
Weighted average shares outstanding
Basic   15,131     15,031     15,105     14,984  
Diluted   15,207     15,118     15,179     14,984  

See accompanying notes to consolidated financial statements



(in thousands, except per share data)

      For the nine months ended September 30, 2011

For the nine

months ended

September 30,











Net revenues $ 178,730 $ 169,307 - $ 169,307
Costs of sales   137,663     132,876     7,732     125,144  
Gross Margin 41,067 36,431 7,732 44,163
Operating Expenses
Selling, general and administrative 28,844 27,730 595 27,135
Research and development 9,947 10,428 - 10,428
Impairment of goodwill and intangible assets - 20,843 20,843 -
Amortization of identifiable intangible assets   441     667     -     667  
Total operating expenses 39,232 59,668 21,438 38,230
Operating income (loss) from continuing operations 1,835 (23,237 ) 29,170 5,933
Other income (expense), net 440 (106 ) 253 147
Interest expense   (64 )   (163 )   -     (163 )
Income (loss) from continuing operations before provision for income taxes 2,211 (23,506 ) 29,423 5,917
(Provision)benefit for income taxes   (383 )   8,317     (10,568 )   (2,251 )
Income (loss) from continuing operations $ 1,828   $ (15,189 ) $ 18,855   $ 3,666  
Income (loss) per diluted share from continuing operations $ 0.22   $ (1.01 ) $ 0.24  

The Company reports its financial results in accordance with GAAP. 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.

For the nine months ended September 30, 2011, the Company recorded total charges of $29.4 million primarily related to an impairment of goodwill and intangible assets of $20.8 million. Additionally, the Company recorded a charge of $7.7 million related to a non-recurring write-down of certain inventory associated with discontinued products, and charges of $0.9 million related to the consolidation of some of its facilities. The aforementioned charges have been recorded net of tax benefit of $10.6 million and 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.

These charges did not have any impact on the Company’s financial results for the three months ended September 30, 2011.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
As the world moves towards more DevOps and microservices, application deployment to the cloud ought to become a lot simpler. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. In his session at 17th Cloud Expo, Raghavan "Rags" Srinivas, an Architect/Developer Evangeli...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated a...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Learn how Backup as a Service can help your customer base protect their data. In his session at 17th Cloud Expo, Stefaan Vervaet, Director of Strategic Alliances at HGST, will discuss the challenges of data protection in an era of exploding storage requirements, show you the benefits of a backup service for your cloud customers, and explain how the HGST Active Archive and CommVault are already enabling this service today with customer examples.
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, ...
Cloud Foundry open Platform as a Service makes it easy to operate, scale and deploy application for your dedicated cloud environments. It enables developers and operators to be significantly more agile, writing great applications and deliver them in days instead of months. Cloud Foundry takes care of all the infrastructure and network plumbing that you need to build, run and operate your applications and can do this while patching and updating systems and services without any downtime.
SYS-CON Events announced today that Interface Masters Technologies, provider of leading network visibility and monitoring solutions, will exhibit at the 17th International CloudExpo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading provider of high speed networking solutions focused on Gigabit, 10 Gigabit, 40 Gigabit and 100 Gigabit Ethernet network access and connectivity products. For over 20 ye...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 17th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity