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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 | |
---|---|---|---|---|---|---|---|---|
-2.24 | -5.03% | 42.28 | 44.6283 | 42.24 | 44.22 | 292,024 | 21:31:54 |
PAR Technology Corporation (NYSE: PAR) today announced results from operations for the second quarter ended June 30, 2017.
Summary of Fiscal 2017 Second Quarter and Year-to-Date Financial Results
A reconciliation and description of non-GAAP financial measures to their comparable GAAP financial measures are included in the tables following this news release.
“I am pleased with our results in the quarter as they demonstrate our focus on growing revenues, investing in our future, and executing upon our growth strategy of being a software-driven solutions company,” stated Dr. Donald H. Foley, PAR Technology President and Chief Executive Officer. “In the quarter we recognized higher revenue from our Tier 1 customers due to accelerated hardware deployments and one-time system integration projects. These accelerated hardware deployments and projects wound down this quarter and while we anticipate our business will achieve our annual goals, we do not expect this pace in the second half of the year.”
Foley continued, “Both our restaurant/retail and government segments contributed to the bottom line increase in the quarter. Our recurring software revenue more than doubled from last year’s quarter in our Restaurant/Retail segment. We continue to collect additional validation that our restaurant/retail solutions meet the needs of our customers. We added a number of impressive new software customers to our install base during the second quarter, and are conducting pilots at a number of additional accounts. In our Government segment, we continue to see lower contract revenues at higher margins as we consciously execute our plan to transition our business to higher value added Intelligence, Surveillance & Reconnaissance (ISR) contracts.
“In closing, we appreciate and value the support we have received from our customers, vendors and shareholders. It is gratifying to see positive results come out of the hard work of our dedicated employees. Even more exciting are the opportunities we believe the future will offer us and I look forward to reporting back to you as the year progresses.”
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 35 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. 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. For more information visit http://www.partech.com or connect with us on Facebook and Twitter.
There will be a conference call at 10:00 a.m. (Eastern) on August 15, 2017, during which the Company’s management will discuss the financial results for the second quarter of 2017. To participate in the call, please call 844-419-5412, approximately 10 minutes in advance. No passcode is required to participate in the live call or to listen to the replay version. Individual & Institutional Investors will have the opportunity to listen to the conference call/event over the internet by visiting PAR’s website at www.partech.com. Alternatively, listeners may access an archived version of the presentation call through August 22, 2017 by dialing 855-859-2056 and using conference ID 65566533.
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(Unaudited)
AssetsJune 30,2017
December 31,2016
Current assets: Cash and cash equivalents $ 3,282 $ 9,055 Accounts receivable-net 33,807 30,705 Inventories-net 28,845 26,237 Note receivable - 3,510 Income taxes receivable - 261 Other current assets 4,246 4,027 Assets of discontinued operations - 462 Total current assets 70,180 74,257 Property, plant and equipment – net 9,854 7,035 Deferred income taxes 16,403 17,417 Goodwill 11,051 11,051 Intangible assets – net 11,886 10,966 Other assets 3,833 3,785 Total Assets $ 123,207 $ 124,511 Liabilities and Shareholders’ Equity Current liabilities: Current portion of long-term debt $ 191 $ 187 Borrowings of line of credit 1,000 - Accounts payable 14,163 16,687 Accrued salaries and benefits 6,411 5,470 Accrued expenses 4,752 4,682 Customer deposits and deferred service revenue 14,513 19,814 Total current liabilities 41,030 46,840 Long-term debt 283 379 Other long-term liabilities 7,764 7,712 Total liabilities 49,077 54,931 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; 17,615,390 and 17,479,454 shares issued,15,907,281 and 15,771,345 outstanding at June 30, 2017 and December 31, 2016, respectively
352 350 Capital in excess of par value 47,354 46,203 Retained earnings 35,598 32,357 Accumulated other comprehensive loss (3,338 ) (3,494 ) Treasury stock, at cost, 1,708,109 shares (5,836 ) (5,836 ) Total shareholders’ equity 74,130 69,580 Total Liabilities and Shareholders’ Equity $ 123,207 $ 124,511PAR TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
For the threemonths ended
June 30,
For the threemonths ended
June 30,
For the sixmonths ended
June 30,
For the sixmonths ended
June 30,
2017 2016 2017 2016 Net revenues: Product $ 32,682 $ 21,444 $ 69,888 $ 43,528 Service 15,034 11,804 29,377 23,508 Contract 14,545 19,410 28,861 40,927 62,261 52,658 128,126 107,963 Costs of sales: Product 24,389 16,137 51,961 32,579 Service 9,766 8,219 19,651 16,818 Contract 12,909 17,857 25,656 37,512 47,064 42,213 97,268 86,909 Gross margin 15,197 10,445 30,858 21,054 Operating expenses: Selling, general and administrative 8,917 7,058 18,527 14,600 Research and development 3,284 2,793 6,853 5,555 Amortization of identifiable intangible assets 242 242 483 483 12,443 10,093 25,863 20,638 Operating income from continuing operations 2,754 352 4,995 416 Other income (expense), net 54 (210 ) (194 ) (280 ) Interest (expense) income, net (13 ) 3 (45 ) 32 Income from continuing operations before provision for income taxes 2,795 145 4,756 168 Provision for income taxes (818 ) (45 ) (1,515 ) (53 ) Income from continuing operations 1,977 100 3,241 115 Discontinued operations (Loss on) income from discontinued operations (net of tax) - (26 ) 183 (26 ) Net income $ 1,977 $ 74 $ 3,424 $ 89 Basic Earnings per Share: Income from continuing operations 0.12 0.01 0.20 0.01 Loss from discontinued operations (0.00 ) (0.00 ) 0.01 (0.00 ) Net income $ 0.12 $ 0.01 $ 0.21 $ 0.01 Diluted Earnings per Share: Income from continuing operations 0.12 0.01 0.20 0.01 Loss from discontinued operations (0.00 ) (0.00 ) 0.01 (0.00 ) Net income $ 0.12 $ 0.01 $ 0.21 $ 0.01 Weighted average shares outstanding Basic 15,919 15,615 15,893 15,651 Diluted 16,178 15,670 16,146 15,717PAR TECHNOLOGY CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(in thousands, except per share data)
(Unaudited)
For the three months ended June 30, 2017 For the three months ended June 30, 2016Reported basis(GAAP)
Adjustments Comparablebasis (Non-
GAAP)
Reported basis(GAAP)
Adjustments Comparablebasis (Non-
GAAP)
Net revenues $ 62,261 - 62,261 $ 52,658 - 52,658 Costs of sales 47,064 - 47,064 42,213 - 42,213 Gross margin 15,197 - 15,197 10,445 - 10,445 Operating expenses Selling, general and administrative 8,917 671 8,246 7,058 572 6,486 Research and development 3,284 - 3,284 2,793 - 2,793 Amortization of identifiable intangible assets 242 242 - 242 242 - Total operating expenses 12,443 913 11,530 10,093 814 9,279 Operating income from continuing operations 2,754 913 3,667 352 814 1,166 Other income(expense), net 54 - 54 (210 ) - (210 ) Interest (expense) income, net (13 ) (13 ) 3 26 29 Income from continuing operations before provision for income taxes 2,795 913 3,708 145 840 985 Provision for income taxes (818 ) (338 ) (1,156 ) (45 ) (311 ) (356 ) Income from continuing operations $ 1,977 $ 575 $ 2,552 $ 100 $ 529 $ 629 Loss from discontinued operations, (net of tax) $ - $ - $ (26 ) $ (26 ) Net income $ 1,977 $ 2,552 $ 74 $ 603 Income per diluted share from continuing operations $ 0.12 $ 0.16 $ 0.01 $ 0.04 Loss per diluted share from discontinuing operations $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Income per diluted share $ 0.12 $ 0.16 $ 0.01 $ 0.04The Company reports its financial results in accordance with GAAP. However, non-GAAP adjusted financial measures, as defined in the reconciliation table above, are provided because management uses these non-GAAP measures in evaluating the results of the continuing operations of the Company and believes this information provides investors supplemental insight into underlying business trends and operating results. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, these non-GAAP measures should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP.
The Company’s results of operations are impacted by certain non-recurring charges, including equity based compensation, acquisition related expenditures, and other non-recurring charges that may not be indicative of the Company’s financial performance. Management believes that adjusting its operating expenses, operating income, net earnings and diluted earnings per share to remove non-recurring charges provides a useful perspective with respect to our operating results and provides supplemental information to both management and investors by removing items that are difficult to predict and are often unanticipated. The Company believes the adjustments provide a useful comparison on a year-over-year basis.
During the second quarter of 2017, the Company recorded charges within selling, general and administrative of $605,000 related to the Company’s previously disclosed investigation of import export and sales documentation activities at the Company’s China and Singapore offices and the SEC subpoena. In addition, $5,000 of expenses related to the implementation of the new ERP system, and $61,000 of equity based compensation charges were recorded during the second quarter of 2017. Lastly, the Company recognized amortization of acquired intangible assets of $242,000 related to the Company’s acquisition of Brink.
During the second quarter of 2016, the Company recorded charges within selling, general and administrative of $304,000 of investigation costs related to certain unauthorized transfers of Company funds that were made in contravention of the Company’s policies and procedures, $127,000 related to the implementation of the new ERP system and equity based compensation charges of $141,000. Lastly, related to the acquisition of Brink, the Company recognized amortization of acquired intangible assets of $242,000 and accreted interest of $26,000.
PAR TECHNOLOGY CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(in thousands, except per share data)
(Unaudited)
For the six months ended June 30, 2017 For the six months ended June 30, 2016Reported basis(GAAP)
Adjustments Comparablebasis (Non-
GAAP)
Reported basis(GAAP)
Adjustments Comparablebasis (Non-
GAAP)
Net revenues $ 128,126 - $ 128,126 $ 107,963 - $ 107,963 Costs of sales 97,268 - 97,268 86,909 - 86,909 Gross margin 30,858 - 30,858 21,054 - 21,054 Operating expenses Selling, general and administrative 18,527 1,855 16,672 14,600 1,749 12,851 Research and development 6,853 - 6,853 5,555 - 5,555 Acquisition amortization 483 483 - 483 483 - Total operating expenses 25,863 2,338 23,525 20,638 2,232 18,406 Operating income from continuing operations 4,995 2,338 7,333 416 2,232 2,648 Other expense, net (194 ) - (194 ) (280 ) - (280 ) Interest (expense) income, net (45 ) (45 ) 32 52 84 Income from continuing operations before provision for income taxes 4,756 2,338 7,094 168 2,284 2,452 Provision for income taxes (1,515 ) (865 ) (2,380 ) (53 ) (845 ) (898 ) Income from continuing operations $ 3,241 $ 1,473 $ 4,714 $ 115 $ 1,439 $ 1,554 Income (loss from) discontinued operations, (net of tax) $ 183 $ 183 $ (26 ) $ (26 ) Net income $ 3,424 $ 4,897 $ 89 $ 1,528 Income per diluted share from continuing operations $ 0.20 $ 0.29 $ 0.01 $ 0.10 Loss per diluted share from discontinuing operations $ 0.01 $ 0.01 $ (0.00 ) $ (0.00 ) Income per diluted share $ 0.21 $ 0.30 $ 0.01 $ 0.10During the six months ended June 30, 2017, the Company recorded charges within selling, general and administrative of $1,567,000 related to the Company’s previously disclosed investigation of import export and sales documentation activities at the Company’s China and Singapore offices and the SEC subpoena, and $21,000 of legacy charges related to the Company’s former chief financial officer’s unauthorized transfers of Company fund. In addition, $29,000 of expenses related to the implementation of the new ERP system, and $238,000 of equity based compensation charges were recorded during the six months ended June 30, 2017. Lastly, the Company recognized amortization of acquired intangible assets of $483,000 related to the Company’s acquisition of Brink.
During the six months ended June 30, 2016, the Company recorded charges within selling, general and administrative of $1,070,000 of investigation costs related to certain unauthorized transfers of Company funds that were made in contravention of the Company’s policies and procedures, $472,000 related to the initial phase of the planned implementation of a new enterprise resource system in connection with the ERP system implementation and equity based compensation charges of $207,000. Lastly, related to the acquisition of Brink, the Company recognized amortization of acquired intangible assets of $483,000 and accreted interest of $52,000.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170815005379/en/
PAR Technology CorporationChristopher R. Byrnes, 315-738-0600 ext. 6226cbyrnes@partech.comwww.partech.com
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