• Full Year 2015 Revenues of $229.0 million increase 5.1% over 2014
• Fourth Quarter Revenues of $56.8 million declined 4.2% year-over-year
• Fourth Quarter GAAP Earnings Per Share Reported at $0.08, compared to a loss of ($0.07) per share reported in Fourth Quarter 2014
New Hartford, NY (March 30, 2016) – PAR Technology Corporation (NYSE: PAR) a leading provider of restaurant/retail management systems and Government contract services today announced results for the fourth quarter and year ended December 31, 2015.
Summary of Fiscal 2015 Fourth Quarter and Year End Financial Results From Continuing Operations
• Revenue decreased 4.2% to $56.8 million, compared to $59.3 million in the fourth quarter of 2014 due to reductions in task orders surrounding the Eagle Intel-X contract quarter over quarter
• GAAP net income from continuing operations in the fourth quarter of fiscal 2015 was $1.3 million, or $0.08 per diluted share, compared to net loss from continuing operations of ($1.0 million), or ($0.07) loss per share for the same period in 2014
• Adjusted (non-GAAP) net income from continuing operations was $2.0 million, or $0.13 per diluted share, compared to adjusted (non-GAAP) net income from continuing operations of $1.8 million, or $0.11 per share, in the same period last year
• Fiscal year 2015 revenues increased 5.1% to $229.0 million compared to $217.8 million reported in 2014
• GAAP net income from continuing operations of $4.0 million or $0.26 per diluted share for fiscal 2015, compared to net income of $71,000 or $0.00 per diluted share reported for fiscal 2014
• Adjusted (non-GAAP) net income from continuing operations was $6.1 million and $0.39 per diluted share compared to adjusted (non-GAAP) net income from continuing operations of $3.8 million or $0.24 per diluted share for 2014
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 to report improved fourth quarter and year end results. Our restaurant technology business continues to see renewed strength from our Tier 1 customers, evidenced by the 6.6% product revenue growth in the fourth quarter when compared to the same period 2014. We are seeing positive momentum with our cloud solutions, Brink POS® and SureCheck® within restaurants and retail/grocery enterprises and are encouraged by the growth in software and software related revenues in the quarter and for the year,” commented Karen E. Sammon, PAR’s President & CEO. “PAR Government exceeded our internal plan for profit in the quarter while reporting lower revenues due to the higher than normal amount of task orders received in the fourth quarter 2014 that were not duplicated this year. Our Government business ended the year with several new contract awards in the quarter and an improved backlog that provides a solid base for our 2016 plan.”
Sammon continued, “2015 was an important and transformational year for our Company. Over the last twelve months we broadened our efficiencies as a company, continued to innovate with new technical solutions, strengthened our competitive position, divested an underperforming business unit and delivered improved results to our stakeholders. As our Company’s new CEO, I am pleased with the operational, strategic and financial progress made by PAR throughout last year and remain keenly focused on enhancing shareholder value.”
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 35 years and offers technology solutions for the full spectrum of restaurant operations, from large global quick service chains and table service restaurants to fast casual and independent operators. 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 mission services to the Department of Defense and various federal agencies. Visit www.partech.com for more information.
There will be a conference call at 4:45 p.m. eastern time on March 30, 2016, during which the Company’s management will discuss the financial results for the fourth quarter of 2015. If you would like to participate in this conference please call (866) 868-9502 approximately 10 minutes before the call is scheduled to begin, no passcode is necessary to access the call. 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 April 6, 2016 or dial (855) 859-2056 and using conference ID 77961340 until April 6, 2016 as well.