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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 | |
---|---|---|---|---|---|---|---|---|
1.72 | 4.00% | 44.69 | 45.12 | 44.29 | 44.33 | 222,679 | 01:00:00 |
PAR Technology Corporation (NYSE:PAR) today announced its results of continuing operations for its first quarter ended March 31, 2018.
Summary of Fiscal 2018 First Quarter Financial Results
A reconciliation and description of non-GAAP financial measures to their comparable GAAP financial measures are included in the tables at the end of this press release.
“PAR’s year over year quarterly revenue and profit decreases are attributed to the lapping of a large hardware project for a specific Tier 1 customer in the first quarter of 2017, which was completed in the first half of last year,” commented Dr. Donald H. Foley, PAR Technology Corporation’s President & CEO. “I note that on a sequential quarterly basis PAR’s income before provision for income taxes increased $1.8 million from a loss of $1.7 million to a gain of $0.1 million. More importantly, PAR’s Restaurant & Retail segment continues to capture significant market share in the cloud-based Point of Sales marketplace. To that end, Brink bookings in the quarter numbered 940 new sites and nearly doubled from the same period last year. PAR continues to make improvements in both our technology platforms and software products. I am also pleased to report PAR’s Government segment revenues grew nearly 13% in the quarter compared to last year and has returned to a positive revenue trajectory.”
Conference Call.
There will be a conference call at 4:30 p.m. (Eastern) on May 9, 2018, during which the Company’s management will discuss the financial results for the first quarter ended March 31, 2018. 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 the Company’s website at www.partech.com. Alternatively, listeners may access an archived version of the presentation call after 7:30 p.m. on May 9, 2018 through May 16, 2018 by dialing 855-859-2056 and using conference ID 4590619.
About PAR Technology Corporation.
PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol “PAR”. PAR’s Restaurant / Retail segment has been a leading provider of restaurant and retail technology for more than 35 years. PAR offers management 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 segment 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.
Forward-Looking Statements.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements appear throughout this press release, including express or implied forward-looking statements relating to our expectations regarding anticipated financial performance, customer and product opportunities, and assumptions as to future events. Forward-looking statements are subject to a variety of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated in these statements. Factors that could cause actual results to differ materially, include: delays in new product development and/or product introduction; changes in customer base and product and service demands, including changes in product or service demands by the two customers from whom a significant portion of our revenue is derived; risks associated with the internal investigation into conduct at our China and Singapore offices, including possible sanctions and fines that may be imposed by the Department of Justice or Securities and Exchange Commission (“SEC”); and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
PAR TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)
(Unaudited)
Assets March 31, 2018 December 31, 2017 Current assets: Cash and cash equivalents $ 5,762 $ 6,600 Accounts receivable-net 35,911 30,077 Inventories-net 22,394 21,746 Other current assets 5,311 4,209 Total current assets 69,378 62,632 Property, plant and equipment – net 11,015 10,755 Deferred income taxes 13,887 13,809 Goodwill 11,051 11,051 Intangible assets – net 12,418 12,070 Other assets 4,391 4,307 Total Assets $ 122,140 $ 114,624 Liabilities and Shareholders’ Equity Current liabilities: Current portion of long-term debt $ 199 $ 195 Borrowings of line of credit 3,950 950 Accounts payable 17,537 14,332 Accrued salaries and benefits 5,396 6,275 Accrued expenses 3,784 3,926 Customer deposits and deferred service revenue 11,275 10,241 Total current liabilities 42,141 35,919 Long-term debt 133 185 Deferred revenue 3,649 2,668 Other long-term liabilities 6,559 6,866 Total liabilities 52,482 45,638 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; 17,686,224 and 17,677,161 shares issued, 15,978,115 and 15,969,052 outstanding at March 31, 2018 and December 31, 2017, respectively 354 354 Capital in excess of par value 48,530 48,349 Retained earnings 29,617 29,549 Accumulated other comprehensive loss (3,007 ) (3,430 ) Treasury stock, at cost, 1,708,109 shares (5,836 ) (5,836 ) Total shareholders’ equity 69,658 68,986 Total Liabilities and Shareholders’ Equity $ 122,140 $ 114,624 PAR TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)
(Unaudited)
Three Months EndedMarch 31,
2018 2017 Net revenues: Product $ 26,324 $ 37,206 Service 13,196 14,343 Contract 16,141 14,316 55,661 65,865 Costs of sales: Product 19,440 27,572 Service 9,547 10,474 Contract 14,827 12,747 43,814 50,793 Gross margin 11,847 15,072 Operating expenses: Selling, general and administrative 8,600 9,610 Research and development 2,868 2,980 Amortization of identifiable intangible assets 241 241 11,709 12,831 Operating income from continuing operations 138 2,241 Other income / (expense), net 49 (248 ) Interest expense, net (41 ) (32 ) Income from continuing operations before provision for income taxes 146 1,961 Provision for income taxes (78 ) (697 ) Income from continuing operations 68 1,264 Discontinued operations Income from discontinued operations (net of tax) — 183 Net income $ 68 $ 1,447 Basic Earnings per Share: Income from continuing operations — 0.08 Income from discontinued operations — 0.01 Net income $ — $ 0.09 Diluted Earnings per Share: Income from continuing operations — 0.08 Income from discontinued operations — 0.01 Net income $ — $ 0.09 Weighted average shares outstanding Basic 15,948 15,781 Diluted 16,286 15,978 PAR TECHNOLOGY CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS(in thousands, except per share and per share data)
(Unaudited)
For the three months ended March 31,2018
For the three months ended March 31,2017
Reportedbasis(GAAP)
AdjustmentsComparablebasis(Non-GAAP)
Reportedbasis(GAAP)
AdjustmentsComparablebasis(Non-GAAP)
Net revenues $ 55,661 $ — $ 55,661 $ 65,865 $ — $ 65,865 Costs of sales 43,814 — 43,814 50,793 — 50,793 Gross margin 11,847 — 11,847 15,072 — 15,072 Operating Expenses: Selling, general and administrative 8,600 478 8,122 9,610 1,184 8,426 Research and development 2,868 — 2,868 2,980 — 2,980 Acquisition amortization 241 241 — 241 241 — Total operating expenses 11,709 719 10,990 12,831 1,425 11,406 Operating income from continuing operations 138 719 857 2,241 1,425 3,666 Other income (expense), net 49 — 49 (248 ) — (248 ) Interest expense, net (41 ) — (41 ) (32 ) — (32 ) Income from continuing operations before provision for income taxes 146 719 865 1,961 1,425 3,386 Provision for income taxes (78 ) (173 ) (251 ) (697 ) (527 ) (1,224 ) Income from continuing operations 68 546 614 1,264 898 2,162 Income from discontinued operations, (net of tax) — — — 183 — 183 Net income 68 614 1,447 2,345 Income per diluted share from continuing operations — 0.04 0.08 0.14 Income per diluted share from discontinuing operations — — 0.01 0.01 Income per diluted share $ — $ 0.04 $ 0.09 $ 0.15The 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 Company's continuing operations 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. PAR believes the adjustments provide a useful comparison.
During the first quarter of 2018, the Company recorded $297,000 of expenses related to the Company’s previously disclosed internal investigation into conduct at its China and Singapore offices. Additionally, $181,000 of equity based compensation charges were recorded during the first quarter of 2018. The Company recognized amortization of acquired intangible assets of $241,000 related to the Company’s 2014 acquisition of Brink Software, Inc. The provision for income tax line above is increased by 24%, or $173,000, reflective of the tax impact from the non-GAAP adjustments.
During the first quarter of 2017, the Company recorded charges within selling, general and administrative of $962,000 related to the Company’s internal investigation into conduct at its China and Singapore offices. In addition, $177,000 of equity based compensation charges, $21,000 of investigation costs related to the Company’s former chief financial officer’s unauthorized transfers of Company funds, and $24,000 of expenses related to the implementation of the Company’s ERP system, were recorded during the first quarter of 2017. Lastly, the Company recognized amortization of acquired intangible assets of $241,000 related to the Company’s 2014 acquisition of Brink Software, Inc. The provision for income tax line above is increased by 37%, or $527,000, reflective of the tax impact from the non-GAAP adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180509006218/en/
PAR Technology CorporationChristopher R. Byrnes, (315) 738-0600 ext. 6226cbyrnes@partech.comwww.partech.com
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