New Hartford, NY- May 1, 2014 — PAR Technology Corporation (NYSE: PAR) today announced results for the first quarter ended March 31, 2014. The Company reported first quarter revenues of $56.5 million and a net loss from continuing operations of $989,000 or $0.06 loss per share. This compares with fiscal 2013 first quarter revenue of $66.7 million and a net loss from continuing operations of $369,000 or $0.02 loss per share. On a non-GAAP basis, the Company’s net loss from continuing operations for the first quarter of 2014 was $644,000 or $0.04 loss per share. This compares to non-GAAP net income from continuing operations of $178,000 or $0.01 per diluted share during the first quarter of 2013. See the attached Reconciliation of GAAP to Non-GAAP Financial Results table for further information on these non-GAAP results.
“Our first quarter results reflect a decline in revenue as we periodically experience volatility regarding the timing of product deployments with certain major customers within our Hospitality business, as well as volatility associated with task orders on our ISR contracts with the U.S. Department of Defense. Despite these revenue challenges, we have continued to execute upon cost reduction initiatives to help manage through this volatility,” said PAR Technology President and Chief Executive Officer Ronald J. Casciano. “Although our first quarter results were challenging, we have continued our investment in new technologies associated with both our Hospitality and Government businesses. While these investments impact profitability, they are essential for the Company’s long-term growth.”