-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DaJGVdyorpgsupTF8CLfMjDk888XBUpudRL1S9xmq72SX/i1pQbr7OD00Z4t/NDo 1fqj6DAAyqUw0x0BFjnpRQ== 0000708821-04-000005.txt : 20040428 0000708821-04-000005.hdr.sgml : 20040428 20040428093008 ACCESSION NUMBER: 0000708821-04-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040428 ITEM INFORMATION: FILED AS OF DATE: 20040428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAR TECHNOLOGY CORP CENTRAL INDEX KEY: 0000708821 STANDARD INDUSTRIAL CLASSIFICATION: CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578] IRS NUMBER: 161434688 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09720 FILM NUMBER: 04758708 BUSINESS ADDRESS: STREET 1: PAR TECHNOLOGY PARK STREET 2: 8383 SENECA TURNPIKE CITY: NEW HARTFORD STATE: NY ZIP: 13413 BUSINESS PHONE: 3157380600 8-K 1 form8k042804.txt FORM 8K DATED APRIL 28, 2004 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 28, 2004 PAR TECHNOLOGY CORPORATION -------------------------- (Exact name of registrant as specified in its charter) Delaware 1-09720 16-1434688 -------- ------- ---------- (State or other (Commission File (I.R.S. Employer jurisdiction of Number) incorporation or organization) Identification Number) PAR Technology Park 8383 Seneca Turnpike New Hartford, NY 13413-4991 ------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (315) 738-0600 Not Applicable -------------- (Former Name or Former Address, if changed since Last Report) Item 12. Results of Operations and Financial Condition. (a) The information, including Exhibits attached hereto, in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. (b) On April 28, 2004, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending March 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 99.1 Press Release dated April 28, 2004. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PAR TECHNOLOGY CORPORATION -------------------------- (Registrant) Date: April 28, 2004 /s/RONALD J. CASCIANO --------------------------------------- Ronald J. Casciano Vice President, Chief Financial Officer and Treasurer EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press Release dated April 28, 2004. Exhibit 99.1 PAR TECHNOLOGY CORPORATION -REPORTS FIRST QUARTER RESULTS- RECORD REVENUE FOR 1ST QUARTER IN PAR'S HISTORY, REVENUES RISE 24% HOSPITALITY TECHNOLOGY BUSINESS IS CATALYST OF GROWTH; INCREASES 27% GOVERNMENT BUSINESS GROWS 17% ---------------------------------------------------------------- NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC) New Hartford, NY--April 28, 2004--PAR Technology Corporation (NYSE:PTC) today announced results from operations for the first quarter ended March 31, 2004. PAR reported first quarter revenues of $37.9 million, a 24% increase over the $30.7 million reported in the same period a year ago. Net Income for the first quarter of $736,000 was reported compared with net income of $229,000 in the first quarter of 2003, a 221% increase. The Company reported diluted earnings per share of $0.08 for the first quarter of 2004, as compared to diluted earnings per share of $0.03 for the first quarter of last year. PAR experienced significant revenue growth in both of their businesses. PAR's hospitality technology revenues grew 27% from a year ago along with the Company's Government business raising revenues by 17% over the first quarter of 2003. John W. Sammon, PAR Chairman and CEO commented, "We are certainly gratified by the record revenue of the first quarter which exceeded our expectations and is a solid start for the Company in 2004. We believe the growth in our results favorably reflects upon our commitment to key strategies of growing those lines of business that we know the best, hospitality technology and government contracting, and to continue to grow our market share in these industries." Sammon added, "I continue to be pleased with the acceptance of our product and services strategy by our customers in key business areas. I am confident our plans are closely aligned with our customers' needs and we are executing effectively to satisfy them." Sammon concluded, "Our customer-centric approach continues to make a significant impact across our business units. This focus along with the continued leveraging of our mature infrastructure for improved bottom-line results underscores our ability to provide our shareholders with upside earnings potential as well as significant shareowner value. This will continue to remain our focus going forward." Forward-looking statements in this release or 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, further 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 PAR Technology Corporation develops, markets and supports hardware and software products that improve the ability of business professionals to make timely, fact-based business decisions. The Company is the world's largest supplier of Point-of-Sale systems to the quick service restaurant market with over 35,000 systems installed in over 95 countries. In addition PAR is a leader in providing computer based system design and engineering services to the Department of Defense and Federal Government Agencies. PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PTC. For additional information visit PAR's website at www.partech.com.
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands Except Share Amounts) (Unaudited) March 31, December 31, 2004 2003 -------- ----------- Assets Current assets: Cash .................................................. $ 2,377 $ 1,467 Accounts receivable-net ............................... 26,528 31,876 Inventories-net ....................................... 31,740 31,894 Deferred income taxes ................................. 6,465 6,486 Other current assets .................................. 3,721 2,472 Total assets of discontinued operation ................ -- 20 -------- -------- Total current assets .............................. 70,831 74,215 Property, plant and equipment - net ........................ 7,251 7,240 Deferred income taxes ...................................... 2,593 2,857 Other assets ............................................... 3,437 2,855 -------- -------- $ 84,112 $ 87,167 ======== ======== Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt ..................... $ 91 $ 89 Borrowings under lines of credit ...................... 2,607 6,989 Accounts payable ...................................... 8,999 8,301 Accrued salaries and benefits ......................... 5,818 5,461 Accrued expenses ...................................... 2,450 2,471 Deferred service revenue .............................. 5,612 5,947 Total liabilities of discontinued operation ........... 514 578 -------- -------- Total current liabilities ......................... 26,091 29,836 -------- -------- Long-term debt ............................................. 2,068 2,092 -------- -------- Commitments and contingent liabilities Shareholders' Equity: Preferred stock, $.02 par value, 1,000,000 shares authorized ......................... -- -- Common stock, $.02 par value, 19,000,000 shares authorized; 10,025,237 and 9,966,062 shares issued; 8,614,550 and 8,555,375 outstanding ................. 201 199 Capital in excess of par value ........................ 29,900 29,761 Retained earnings ..................................... 33,111 32,375 Accumulated other comprehensive loss .................. (206) (43) Treasury stock, at cost, 1,410,687 shares .................................. (7,053) (7,053) -------- -------- Total shareholders' equity ........................ 55,953 55,239 -------- -------- $ 84,112 $ 87,167 ======== ========
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands Except Per Share Amounts) (Unaudited) For the three months ended March 31, ------------------------- 2004 2003 -------- -------- Net revenues: Product ........................... $ 16,239 $ 12,353 Service ........................... 10,307 8,469 Contract .......................... 11,352 9,720 -------- -------- 37,898 30,542 -------- -------- Costs of sales: Product ........................... 11,037 8,062 Service ........................... 8,945 7,167 Contract .......................... 10,530 9,272 -------- -------- 30,512 24,501 -------- -------- Gross margin ................ 7,386 6,041 -------- -------- Operating expenses: Selling, general and administrative 5,016 4,411 Research and development .......... 1,343 1,159 -------- -------- 6,359 5,570 -------- -------- Operating income ....................... 1,027 471 Other income, net ...................... 211 76 Interest expense ....................... (73) (143) -------- -------- Income from continuing operations before provision for income taxes .... 1,165 404 Provision for income taxes ............. (429) (148) -------- -------- Income from continuing operations ...... 736 256 -------- -------- Discontinued operations: Loss from operations of discontinued component ......... -- (42) Income tax benefit ................ -- 15 -------- -------- Loss from discontinued operations . -- (27) -------- -------- Net income ............................. $ 736 $ 229 ======== ======== Earnings per share: Basic: Income from continuing operations $ .09 $ .03 Loss from discontinued operations $ -- $ -- Net income ................ $ .09 $ .03 Diluted: Income from continuing operations $ .08 $ .03 Loss from discontinued operations $ -- $ -- Net income ................ $ .08 $ .03 Weighted average shares outstanding Basic ........................... 8,570 8,373 ======== ======== Diluted ......................... 9,129 8,767 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----