New Hartford, NY- October 30, 2014 — PAR Technology Corporation (NYSE: PAR) today announced results from operations for the third quarter ended September 30, 2014. PAR reported revenue of $56.3 million and net loss of $109,000 or $0.01 loss per share. This compares to third quarter 2013 revenue of $55.5 million and net income of $440,000, or $0.03 per diluted share. On a non-GAAP basis, the Company’s third quarter 2014 net income was $284,000 or $0.02 per diluted share, compared to net income of $571,000 or $0.04 per diluted share in 2013. See the reconciliation tables within this release for further information on the non-GAAP adjustments utilized by the Company.
Commenting on the third quarter, Ronald J. Casciano, PAR’s Chief Executive Officer & President, stated, “We have made progress in the third quarter to improve our financial performance. However there is still more to be done as we continue to evaluate our businesses in order to identify opportunities and implement initiatives to enhance the overall value of PAR. Our recent acquisition of Brink POS will accelerate PAR’s strategy of diversifying our customer base and significantly enhances our cloud technology offerings to existing and prospective restaurant customers. We also are seeing additional opportunities to expand our business organically, as there are a number of new contracts in the pipeline that will have a positive impact on our future results.”
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 10:00 a.m. (Eastern) on October 30, 2014, during which the Company’s management will discuss the financial results for the third quarter of 2014. If you would like to participate in this conference call, please dial 1-866-510-0712 approximately 10 minutes before the scheduled beginning and use the PAR passcode 32973372. 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 November 7, 2014 via www.partech.com or via telephone by dialing 1-888-286-8010 and using the passcode 90468768.[dotted-arrow-link link=”/wp-content/uploads/2014/10/103014-PAR-Q3-Results_incl_-financials.pdf”] Full Release with Financials[/dotted-arrow-link]