- Recurring Revenues now total more than 24% of Restaurant/Retail Business
- Government Segment Reports Record Q1 Profits
New Hartford, NY- May 3, 2016 — PAR Technology Corporation (NYSE: PAR) a leading provider of restaurant/retail management systems and Government contract services today announced results for the first quarter ended March 31, 2016.
Summary of Fiscal 2016 First Quarter Financial Results From Continuing Operations
- Revenue reported at $55.3 million, compared to $55.2 million in the first quarter of 2015
- GAAP net income from continuing operations in the first quarter of fiscal 2016 was $15,000, or $0.00 per diluted share, compared to net income from continuing operations of $192,000, or $0.01 earnings per share for the same period in 2015
- Adjusted non-GAAP net income from continuing operations was $925,000 or $0.06 per diluted share, compared to adjusted non-GAAP net income from continuing operations of $634,000 or $0.04 per diluted share, in the same period last year
A reconciliation and description of GAAP financial measures to their comparable non-GAAP financial measures are included in the tables following this news release.
“In the first quarter our Company again saw steady growth in our restaurant and retail technology revenues reflected by the 8% increase over Q1 2015. Our Government revenues were lower in the quarter due to the timing of specific contract startups and lower task orders, but we were still able to report the highest Q1 profit in our Company’s history for this segment,” commented Karen E. Sammon, President & CEO of PAR Technology. “We made real progress in the quarter as we realized strong double digit growth in our SaaS revenues as we consistently add new “cloud” customers with our Brink and SureCheck solutions. Simultaneously we continue to grow our Tier 1 business and announced Jack-in-the-Box as a new customer in the quarter. We are creating a strong foundation that will enable us to deliver greater shareholder value in the future.”
There will be a conference call at 4:45 p.m. eastern time on May 3, 2016, during which the Company’s management will discuss the financial results for the first quarter of 2016. If you would like to participate in this conference, please call (866) 868-9502 approximately 10 minutes before the call is scheduled to begin. No passcode is required to participate in the live the call. 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. Alternatively, listeners may access an archived version of the conference call after 6:00 p.m. ET on May 3, 2016 through May 10, 2016 by dialing 855-859-2056 and using conference ID 95359526 and also by accessing the link on PAR’s website.