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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PAR Technology Corp | NYSE:PAR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.36 | 3.16% | 44.33 | 45.12 | 44.33 | 44.33 | 73,325 | 16:25:40 |
Delaware
|
1-09720
|
16-1434688
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(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 March 16, 2015, PAR Technology Corporation issued a press release announcing its results of operations for the quarterly period ending December 31, 2014. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. |
99.1 | Press Release dated March 16, 2015. |
PAR TECHNOLOGY CORPORATION
|
|
(Registrant)
|
|
Date: March 16, 2015
|
/s/Steven M. Malone
|
Steven M. Malone
|
|
Vice President, Controller and
Chief Accounting Officer
|
Exhibit Number
|
Description
|
99.1 |
Press Release dated March 16, 2015
|
Exhibit 99.1
|
Press Release dated March 16, 2015
|
FOR RELEASE:
|
NEW HARTFORD, NY, March 16, 2015
|
||
CONTACT: |
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
|
· | Revenue increased 6.2% to $63.4 million, compared to $59.7 million in the fourth quarter of 2013. |
· | Adjusted (non-GAAP) net-income from continuing operations was $776,000, or $0.05 per diluted share, compared to adjusted (non-GAAP) income from continuing operations of $414,000, or $0.03 per diluted share, in the same period last year. |
· | GAAP net loss in the fourth quarter of fiscal 2014 was $(2.0) million, or $(0.13) per share, compared to net income of $245,000, or $0.02 per diluted share for the same period in 2013. |
· | Fiscal year 2014 revenue of $233.6M compared to $241.4 million reported in 2013. |
· | Adjusted (non-GAAP) net income from continuing operations was $83,000 and $0.01 per diluted share compared to adjusted (non-GAAP) net income from continuing operations of $1.5 million or $0.10 per diluted share for 2013. |
· | GAAP net loss from continuing operations of ($3.7 million) or ($0.24) per share for fiscal 2014, compared to net income of $569,000 or $0.04 per diluted share reported for fiscal 2013. |
December 31,
|
||||||||
Assets
|
2014
|
2013
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,167
|
$
|
10,015
|
||||
Accounts receivable-net
|
31,445
|
30,688
|
||||||
Inventories-net
|
25,922
|
24,465
|
||||||
Deferred income taxes
|
4,512
|
3,747
|
||||||
Other current assets
|
4,597
|
3,418
|
||||||
Total current assets
|
76,643
|
72,333
|
||||||
Property, plant and equipment - net
|
6,135
|
5,494
|
||||||
Deferred income taxes
|
13,802
|
15,083
|
||||||
Goodwill
|
14,722
|
6,852
|
||||||
Intangible assets - net
|
22,952
|
15,071
|
||||||
Other assets
|
3,043
|
2,675
|
||||||
Total Assets
|
$
|
137,297
|
$
|
117,508
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
3,173
|
$
|
166
|
||||
Borrowings under line of credit
|
5,000
|
-
|
||||||
Accounts payable
|
19,667
|
17,200
|
||||||
Accrued salaries and benefits
|
6,428
|
6,663
|
||||||
Accrued expenses
|
6,578
|
2,701
|
||||||
Customer deposits
|
2,345
|
1,071
|
||||||
Deferred service revenue
|
12,695
|
12,170
|
||||||
Income taxes payable
|
475
|
185
|
||||||
Total current liabilities
|
56,361
|
40,156
|
||||||
Long-term debt
|
2,566
|
918
|
||||||
Other long-term liabilities
|
8,847
|
3,714
|
||||||
Total liabilities
|
67,774
|
44,788
|
||||||
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; 17,274,708 and 17,301,925 shares issued; 15,566,599 and 15,593,816 outstanding
|
345
|
344
|
||||||
Capital in excess of par value
|
44,865
|
43,635
|
||||||
Retained earnings
|
31,465
|
35,116
|
||||||
Accumulated other comprehensive loss
|
(1,316
|
)
|
(539
|
)
|
||||
Treasury stock, at cost, 1,708,109 shares
|
(5,836
|
)
|
(5,836
|
)
|
||||
Total shareholders’ equity
|
69,523
|
72,720
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
137,297
|
$
|
117,508
|
For the three months ended
|
For the year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net revenues:
|
||||||||||||||||
Product
|
$
|
23,683
|
$
|
22,001
|
$
|
87,246
|
$
|
90,847
|
||||||||
Service
|
15,364
|
15,498
|
58,675
|
61,529
|
||||||||||||
Contract
|
24,329
|
22,167
|
87,689
|
89,018
|
||||||||||||
63,376
|
59,666
|
233,610
|
241,394
|
|||||||||||||
Costs of sales:
|
||||||||||||||||
Product
|
16,642
|
15,511
|
59,520
|
62,317
|
||||||||||||
Service
|
9,949
|
10,161
|
40,421
|
43,659
|
||||||||||||
Contract
|
22,989
|
20,143
|
82,347
|
82,583
|
||||||||||||
49,580
|
45,815
|
182,288
|
188,559
|
|||||||||||||
Gross margin
|
13,796
|
13,851
|
51,322
|
52,835
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
9,142
|
9,610
|
37,297
|
37,925
|
||||||||||||
Research and development
|
4,323
|
3,991
|
15,965
|
15,567
|
||||||||||||
Amortization of identifiable intangible assets
|
248
|
-
|
279
|
-
|
||||||||||||
13,713
|
13,601
|
53,541
|
53,492
|
|||||||||||||
Operating income (loss) from continuing operations
|
83
|
250
|
(2,219
|
)
|
(657
|
)
|
||||||||||
Other income (expense) net
|
(4
|
)
|
133
|
304
|
506
|
|||||||||||
Interest expense
|
(73
|
)
|
(18
|
)
|
(136
|
)
|
(60
|
)
|
||||||||
Income (loss) from continuing operations before (provision) benefit for income taxes
|
6
|
365
|
(2,051
|
)
|
(211
|
)
|
||||||||||
(Provision) benefit for income taxes
|
(2,040
|
)
|
(120
|
)
|
(1,600
|
)
|
780
|
|||||||||
Income (loss) from continuing operations
|
(2,034
|
)
|
245
|
(3,651
|
)
|
569
|
||||||||||
Discontinued operations
|
||||||||||||||||
Loss on discontinued operations (net of tax)
|
-
|
-
|
-
|
(211
|
)
|
|||||||||||
Net Income (loss)
|
$
|
(2,034
|
)
|
$
|
245
|
$
|
(3,651
|
)
|
$
|
358
|
||||||
Basic Earnings per Share:
|
||||||||||||||||
Income (loss) from continuing operations
|
(0.13
|
)
|
0.02
|
(0.24
|
)
|
0.04
|
||||||||||
Loss from discontinued operations
|
-
|
-
|
-
|
(0.01
|
)
|
|||||||||||
Net income (loss)
|
$
|
(0.13
|
)
|
$
|
0.02
|
$
|
(0.24
|
)
|
$
|
0.02
|
||||||
Diluted Earnings per Share:
|
||||||||||||||||
Income (loss) from continuing operations
|
(0.13
|
)
|
0.02
|
(0.24
|
)
|
0.04
|
||||||||||
Loss from discontinued operations
|
-
|
-
|
-
|
(0.01
|
)
|
|||||||||||
Net income (loss)
|
$
|
(0.13
|
)
|
$
|
0.02
|
$
|
(0.24
|
)
|
$
|
0.02
|
||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
15,570
|
15,456
|
15,501
|
15,240
|
||||||||||||
Diluted
|
15,570
|
15,530
|
15,501
|
15,273
|
For the three months ended December 31, 2014
|
For the three months ended December 31, 2013
|
|||||||||||||||||||||||
Reported
basis
(GAAP)
|
Adjustments
|
Comparable
basis
(Non-GAAP)
|
Reported
basis
(GAAP)
|
Adjustments
|
Comparable
basis
(Non-GAAP)
|
|||||||||||||||||||
Net revenues
|
$
|
63,376
|
$
|
-
|
$
|
63,376
|
$
|
59,666
|
$
|
-
|
$
|
59,666
|
||||||||||||
Costs of sales
|
49,580
|
-
|
49,580
|
45,815
|
-
|
45,815
|
||||||||||||||||||
Gross Margin
|
13,796
|
-
|
13,796
|
13,851
|
-
|
13,851
|
||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
9,142
|
593
|
8,549
|
9,610
|
272
|
9,338
|
||||||||||||||||||
Research and development
|
4,323
|
-
|
4,323
|
3,991
|
-
|
3,991
|
||||||||||||||||||
Amortization of identifiable intangible assets
|
248
|
248
|
-
|
-
|
-
|
-
|
||||||||||||||||||
13,713
|
841
|
12,872
|
13,601
|
272
|
13,329
|
|||||||||||||||||||
Operating income from continuing operations
|
83
|
841
|
924
|
250
|
272
|
522
|
||||||||||||||||||
Other income (expense), net
|
(4
|
)
|
-
|
(4
|
)
|
133
|
-
|
133
|
||||||||||||||||
Interest expense
|
(73
|
)
|
-
|
(73
|
)
|
(18
|
)
|
-
|
(18
|
)
|
||||||||||||||
Income from continuing operations before (provision) benefit for income taxes
|
6
|
841
|
847
|
365
|
272
|
637
|
||||||||||||||||||
(Provision) benefit for income taxes
|
(2,040
|
)
|
1,969
|
(71
|
)
|
(120
|
)
|
(103
|
)
|
(223
|
)
|
|||||||||||||
Income (loss) from continuing operations
|
(2,034
|
)
|
2,810
|
776
|
245
|
169
|
414
|
|||||||||||||||||
Loss from discontinued operations (net of tax)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Net Income (loss)
|
$
|
(2,034
|
)
|
$
|
776
|
$
|
245
|
$
|
414
|
|||||||||||||||
Income (loss) per diluted share – continuing operations
|
$
|
(0.13
|
)
|
$
|
0.05
|
$
|
0.02
|
$
|
0.03
|
|||||||||||||||
Loss per diluted share – discontinued operations
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Income (loss) per diluted share
|
$
|
(0.13
|
)
|
$
|
0.05
|
$
|
0.02
|
$
|
0.03
|
For the year ended December 31, 2014
|
For the year ended December 31, 2013
|
|||||||||||||||||||||||
Reported
basis
(GAAP)
|
Adjustments
|
Comparable
basis
(Non-GAAP)
|
Reported
basis
(GAAP)
|
Adjustments
|
Comparable
basis
(Non-GAAP)
|
|||||||||||||||||||
Net revenues
|
$
|
233,610
|
$
|
-
|
$
|
233,610
|
$
|
241,394
|
$
|
-
|
$
|
241,394
|
||||||||||||
Costs of sales
|
182,288
|
-
|
182,288
|
188,559
|
-
|
188,559
|
||||||||||||||||||
Gross Margin
|
51,322
|
-
|
51,322
|
52,835
|
-
|
52,835
|
||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
37,297
|
1,945
|
35,352
|
37,925
|
1,338
|
36,587
|
||||||||||||||||||
Research and development
|
15,965
|
-
|
15,965
|
15,567
|
106
|
15,461
|
||||||||||||||||||
Amortization of identifiable intangible assets
|
279
|
279
|
-
|
-
|
-
|
-
|
||||||||||||||||||
53,541
|
2,224
|
51,317
|
53,492
|
1,444
|
52,048
|
|||||||||||||||||||
Operating income (loss) from continuing operations
|
(2,219
|
)
|
2,224
|
5
|
(657
|
)
|
1,444
|
787
|
||||||||||||||||
Other income, net
|
304
|
-
|
304
|
506
|
-
|
506
|
||||||||||||||||||
Interest expense
|
(136
|
)
|
-
|
(136
|
)
|
(60
|
)
|
-
|
(60
|
)
|
||||||||||||||
Income (loss) from continuing operations before (provision) benefit for income taxes
|
(2,051
|
)
|
2,224
|
173
|
(211
|
)
|
1,444
|
1,233
|
||||||||||||||||
(Provision) benefit for income taxes
|
(1,600
|
)
|
1,510
|
(90
|
)
|
780
|
(543
|
)
|
237
|
|||||||||||||||
Income (loss) from continuing operations
|
(3,651
|
)
|
3,734
|
83
|
569
|
901
|
1,470
|
|||||||||||||||||
Loss from discontinued operations (net of tax)
|
-
|
-
|
(211
|
)
|
(211
|
)
|
||||||||||||||||||
Net Income (loss)
|
$
|
(3,651
|
)
|
$
|
83
|
$
|
358
|
$
|
1,259
|
|||||||||||||||
Income (loss) per diluted share – continuing operations
|
$
|
(0.24
|
)
|
$
|
0.01
|
$
|
0.04
|
$
|
0.10
|
|||||||||||||||
Loss per diluted share – discontinued operations
|
$
|
-
|
$
|
-
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||||||||||||||
Income (loss) per diluted share
|
$
|
(0.24
|
)
|
$
|
0.01
|
$
|
0.02
|
$
|
0.08
|
1 Year PAR Technology Chart |
1 Month PAR Technology Chart |
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