New Hartford, NY- November 13, 2017 — PAR Technology Corporation (NYSE: PAR) (the “Company”) today announced its results of continuing operations for its third quarter ended September 30, 2017.
Summary of Fiscal 2017 Third Quarter and Year-to-Date Financial Results from Continuing Operations
- Revenues were reported at $48.9 million, compared to $61.5 million for the same period in 2016, a 20.4% decrease.
- GAAP net loss of $1.5 million, or ($0.10) loss per share, a decrease from GAAP net income of $0.5 million, or $0.03 earnings per diluted share, for the same period in 2016.
- Non-GAAP net loss of $0.9 million, or ($0.06) loss per share, compared to non-GAAP net income of $1.6 million or $0.10 earnings per diluted share, for the same period in 2016.
- Revenues increased to $177.1 million in the first nine months of fiscal 2017, compared to $169.5 million for the same period in 2016, a 4.5% increase.
- GAAP net income for the nine months of fiscal 2017 was $1.7 million, or $0.11 earnings per diluted share, compared to GAAP net income of $0.6 million, or $0.04 earnings per diluted share, for the same period in 2016.
- Non-GAAP net income in the nine months of fiscal 2017 was $3.8 million, or $0.24 earnings per diluted share, compared to non-GAAP net income of $3.1 million or $0.20 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.
Dr. Donald H. Foley, the Company’s President and Chief Executive Officer, commented on the results,
“This year continues to be a transformational year as we execute our strategic plan and move to a software driven solutions Company with a business model that yields consistent growth and margin improvement. As we noted during the second quarter conference call, our performance for this year’s third quarter would be impacted by the completion of the accelerated hardware deployments and special projects for our tier 1 customers in the first half of this year. At the same time, we continued to grow our Software-as-a-Service business and our recurring revenues, albeit on a smaller base. We continue to implement our Government transition from low-value, pass-through revenues to sustainable, value added revenues.”
There will be a conference call at 4:30 p.m. (Eastern) on November 13, 2017, during which the Company’s management will discuss the financial results for the third 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 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 PAR’s website at www.partech.com. Alternatively, listeners may access an archived version of the presentation call through November 20, 2017 by dialing 855-859-2056 and using conference ID 6595508.
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 https://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 base; because a significant portion of our revenue is derived from two customers, a significant fluctuation in our product or service offerings to one or both of these customers; product and service demands and competition; risks associated with the ongoing investigation into possible violations of the U.S. Foreign Corrupt Practices Act and similar laws, including the cost of such investigation and any sanctions, fines or remedial measures that may be imposed by the U.S. Department of Justice or U.S. Securities and Exchange Commission (“SEC”); expenses related to remedial measure; risks associated with the Company’s identified material weaknesses in internal control over financial reporting and any other failure to maintain effective internal controls; and the other risk factors discussed in the Company’s 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.