SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 1, 2009
PAR TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-09720 16-1434688
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) incorporation or
organization) Identification Number)
PAR Technology Park
8383 Seneca Turnpike
New Hartford, NY 13413-4991
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (315) 738-0600
Not Applicable
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(Former Name or Former Address, if changed since Last Report)
Item 2.02 Results of Operations and Financial Condition.
(a) The information, including Exhibits attached hereto, in this Current Report
is being furnished and shall not be deemed "filed" for the purposes of
Section 18 of the Securities and Exchange Act of 1934, or otherwise subject
to the liabilities of that Section. The information in this Current Report
shall not be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933, as amended, except
as otherwise expressly stated in such filing.
(b) On May 1, 2009, PAR Technology Corporation issued a press release
announcing its results of operation for the quarterly period ending March
31, 2009. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated herein by reference.
99.1 Press Release dated May 1, 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PAR TECHNOLOGY CORPORATION
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(Registrant)
Date: May 1, 2009
/s/Ronald J. Casciano
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Ronald J. Casciano
Vice President, Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release dated May 1, 2009.
Exhibit 99.1 Press Release dated May 1, 2009.
FOR RELEASE: New Hartford, NY, May 1, 2009
CONTACT: Christopher R. Byrnes (315) 738 - 0600 ext. 226
cbyrnes@partech.com, www.partech.com
PAR TECHNOLOGY CORPORATION
--REPORTS FIRST QUARTER RESULTS-
NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC)
--------------------------------------------------------------------------------
(New Hartford, NY - May 1, 2009) - PAR Technology Corporation (NYSE:PTC) today
announced results from operations for the first quarter ended March 31, 2009.
PAR reported record first quarter revenues of $60.5 million, a 16% increase over
the $52.1 million reported in the same period a year ago. Reported net income
for the first quarter was $247,000, compared with a net loss of $744,000 in the
first quarter of 2008. The Company reported diluted earnings per share of $0.02
for the first quarter of 2009, compared to diluted loss per share of $0.05 for
the first quarter of last year.
John W. Sammon, PAR Chairman and CEO commented, "Despite the overall economic
decline and difficulties in the hospitality market, we continued to improve our
profitability and strengthen our financial position in this year's first
quarter. We believe the Company is now well-positioned for an economic recovery
with our multi-faceted business model and a strengthened balance sheet. We
remain focused on providing superior customer service, which differentiates PAR
in the market. In addition, we continue to expand and enhance our software
solutions, complementing our hardware offerings, thereby offering a compelling,
comprehensive solution for our hospitality customers."
Sammon continued, "This past quarter we released our newest hardware platform,
EverServ(TM). This new product offering, in conjunction with our industry wide
reputation for superior support of large global restaurant chains, led to the
winning of the Subway restaurant account. Additionally, we are also pleased to
report that the commercial activities of our Logistics Management business made
important progress over the last few months with the addition of several high
profile customers thereby contributing to our record quarter."
Statements in this release or by the Company's 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 hospitality technology 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
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PAR Technology Corporation creates and markets products that help hospitality
operators around the world to better manage money, materials, people and the
guest experience. PAR has provided hardware, software and services to the
world's largest restaurant chains and their franchisees for almost 30 years.
Today the Company's extensive offering includes technology solutions for the
full spectrum of hospitality operations, from boutique hotels and independent
table service restaurants to international QSR chains, all backed by PAR's
global service network. The Company has over 50,000 installations in 105
countries worldwide. PAR is also a leader in providing computer-based system
design and engineering services to the Department of Defense and various federal
agencies. Through PAR Logistics Management Systems, the Company is a provider of
best of breed integrated solutions for shipping asset management and tracking.
PAR Technology Corporation's stock is traded on the New York Stock Exchange
under the symbol PTC. For more information visit the Company's website at
www.partech.com.
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PAR TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
March 31, December 31,
2009 2008
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Assets
Current assets:
Cash and cash equivalents ....................... $ 4,722 $ 6,227
Accounts receivable-net ......................... 44,130 53,582
Inventories-net ................................. 43,702 41,132
Income tax refunds .............................. 222 208
Deferred income taxes ........................... 5,334 5,301
Other current assets ............................ 3,105 3,588
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Total current assets ........................ 101,215 110,038
Property, plant and equipment - net .................. 6,716 6,879
Deferred income taxes ................................ 1,546 1,525
Goodwill ............................................. 25,564 25,684
Intangible assets - net .............................. 7,850 8,251
Other assets ......................................... 1,471 1,611
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Total Assets ............................... $ 144,362 $ 153,988
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Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt ............... $ 1,139 $ 1,079
Borrowings under lines of credit ................ 7,700 8,800
Accounts payable ................................ 13,002 15,293
Accrued salaries and benefits ................... 7,015 8,360
Accrued expenses ................................ 3,034 3,962
Customer deposits ............................... 2,543 6,157
Deferred service revenue ........................ 16,160 16,318
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Total current liabilities ................... 50,593 59,969
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Long-term debt ....................................... 5,525 5,852
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Other long-term liabilities .......................... 1,750 1,910
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Shareholders' Equity:
Preferred stock, $.02 par value,
1,000,000 shares authorized ................... -- --
Common stock, $.02 par value,
29,000,000 shares authorized;
16,190,118 and 16,189,718 shares issued;
14,537,363 and 14,536,963 outstanding ......... 324 324
Capital in excess of par value .................. 40,441 40,173
Retained earnings ............................... 52,915 52,668
Accumulated other comprehensive income (loss) ... (1,677) (1,399)
Treasury stock, at cost, 1,652,755 shares ....... (5,509) (5,509)
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Total shareholders' equity .................. 86,494 86,257
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Total Liabilities and Shareholders' Equity $ 144,362 $ 153,988
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PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
For the three months
ended March 31,
2009 2008
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Net revenues:
Product ...................................... $ 20,237 $ 16,897
Service ...................................... 19,981 16,415
Contract ..................................... 20,250 18,795
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60,468 52,107
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Costs of sales:
Product ...................................... 13,068 9,425
Service ...................................... 14,477 12,483
Contract ..................................... 19,236 17,840
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46,781 39,748
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Gross margin ........................... 13,687 12,359
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Operating expenses:
Selling, general and administrative .......... 9,595 9,061
Research and development ..................... 3,309 4,121
Amortization of identifiable intangible assets 365 390
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13,269 13,572
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Operating income (loss) ........................... 418 (1,213)
Other income, net ................................. 107 314
Interest expense .................................. (139) (348)
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Income (loss) before provision for income taxes ... 386 (1,247)
(Provision) benefit for income taxes .............. (139) 503
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Net income (loss) ................................. $ 247 $ (744)
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Earnings (loss) per share
Basic ........................................ $ .02 $ (.05)
Diluted ...................................... $ .02 $ (.05)
Weighted average shares outstanding
Basic ........................................ 14,473 14,379
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Diluted ...................................... 14,721 14,379
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