• Revenues Increase 19.1% Due to One-Time Project with Large Tier 1 Customer
• GAAP Earnings Per Share Reported at $0.08 vs $0.00 in Q1 2016
• Adjusted Earnings Per Share Reported at $0.14 vs. $0.06 in 2016
New Hartford, NY- May 15, 2017 — PAR Technology Corporation (NYSE: PAR) today announced its results of continuing operations for its first quarter ended March 31, 2017.
Summary of Fiscal 2017 First Quarter Financial Results From Continuing Operations
First Quarter 2017
• First quarter revenues of $65.9 million, compared to $55.3 million in the same period in 2016, a 19.1% increase.
• GAAP net income of $1.3 million, or $0.08 per diluted share, an increase from GAAP net income of $15,000, or $0.00 earnings per diluted share for the same period in 2016.
• Non-GAAP net income of $2.2 million, or $0.14 per diluted share, compared to non-GAAP net income of $925,000 or $0.06 earnings per diluted share, for the same period in 2016.
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.
“I am very pleased with the financial results for our first quarter as our Restaurant/Retail segment revenues grew more than 52% from the prior year’s first quarter. The strong first quarter performance was driven by significantly higher demand for our restaurant hardware products and continued deployments of our Brink POS software. Offsetting the Restaurant/Retail growth was the decline in our Government segment revenues as they continue to be impacted by the transition from lower margin Program Management Office (PMO) contracts to more higher margin, value-add contracts in Intelligence, Surveillance & Reconnaissance (ISR),” commented Dr. Donald H. Foley, President & CEO of PAR Technology Corporation. “We are off to a strong start to the year, as we were able to leverage the accelerated hardware technology deployment of a strategic customer in Q1. We expect to sustain our momentum for the remainder of the year but at a more moderate pace.”
There will be a conference call at 4:30 p.m. (Eastern) on May 15, 2017, during which the Company’s management will discuss the financial results for the first 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. 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 after 7:30 p.m. on May 15, 2017 through May 22, 2017 by dialing 855-859-2056 and using conference ID 21046255.
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 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.
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, as amended, 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 product and service demands, concentration of revenues from a small group of customers, product and service competition, risks associated with our ongoing internal investigation into possible violations of the FCPA and similar laws, including sanctions, fines or remedial measures that may be imposed by the DOJ or SEC, additional expenses related to remedial measures, risks associated with our identified material weakness in internal control over financial reporting and any other failure to maintain effective internal controls, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. 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.