Delaware
|
1-09720
|
16-1434688
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 October 30, 2013, PAR Technology Corporation issued a press release announcing its results of operations for the quarterly period ending September 30, 2013. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. |
99.1
|
Press Release dated October 30, 2013.
|
|
|
PAR TECHNOLOGY CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date: October 30, 2013
|
|
/s/Steven M. Malone
|
|
|
Steven M. Malone
|
|
|
Vice President, Controller and Chief Accounting Officer
|
Exhibit Number
|
Description
|
|
|
Press Release dated October 30, 2013.
|
Exhibit 99.1
|
Press Release dated October 30, 2013.
|
|
![]() |
FOR RELEASE:
CONTACT:
|
New Hartford, NY, October 30, 2013
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
|
|
September 30,
|
December 31,
|
||||||
Assets
|
2013
|
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,102
|
$
|
19,475
|
||||
Accounts receivable-net
|
26,023
|
29,890
|
||||||
Inventories-net
|
25,299
|
26,172
|
||||||
Deferred income taxes
|
14,367
|
11,037
|
||||||
Income taxes receivable
|
463
|
-
|
||||||
Other current assets
|
3,723
|
3,236
|
||||||
Total current assets
|
79,977
|
89,810
|
||||||
Property, plant and equipment - net
|
5,507
|
5,857
|
||||||
Deferred income taxes
|
3,958
|
6,280
|
||||||
Goodwill
|
6,852
|
6,852
|
||||||
Intangible assets - net
|
14,069
|
11,747
|
||||||
Other assets
|
2,614
|
3,219
|
||||||
Total Assets
|
$
|
112,977
|
$
|
123,765
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
164
|
$
|
159
|
||||
Accounts payable
|
12,425
|
21,216
|
||||||
Accrued salaries and benefits
|
6,404
|
6,397
|
||||||
Accrued expenses
|
2,176
|
4,467
|
||||||
Customer deposits
|
939
|
1,380
|
||||||
Deferred service revenue
|
13,713
|
12,522
|
||||||
Income taxes payable
|
-
|
547
|
||||||
Total current liabilities
|
35,821
|
46,688
|
||||||
Long-term debt
|
960
|
1,084
|
||||||
Other long-term liabilities
|
3,592
|
3,030
|
||||||
Liabilities of discontinued operations
|
-
|
141
|
||||||
Total liabilities
|
40,373
|
50,943
|
||||||
Shareholders’ Equity:
|
||||||||
Preferred stock, $.02 par value, 1,000,000 shares authorized
|
-
|
-
|
||||||
Common stock, $.02 par value, 29,000,000 shares authorized; 17,229,425 and 17,038,405 shares issued;15,521,316 and 15,330,718 outstanding
|
344
|
341
|
||||||
Capital in excess of par value
|
43,628
|
43,661
|
||||||
Retained earnings
|
34,871
|
34,758
|
||||||
Accumulated other comprehensive loss
|
(403
|
)
|
(104
|
)
|
||||
Treasury stock, at cost, 1,708,109 and 1,707,687 shares
|
(5,836
|
)
|
(5,834
|
)
|
||||
Total shareholders’ equity
|
72,604
|
72,822
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
112,977
|
$
|
123,765
|
|
For the three months ended September 30,
|
For the three months ended September 30,
|
For the nine months ended September 30,
|
For the nine months ended September 30,
|
||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Net revenues:
|
||||||||||||||||
Product
|
$
|
22,673
|
$
|
22,340
|
$
|
68,846
|
$
|
62,652
|
||||||||
Service
|
14,697
|
16,720
|
46,031
|
48,113
|
||||||||||||
Contract
|
18,168
|
21,992
|
66,851
|
67,965
|
||||||||||||
|
55,538
|
61,052
|
181,728
|
178,730
|
||||||||||||
Costs of sales:
|
||||||||||||||||
Product
|
15,492
|
14,681
|
46,806
|
39,699
|
||||||||||||
Service
|
11,042
|
11,775
|
33,498
|
33,813
|
||||||||||||
Contract
|
16,649
|
20,584
|
62,440
|
64,151
|
||||||||||||
|
43,183
|
47,040
|
142,744
|
137,663
|
||||||||||||
Gross margin
|
12,355
|
14,012
|
38,984
|
41,067
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
8,616
|
9,410
|
28,315
|
28,844
|
||||||||||||
Research and development
|
3,730
|
3,309
|
11,576
|
9,947
|
||||||||||||
Amortization of identifiable intangible assets
|
-
|
138
|
-
|
441
|
||||||||||||
|
12,346
|
12,857
|
39,891
|
39,232
|
||||||||||||
Operating income (loss) from continuing operations
|
9
|
1,155
|
(907
|
)
|
1,835
|
|||||||||||
Other income, net
|
152
|
233
|
373
|
440
|
||||||||||||
Interest expense
|
(16
|
)
|
(22
|
)
|
(42
|
)
|
(64
|
)
|
||||||||
Income (loss) from continuing operations before provision for income taxes
|
145
|
1,366
|
(576
|
)
|
2,211
|
|||||||||||
Provision (benefit) for income taxes
|
(300
|
)
|
62
|
(900
|
)
|
383
|
||||||||||
Income from continuing operations
|
445
|
1,304
|
324
|
1,828
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Income (loss) on discontinued operations (net of tax)
|
(5
|
)
|
50
|
(211
|
)
|
1,470
|
||||||||||
Net Income
|
$
|
440
|
$
|
1,354
|
$
|
113
|
$
|
3,298
|
||||||||
Basic Earnings per Share:
|
||||||||||||||||
Income from continuing operations
|
0.03
|
0.09
|
0.02
|
0.12
|
||||||||||||
Income (loss) from discontinued operations
|
(0.00
|
)
|
0.00
|
(0.01
|
)
|
0.10
|
||||||||||
Net Income
|
$
|
0.03
|
$
|
0.09
|
$
|
0.01
|
$
|
0.22
|
||||||||
Diluted Earnings per Share:
|
||||||||||||||||
Income from continuing operations
|
0.03
|
0.09
|
0.02
|
0.12
|
||||||||||||
Income (loss) from discontinued operations
|
(0.00
|
)
|
0.00
|
(0.01
|
)
|
0.10
|
||||||||||
Net Income
|
$
|
0.03
|
$
|
0.09
|
$
|
0.01
|
$
|
0.22
|
||||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
15,405
|
15,131
|
15,228
|
15,105
|
||||||||||||
Diluted
|
15,446
|
15,207
|
15,253
|
15,179
|
|
For the nine months ended September 30, 2013
|
|||||||||||||||
|
Reported basis
(GAAP)
|
Adjustments
|
Comparable basis
(Non-GAAP)
|
For the nine months ended September 30, 2012
|
||||||||||||
|
||||||||||||||||
Net revenues
|
$
|
181,728
|
-
|
$
|
181,728
|
$
|
178,730
|
|||||||||
Costs of sales
|
142,744
|
-
|
142,744
|
137,663
|
||||||||||||
Gross Margin
|
38,984
|
-
|
38,984
|
41,067
|
||||||||||||
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||
Selling, general and administrative
|
28,315
|
772
|
27,543
|
28,844
|
||||||||||||
Research and development
|
11,576
|
106
|
11,470
|
9,947
|
||||||||||||
Amortization of identifiable intangible assets
|
-
|
-
|
-
|
441
|
||||||||||||
Total operating expenses
|
39,891
|
878
|
39,013
|
39,232
|
||||||||||||
|
||||||||||||||||
Operating income (loss) from continuing operations
|
(907
|
)
|
878
|
(29
|
)
|
1,835
|
||||||||||
Other income, net
|
373
|
-
|
373
|
440
|
||||||||||||
Interest expense
|
(42
|
)
|
-
|
(42
|
)
|
(64
|
)
|
|||||||||
Income (loss) from continuing operations before provision for income taxes
|
(576
|
)
|
878
|
302
|
2,211
|
|||||||||||
Provision (benefit) for income taxes
|
(900
|
)
|
331
|
(569
|
)
|
383
|
||||||||||
Income from continuing operations
|
$
|
324
|
$
|
547
|
$
|
871
|
$
|
1,828
|
||||||||
Income (loss) from discontinued operations, (net of tax)
|
$
|
(211
|
)
|
$
|
(211
|
)
|
$
|
1,470
|
||||||||
Net Income
|
$
|
113
|
$
|
660
|
$
|
3,298
|
||||||||||
Income per diluted share from continuing operations
|
$
|
0.02
|
$
|
0.06
|
$
|
0.12
|
||||||||||
Income (loss) per diluted share from discontinued operations
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
0.10
|
||||||||
Income per diluted share
|
$
|
0.01
|
$
|
0.04
|
$
|
0.22
|