New Hartford, NY- May 9, 2018 — PAR Technology Corporation (NYSE: PAR) today announced its results of continuing operations for its first quarter ended March 31, 2018.
Summary of Fiscal 2018 First Quarter Financial Results
- Revenues were reported at $55.7 million in the first quarter of 2018, compared to $65.9 million in the same period in 2017, a 15.5% decrease.
- GAAP net income in the first quarter of 2018 was $0.1 million, or $0.00 per diluted share, a decrease from the GAAP net income of $1.3 million, or $0.08 earnings per diluted share reported in the same period in 2017.
- Non-GAAP net income in the first quarter of 2018 was $0.6 million, or $0.04 per diluted share, compared to non-GAAP net income of $2.2 million, or $0.14 earnings per diluted share, in the same period in 2017.
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.
“PAR’s year over year quarterly revenue and profit decreases are attributed to the lapping of a large hardware project for a specific Tier 1 customer in the first quarter of 2017, which was completed in the first half of last year,” commented Dr. Donald H. Foley, PAR Technology Corporation’s President & CEO. “I note that on a sequential quarterly basis PAR’s income before provision for income taxes increased $1.8 million from a loss of $1.7 million to a gain of $0.1 million. More importantly, PAR’s Restaurant & Retail segment continues to capture significant market share in the cloud-based Point of Sales marketplace. To that end, Brink bookings in the quarter numbered 940 new sites and nearly doubled from the same period last year. PAR continues to make improvements in both our technology platforms and software products. I am also pleased to report PAR’s Government segment revenues grew nearly 13% in the quarter compared to last year and has returned to a positive revenue trajectory.”
There will be a conference call at 4:30 p.m. (Eastern) on May 9, 2018, during which the Company’s management will discuss the financial results for the first quarter ended March 31, 2018. 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 the Company’s website at www.partech.com. Alternatively, listeners may access an archived version of the presentation call after 7:30 p.m. on May 9, 2018 through May 16, 2018 by dialing 855-859-2056 and using conference ID 4590619.
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 management 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 segment 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 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 and product and service demands, including changes in product or service demands by the two customers from whom a significant portion of our revenue is derived; risks associated with the internal investigation into conduct at our China and Singapore offices, including possible sanctions and fines that may be imposed by the Department of Justice or Securities and Exchange Commission (“SEC”); and the other factors discussed in our 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.