8-K 1 fm8k050109.txt FORM 8K DATED MAY 1, 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): May 1, 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 May 1, 2009, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending March 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 99.1 Press Release dated May 1, 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: May 1, 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 May 1, 2009. Exhibit 99.1 Press Release dated May 1, 2009. FOR RELEASE: New Hartford, NY, May 1, 2009 CONTACT: Christopher R. Byrnes (315) 738 - 0600 ext. 226 cbyrnes@partech.com, www.partech.com PAR TECHNOLOGY CORPORATION --REPORTS FIRST QUARTER RESULTS- NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC) -------------------------------------------------------------------------------- (New Hartford, NY - May 1, 2009) - PAR Technology Corporation (NYSE:PTC) today announced results from operations for the first quarter ended March 31, 2009. PAR reported record first quarter revenues of $60.5 million, a 16% increase over the $52.1 million reported in the same period a year ago. Reported net income for the first quarter was $247,000, compared with a net loss of $744,000 in the first quarter of 2008. The Company reported diluted earnings per share of $0.02 for the first quarter of 2009, compared to diluted loss per share of $0.05 for the first quarter of last year. John W. Sammon, PAR Chairman and CEO commented, "Despite the overall economic decline and difficulties in the hospitality market, we continued to improve our profitability and strengthen our financial position in this year's first quarter. We believe the Company is now well-positioned for an economic recovery with our multi-faceted business model and a strengthened balance sheet. We remain focused on providing superior customer service, which differentiates PAR in the market. In addition, we continue to expand and enhance our software solutions, complementing our hardware offerings, thereby offering a compelling, comprehensive solution for our hospitality customers." Sammon continued, "This past quarter we released our newest hardware platform, EverServ(TM). This new product offering, in conjunction with our industry wide reputation for superior support of large global restaurant chains, led to the winning of the Subway restaurant account. Additionally, we are also pleased to report that the commercial activities of our Logistics Management business made important progress over the last few months with the addition of several high profile customers thereby contributing to our record quarter." 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 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 various federal agencies. Through PAR Logistics Management Systems, the Company is a provider of best of breed integrated solutions for shipping asset management and tracking. 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) March 31, December 31, 2009 2008 --------- ------------ Assets Current assets: Cash and cash equivalents ....................... $ 4,722 $ 6,227 Accounts receivable-net ......................... 44,130 53,582 Inventories-net ................................. 43,702 41,132 Income tax refunds .............................. 222 208 Deferred income taxes ........................... 5,334 5,301 Other current assets ............................ 3,105 3,588 --------- --------- Total current assets ........................ 101,215 110,038 Property, plant and equipment - net .................. 6,716 6,879 Deferred income taxes ................................ 1,546 1,525 Goodwill ............................................. 25,564 25,684 Intangible assets - net .............................. 7,850 8,251 Other assets ......................................... 1,471 1,611 --------- --------- Total Assets ............................... $ 144,362 $ 153,988 ========= ========= Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt ............... $ 1,139 $ 1,079 Borrowings under lines of credit ................ 7,700 8,800 Accounts payable ................................ 13,002 15,293 Accrued salaries and benefits ................... 7,015 8,360 Accrued expenses ................................ 3,034 3,962 Customer deposits ............................... 2,543 6,157 Deferred service revenue ........................ 16,160 16,318 --------- --------- Total current liabilities ................... 50,593 59,969 --------- --------- Long-term debt ....................................... 5,525 5,852 --------- --------- Other long-term liabilities .......................... 1,750 1,910 --------- --------- Shareholders' Equity: Preferred stock, $.02 par value, 1,000,000 shares authorized ................... -- -- Common stock, $.02 par value, 29,000,000 shares authorized; 16,190,118 and 16,189,718 shares issued; 14,537,363 and 14,536,963 outstanding ......... 324 324 Capital in excess of par value .................. 40,441 40,173 Retained earnings ............................... 52,915 52,668 Accumulated other comprehensive income (loss) ... (1,677) (1,399) Treasury stock, at cost, 1,652,755 shares ....... (5,509) (5,509) --------- --------- Total shareholders' equity .................. 86,494 86,257 --------- --------- Total Liabilities and Shareholders' Equity $ 144,362 $ 153,988 ========= =========
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) For the three months ended March 31, 2009 2008 ------------- ------------ Net revenues: Product ...................................... $ 20,237 $ 16,897 Service ...................................... 19,981 16,415 Contract ..................................... 20,250 18,795 ------------ ------------ 60,468 52,107 ------------ ------------ Costs of sales: Product ...................................... 13,068 9,425 Service ...................................... 14,477 12,483 Contract ..................................... 19,236 17,840 ------------ ------------ 46,781 39,748 ------------ ------------ Gross margin ........................... 13,687 12,359 ------------ ------------ Operating expenses: Selling, general and administrative .......... 9,595 9,061 Research and development ..................... 3,309 4,121 Amortization of identifiable intangible assets 365 390 ------------ ------------ 13,269 13,572 ------------ ------------ Operating income (loss) ........................... 418 (1,213) Other income, net ................................. 107 314 Interest expense .................................. (139) (348) ------------ ------------ Income (loss) before provision for income taxes ... 386 (1,247) (Provision) benefit for income taxes .............. (139) 503 ------------ ------------ Net income (loss) ................................. $ 247 $ (744) ============ ============ Earnings (loss) per share Basic ........................................ $ .02 $ (.05) Diluted ...................................... $ .02 $ (.05) Weighted average shares outstanding Basic ........................................ 14,473 14,379 ============ ============ Diluted ...................................... 14,721 14,379 ============ ============