-----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, Uhdx/6A2O5fkky4U0agmamhYE1yymBPiEgPC7yejl/9n3O04ppGIbi/jRpy3H/pJ SqWsihzpv1ci/azn5RxHjA== 0000708821-09-000003.txt : 20090212 0000708821-09-000003.hdr.sgml : 20090212 20090212160608 ACCESSION NUMBER: 0000708821-09-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20081231 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20090212 DATE AS OF CHANGE: 20090212 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: 1207 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09720 FILM NUMBER: 09594878 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 fm8k021209.txt FORM 8K DATED FEBRUARY 12, 2009 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): February 12, 2009 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 February 12, 2009, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending December 31, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 99.1 Press Release dated February 12, 2009. 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: February 12, 2009 /s/Ronald J. Casciano --------------------------------------- Ronald J. Casciano Vice President, Chief Financial Officer and Treasurer EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press Release dated February 12, 2009. Exhibit 99.1 Press Release dated February 12, 2009. FOR RELEASE: NEW HARTFORD, NY, February 12, 2009 CONTACT: Christopher R. Byrnes (315) 738-0600 ext. 226 cbyrnes@partech.com, www.partech.com PAR TECHNOLOGY CORPORATION -REPORTS FOURTH QUARTER RESULTS- o Q4 Revenues rise 8.6% to record $65.4 million o 2008 record revenues increase 11.1% to $232.7 million ---------------------------------------------------------------- NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC) New Hartford, NY-- February 12, 2009 -- PAR Technology Corporation (NYSE: PTC), a leader in providing integrated hardware, software and service solutions to the hospitality industry, and provider of Government I/T solutions and services, today reported financial results for the fourth quarter and year ended December 31, 2008. For the fourth quarter ended December 31, 2008, PAR Technology Corporation reported revenues of $65.4 million compared to $60.2 million in the fourth quarter 2007, an increase of 8.6%. Net income in the period was $1.5 million versus the $483,000 earned in the fourth quarter one year ago. The Company reported diluted net earnings per share of $0.10 for this past quarter, significantly higher than the $0.03 diluted net earnings per share reported for the same period a year earlier. For the year ended December 31, 2008, PAR Technology Corporation reported record revenues of $232.7 million, an increase of 11.1% from the $209.5 million reported one year ago. The Company also reported net income of $2.2 million in 2008 versus a net loss of $2.7 million last year. Diluted net earnings per share in 2008 were reported at $0.15 compared to diluted net loss per share of $0.19 reported for the year 2007. John W. Sammon, PAR Chairman & CEO commented, "Our continued improved performance throughout 2008 demonstrated PAR's ability to successfully capitalize upon our core businesses and their strength during these times of economic uncertainties. Hospitality Technology and our Government business segment both contributed to our record revenue achievement for both the quarter and fiscal year. The quick-serve sector of restaurants and Government outsourcing trend both appear to be resistant to the conditions which are affecting much of our economy." Sammon went on to say, "We do however, continue to face a number of challenges in our hotel/resort/spa segment and the table-serve and casual dining restaurant sector in light of the present economic challenges. We never-the-less are pleased with our growth in the fourth quarter. We believe our market strength and portfolio of customers, coupled with prudent R&D spending and the positive fundamental drivers for each of our market niches, makes PAR a compelling choice for our customers. Our 2008 growth, along with other indicators for our markets, gives us confidence we are well positioned for the foreseeable future including 2009 and beyond." Certain Company information 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, 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. PAR Technology Corporation creates and markets products that help hospitality operators around the world to better manage money, materials, people and the guest experience. PAR has provided hardware, software and services to the world's largest restaurant chains and their franchisees for almost 30 years. Today the Company's extensive offering includes technology solutions for the full spectrum of hospitality operations, from boutique hotels and independent table service restaurants to international QSR chains, all backed by PAR's global service network. The Company has over 50,000 installations in 105 countries worldwide. PAR is also 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 CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) (Unaudited) December 31, ----------------------- 2008 2007 ---------- --------- Assets Current assets: Cash and cash equivalents ........................ $ 6,227 $ 4,431 Accounts receivable-net .......................... 53,582 43,608 Inventories-net .................................. 41,132 40,319 Income tax refunds ............................... 208 521 Deferred income taxes ............................ 5,301 5,630 Other current assets ............................. 3,588 3,370 --------- --------- Total current assets ......................... 110,038 97,879 Property, plant and equipment - net ................... 6,879 7,669 Deferred income taxes ................................. 1,525 503 Goodwill .............................................. 25,684 26,998 Intangible assets - net ............................... 8,251 9,899 Other assets .......................................... 1,611 3,570 --------- --------- Total Assets ............................... $ 153,988 $ 146,518 ========= ========= Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt ................ $ 1,079 $ 772 Borrowings under lines of credit ................. 8,800 2,500 Accounts payable ................................. 15,293 16,978 Accrued salaries and benefits .................... 8,360 9,919 Accrued expenses ................................. 3,962 3,860 Customer deposits ................................ 6,157 3,898 Deferred service revenue ......................... 16,318 14,357 --------- --------- Total current liabilities ................... 59,969 52,284 --------- --------- Long-term debt ........................................ 5,852 6,932 --------- --------- Other long-term liabilities ........................... 1,910 2,315 --------- --------- Shareholders' Equity: Preferred stock, $.02 par value, 1,000,000 shares authorized .................... -- -- Common stock, $.02 par value, 29,000,000 shares authorized; 16,189,718 and 16,047,818 shares issued; 14,536,963 and 14,395,063 outstanding .......... 324 321 Capital in excess of par value ................... 40,173 39,252 Retained earnings ................................ 52,668 50,451 Accumulated other comprehensive income (loss) .... (1,399) 472 Treasury stock, at cost, 1,652,755 shares ........ (5,509) (5,509) --------- --------- Total shareholders' equity .................. 86,257 84,987 --------- --------- Total Liabilities and Shareholders' Equity $ 153,988 $ 146,518 ========= =========
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) For the three months For the year ended ended December 31, December 31, --------------------- --------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Net revenues: Product ...................................... $ 23,197 $ 24,024 $ 81,763 $ 77,116 Service ...................................... 22,131 18,735 75,430 67,370 Contract ..................................... 20,051 17,440 75,494 64,998 --------- --------- --------- --------- 65,379 60,199 232,687 209,484 --------- --------- --------- --------- Costs of sales: Product ...................................... 15,387 13,947 49,440 45,635 Service ...................................... 14,595 13,788 54,421 51,078 Contract ..................................... 18,899 16,401 71,376 60,863 --------- --------- --------- --------- 48,881 44,136 175,237 157,576 --------- --------- --------- --------- Gross margin ................................. 16,498 16,063 57,450 51,908 --------- --------- --------- --------- Operating expenses: Selling, general and administrative .......... 9,866 11,041 36,790 37,517 Research and development ..................... 3,724 4,392 15,295 17,155 Amortization of identifiable intangible assets 368 391 1,535 1,572 --------- --------- --------- --------- 13,958 15,824 53,620 56,244 --------- --------- --------- --------- Operating income (loss) ........................... 2,540 239 3,830 (4,336) Other income, net ................................. 162 483 921 1,227 Interest expense .................................. (431) (327) (1,176) (1,096) --------- --------- --------- --------- Income (loss) before provision for income taxes ... 2,271 395 3,575 (4,205) (Provision) benefit for income taxes .............. (810) 88 (1,358) 1,497 --------- --------- --------- --------- Net income (loss) ................................. $ 1,461 $ 483 $ 2,217 $ (2,708) ========= ========= ========= ========= Earnings (loss) per share Basic ........................................ $ .10 $ .03 $ .15 $ (.19) Diluted ...................................... $ .10 $ .03 $ .15 $ (.19) Weighted average shares outstanding Basic ........................................ 14,470 14,361 14,421 14,345 ========= ========= ========= ========= Diluted ...................................... 14,689 14,772 14,761 14,345 ========= ========= ========= =========
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