-----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, KhR5ECF1caZPCjSZWqboK4nnhdojQvfDtA/WKy6o9rcvcgJzv0S/CcY2swbiJp/f NY7vfYO47QZ8q5iSXJQ+PA== 0000914317-08-001951.txt : 20080728 0000914317-08-001951.hdr.sgml : 20080728 20080728094916 ACCESSION NUMBER: 0000914317-08-001951 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080728 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20080728 DATE AS OF CHANGE: 20080728 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: 08972094 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 form8k-93915_par.txt 8-K 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): July 28, 2008 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 July 28, 2008, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending June 30, 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 July 28, 2008. 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: July 28, 2008 /s/Ronald J. Casciano --------------------------------------- Ronald J. Casciano Vice President, Chief Financial Officer and Treasurer EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press Release dated July 28, 2008. EX-99.1 2 ex99-1.txt EX-99.1 Exhibit 99.1 Press Release dated July 28, 2008. RELEASE: NEW HARTFORD, NY, July 28, 2008 CONTACT: Christopher R. Byrnes (315) 738-0600 ext. 226 cbyrnes@partech.com, www.partech.com PAR TECHNOLOGY CORPORATION -SECOND QUARTER RESULTS- - -- Revenues grow 15% to record $57.2 million ---------------------------------------------------------------- NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC) New Hartford, NY--July 28, 2008--PAR Technology Corporation (NYSE:PTC - News) today announced results for the second quarter ended June 30, 2008. PAR reported record second quarter revenues of $57.2 million, a 15% increase from the $49.9 million reported in the same period a year ago. Net income of $674,000 was reported for the second quarter 2008, compared with a net loss of $1 million in the second quarter of 2007. Diluted earnings per share were $0.05 for the second quarter of 2008, compared to a diluted loss per share of $0.07 for the second quarter of last year. For the six months ended June 30, 2008, PAR Technology Corporation reported revenues of $109.3 million, a 12% increase from the $97.7 million reported one year ago. The Company reported a net loss of $71,000 for the first six months of 2008 versus a net loss of $2.3 million reported for the first six months of 2007, that resulted in ($0.00) per diluted share in 2008 and $0.16 loss per diluted share over the same period in 2007. John W. Sammon, PAR Chairman & CEO commented, "Despite challenging economic conditions, we achieved record top line results and modest profitability during the second quarter as our long-term growth drivers began to yield positive results. Our performance during the quarter reflects the continued resiliency and strength of our market segments including QSR restaurants, high end hotels/spas and government customers against the backdrop of a difficult consumer environment. Our government business continues to perform well and we anticipate a favorable trend in all of our business segments going forward." Sammon continued, "Our turnaround financial performance is testament to the commitment of our employees and is further evidence of the importance of integrated solutions in the hospitality marketplace. We believe we have set the infrastructure in place to allow for continued success in the long term. Our level of confidence in achieving our expectations for the year has increased as we continue to grow revenues from our expanded hospitality customer base and strong trends in our government contracting business." 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. 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 45,000 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 AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) (unaudited) June 30, December 31, 2008 2007 ------- ------------ Assets Current assets: Cash and cash equivalents ......................... $ 3,357 $ 4,431 Accounts receivable-net ........................... 45,568 43,608 Inventories-net ................................... 40,808 40,319 Income tax refunds ................................ 1,352 521 Deferred income taxes ............................. 5,039 5,630 Other current assets .............................. 3,454 3,370 --------- --------- Total current assets .......................... 99,578 97,879 Property, plant and equipment - net .................... 7,401 7,669 Deferred income taxes .................................. 443 503 Goodwill ............................................... 26,798 26,998 Intangible assets - net ................................ 9,263 9,899 Other assets ........................................... 1,978 3,570 --------- --------- Total Assets ............................. $ 145,461 $ 146,518 ========= ========= Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt ................. $ 917 $ 772 Borrowings under lines of credit .................. 7,862 2,500 Accounts payable .................................. 11,746 16,978 Accrued salaries and benefits ..................... 9,286 9,919 Accrued expenses .................................. 3,241 3,860 Customer deposits ................................. 4,089 3,898 Deferred service revenue .......................... 14,260 14,357 --------- --------- Total current liabilities ..................... 51,401 52,284 --------- --------- Long-term debt ......................................... 6,430 6,932 --------- --------- Other long-term liabilities ............................ 2,319 2,315 --------- --------- Shareholders' Equity: Preferred stock, $.02 par value, 1,000,000 shares authorized ..................... -- -- Common stock, $.02 par value, 29,000,000 shares authorized; 16,098,818 and 16,047,818 shares issued; 14,446,063 and 14,395,063 outstanding ........... 322 321 Capital in excess of par value .................... 39,610 39,252 Retained earnings ................................. 50,380 50,451 Accumulated other comprehensive income ............ 508 472 Treasury stock, at cost, 1,652,755 shares ......... (5,509) (5,509) --------- --------- Total shareholders' equity .................... 85,311 84,987 --------- --------- Total Liabilities and Shareholders' Equity $ 145,461 $ 146,518 ========= =========
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) For the three months For the six months ended June 30, ended June 30, --------------------- --------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Net revenues: Product ...................................... $ 20,751 $ 18,320 $ 37,648 $ 35,026 Service ...................................... 17,729 16,100 34,144 31,629 Contract ..................................... 18,754 15,452 37,549 31,053 --------- --------- --------- --------- 57,234 49,872 109,341 97,708 --------- --------- --------- --------- Costs of sales: Product ...................................... 12,612 10,699 22,037 21,007 Service ...................................... 12,877 11,886 25,360 24,052 Contract ..................................... 17,713 14,652 35,553 29,206 --------- --------- --------- --------- 43,202 37,237 82,950 74,265 --------- --------- --------- --------- Gross margin ........................... 14,032 12,635 26,391 23,443 --------- --------- --------- --------- Operating expenses: Selling, general and administrative .......... 8,742 9,186 17,803 17,895 Research and development ..................... 3,890 4,387 8,011 8,201 Amortization of identifiable intangible assets 389 394 779 784 --------- --------- --------- --------- 13,021 13,967 26,593 26,880 --------- --------- --------- --------- Operating income (loss) ........................... 1,011 (1,332) (202) (3,437) Other income, net ................................. 229 154 543 394 Interest expense .................................. (121) (237) (470) (459) --------- --------- --------- --------- Income (loss) before provision for income taxes ..................... 1,119 (1,415) (129) (3,502) (Provision) benefit for income taxes .............. (445) 394 58 1,173 --------- --------- --------- --------- Net income (loss) ................................. $ 674 $ (1,021) $ (71) $ (2,329) ========= ========= ========= ========= Earnings (loss) per share Basic ........................................ $ .05 $ (.07) $ (.00) $ (.16) Diluted ...................................... $ .05 $ (.07) $ (.00) $ (.16) Weighted average shares outstanding Basic ........................................ 14,394 14,348 14,386 14,334 ========= ========= ========= ========= Diluted ...................................... 14,798 14,348 14,386 14,334 ========= ========= ========= =========
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