Revenue increased 6.2% to $63.4 million.
New Hartford, NY- March 16, 2015 — PAR Technology Corporation (NYSE: PAR) a leading provider of hospitality/retail management systems and Government contract services today announced results for the fourth quarter and year ended December 31, 2014.
Summary of Fiscal 2014 Fourth Quarter and Year End Financial Results
- 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
A reconciliation and description of non-GAAP financial measures to their comparable GAAP financial measures are included in the tables following this news release.
“We are encouraged with the improved performance in the quarter, on a non-GAAP basis, as it demonstrates the progress being made as evidenced by the revenue growth in both our Hospitality and Government segments. Within our Hospitality segment, we have continued to experience success with our strategy of increasing our revenue generated through sales to smaller chains and independent restaurants, a strategy further facilitated by our acquisition of Brink Software in September of last year. Partially offsetting the revenue growth was a reduction in volume from certain large restaurant customers resulting from the completion of technology rollouts in prior periods. To mitigate the revenue volatility created by our tier one customers, we are committed to our revenue diversification strategy and are encouraged by the recent market acceptance and adoption of our cloud technologies,” commented PAR President & CEO Ronald J. Casciano. Furthermore, our Government business continued to perform well resulting from an increase in task orders on our large ISR contracts.
Casciano concluded, “Fiscal 2014 was a year of transition for PAR as new Directors were added to our Board and several changes were made to our management structure. We have recommitted the Company to focus and execute upon our strategic goals to reestablish PAR as a consistent performing technology solutions company.”
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 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 30 years and offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. This segment also provides hotel management systems with a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. In addition, PAR offers the spa industry a leading management application specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality market segment. PAR’s products 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.
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There will be a conference call at 4:30 p.m. eastern time on March 16, 2015, during which the Company’s management will discuss the financial results for the fourth quarter of 2014. If you would like to participate in this conference please call 877-415-3178 approximately 10 minutes before the call is scheduled to begin and use the PAR pass code 53117502. 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. In case you are unable to participate in the conference call, an automatic replay will be available on PAR’s website until March 23, 2015 or dial 888-286-8010 and use the Pass Code number 43490297 until March 23, 2015 as well.