-----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, O+Mzseml3+2Tv51J5gpH4Z/kCzkzQbrEa+cye/lpBS1CXrxuMVsiER+qNVSJywvG lH3iAelGu2UVy9sV7IakfA== 0000708821-06-000010.txt : 20060427 0000708821-06-000010.hdr.sgml : 20060427 20060427094554 ACCESSION NUMBER: 0000708821-06-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060427 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060427 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: 06783325 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 form8k042706a.txt FORM 8K DATED APRIL 27, 2006 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 27, 2006 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 2.02 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 27, 2006, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending March 31, 2006. 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 27, 2006. 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 27, 2006 /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 27, 2006. Exhibit 99.1 Press Release dated April 27, 2006. RELEASE: NEW HARTFORD, NY, April 27, 2006 CONTACT: Christopher R. Byrnes (315) 738-0600 ext. 226 cbyrnes@partech.com, www.partech.com PAR TECHNOLOGY CORPORATION -REPORTS RECORD FIRST QUARTER RESULTS- |X| RECORD REVENUES FOR 1ST QUARTER |X| REVENUES RISE 8% |X| EPS GROWS 56% - -------------------------------------------------------------------------------- NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC) New Hartford, NY--April 27, 2006--PAR Technology Corporation (NYSE:PTC) today announced results from operations for the first quarter ended March 31, 2006. PAR reported record first quarter revenues of $52.6 million, an 8% increase over the $48.8 million reported in the same period a year ago. Net income reported for the first quarter was $2 million compared with net income of $1.3 million in the first quarter of 2005, a 54% increase. The Company reported diluted earnings per share of $0.14 for the first quarter of 2006, an increase of 56% when compared to diluted earnings per share of $0.09 for the first quarter of last year. In addition, PAR began expensing stock options in accordance with Statement of Financial Accounting Standards No. 123R effective in the first quarter of 2006. The 2006 first quarter results include non-cash stock-based compensation expense of $43,000, compared to no such expense in the first quarter of 2005. John W. Sammon, PAR Chairman and CEO commented, "The ongoing success PAR has achieved shows that we are building one of the strongest brands in the hospitality technology industry. Our team continues to execute our customer centric-strategies, yielding the results reported. These results validate our belief that the buyers of PAR's premium products desire an integrated full solution approach to enhance their technology requirements." Sammon concluded, "We continue to build our business based on our plan for sustainable growth. PAR continues to broaden its reach of our participation in the hospitality market, with the addition of new customers and the development of products for related markets that incorporate PAR's technologies." Statements in this release or by the Company's 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 hospitality technology 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 is a leading provider of professional services and enterprise business intelligence software and hardware to the hospitality industry. PAR develops, markets and supports hardware and software products that improve the ability of hospitality business professionals to make timely, fact-based business decisions. The Company is a premier provider of I/T management solutions to hotel and restaurant companies, with over 40,000 installations worldwide in 100 countries. 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 more information visit the Company's website at www.partech.com. ================================================================================ PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands except share amounts) (unaudited) March 31, December 31, 2006 2005 Assets --------- ---------- Current assets: Cash and cash equivalents ..................... $ 2,322 $ 4,982 Accounts receivable-net ....................... 46,495 40,781 Inventories-net ............................... 29,922 29,562 Income tax refunds ............................ 1,528 879 Deferred income taxes ......................... 4,235 5,690 Other current assets .......................... 2,878 2,598 --------- --------- Total current assets ...................... 87,380 84,492 Property, plant and equipment - net ................ 8,009 8,044 Goodwill ........................................... 20,620 20,622 Intangible assets - net ............................ 9,462 9,904 Other assets ....................................... 2,438 2,087 --------- --------- $ 127,909 $ 125,149 ========= ========= Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt ............. $ 79 $ 76 Borrowings under lines of credit .............. 7,123 3,500 Accounts payable .............................. 11,384 12,703 Accrued salaries and benefits ................. 7,626 9,725 Accrued expenses .............................. 2,471 2,352 Customer deposits ............................. 3,367 3,973 Deferred service revenue ...................... 11,495 11,332 --------- --------- Total current liabilities ................. 43,545 43,661 --------- --------- Long-term debt ..................................... 1,926 1,948 --------- --------- Deferred income taxes .............................. 441 201 --------- --------- Other long-term liabilities ........................ 1,238 847 --------- --------- 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; 15,935,924 and 15,914,958 shares issued; 14,157,620 and 14,136,654 outstanding ....... 319 318 Capital in excess of par value ................ 37,458 37,271 Retained earnings ............................. 49,450 47,442 Accumulated other comprehensive loss .......... (540) (611) Treasury stock, at cost, 1,778,304 shares ..... (5,928) (5,928) --------- --------- Total shareholders' equity .................. 80,759 78,492 --------- --------- $ 127,909 $ 125,149 ========= ========= PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts) (unaudited) For the three months ended March 31, ------------------------- 2006 2005 --------- --------- Net revenues: Product ..................................... $ 23,020 $ 21,001 Service ..................................... 13,745 13,402 Contract .................................... 15,832 14,354 -------- -------- 52,597 48,757 -------- -------- Costs of sales: Product ..................................... 12,798 12,876 Service ..................................... 10,710 10,447 Contract .................................... 14,726 13,565 -------- -------- 38,234 36,888 -------- -------- Gross margin ..................................... 14,363 11,869 -------- -------- Operating expenses: Selling, general and administrative ......... 8,075 7,393 Research and development .................... 2,899 2,278 Amortization of identifiable ................ 307 246 -------- -------- intangible assets ......................... 11,281 9,917 -------- -------- Operating income ................................. 3,082 1,952 Other income, net ................................ 157 233 Interest expense ................................. (85) (78) -------- -------- Income before provision for income taxes ......... 3,154 2,107 Provision for income taxes ....................... (1,142) (801) -------- -------- Net income ....................................... $ 2,012 $ 1,306 ======== ======== Earnings per share: Basic ....................................... $ .14 $ .10 Diluted ..................................... $ .14 $ .09 Weighted average shares outstanding Basic ....................................... 14,151 13,431 ======== ======== Diluted ..................................... 14,806 14,312 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----