New Hartford, NY- July 31, 2014 — PAR Technology Corporation (NYSE: PAR) today announced results from continuing operations for the second quarter ended June 30, 2014. PAR reported revenues from continuing operations of $57.4 million and net loss of $519,000 or $0.03 loss per share. On a non-GAAP basis, the Company’s net loss from continuing operations for the second quarter was $336,000 or $0.02 loss per share. During the second quarter of 2013, PAR reported revenue from continuing operations of $59.5 million and net income of $248,000 or $0.02 per diluted share. On a non-GAAP basis, the Company’s net income from continuing operations was $302,000 or $0.02 per diluted share for the second quarter of 2013. These non-GAAP results exclude charges related to the Company’s equity based compensation plans.
Commenting on the second quarter, Ronald J. Casciano, Chief Executive Officer & President, stated, “Although not unexpected, our results were impacted in the quarter by lower revenues in our Government segment due to the timing of certain task orders. Our bottom line results were impacted by the continuing investments in our hospitality segment and specifically regarding our next generation hotel products. However, we continue to make progress on executing that investment strategy and are making important strides towards broadening our customer base as well. While certainly not satisfied with our results, we remain confident in our market opportunities and our leading technology and services in our Hospitality and Government segments.”
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 and 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 10:00 a.m. (Eastern) on July 31, 2014, during which the Company’s management will discuss the financial results for the second quarter of 2014. If you would like to participate in this conference call, please dial 1-877-546-5018 approximately 10 minutes before the scheduled beginning and use the PAR passcode 40572879. Individual and institutional investors also will have the opportunity to listen to the conference call live over the Internet. Individual investors can listen by visiting PAR’s website at www.partech.com. If you are unable to participate in the conference call, an automatic replay will be available until August 7, 2014 via www.partech.com or via telephone by dialing 1-888-286-8010 and using the passcode 72099280.