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 |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
99.1
|
Press Release dated March 14, 2014.
|
|
|
PAR TECHNOLOGY CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date: March 14, 2014
|
|
/s/Steven M. Malone
|
|
|
Steven M. Malone
|
|
|
Vice President, Controller and Chief Accounting Officer
|
Exhibit Number
|
Description
|
Press Release dated March 14, 2014.
|
Exhibit 99.1
|
Press Release dated March 14, 2014.
|
![]() |
FOR RELEASE:
|
|
NEW HARTFORD, NY, March 14, 2014
|
CONTACT:
|
|
Christopher R. Byrnes (315) 738-0600 ext. 6226
|
|
cbyrnes@partech.com, www.partech.com
|
· | Sangwoo Ahn to retire as Chairman of the Company’s Board of Directors |
· | Kevin Jost and James Simms will not stand for re-election as Directors |
|
December 31,
|
|||||||
Assets
|
2013
|
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,015
|
$
|
19,475
|
||||
Accounts receivable-net
|
30,688
|
29,890
|
||||||
Inventories-net
|
24,465
|
26,172
|
||||||
Deferred income taxes
|
13,408
|
11,037
|
||||||
Other current assets
|
3,418
|
3,236
|
||||||
Total current assets
|
81,994
|
89,810
|
||||||
Property, plant and equipment - net
|
5,494
|
5,857
|
||||||
Deferred income taxes
|
5,422
|
6,280
|
||||||
Goodwill
|
6,852
|
6,852
|
||||||
Intangible assets - net
|
15,071
|
11,747
|
||||||
Other assets
|
2,675
|
3,219
|
||||||
Total Assets
|
$
|
117,508
|
$
|
123,765
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
166
|
$
|
159
|
||||
Accounts payable
|
17,200
|
21,216
|
||||||
Accrued salaries and benefits
|
6,663
|
6,397
|
||||||
Accrued expenses
|
2,701
|
4,467
|
||||||
Customer deposits
|
1,071
|
1,380
|
||||||
Deferred service revenue
|
12,170
|
12,522
|
||||||
Income taxes payable
|
185
|
547
|
||||||
Total current liabilities
|
40,156
|
46,688
|
||||||
Long-term debt
|
918
|
1,084
|
||||||
Other long-term liabilities
|
3,714
|
3,030
|
||||||
Liabilities of discontinued operations
|
-
|
141
|
||||||
Total liabilities
|
44,788
|
50,943
|
||||||
Commitments and contingencies
|
-
|
-
|
||||||
Shareholders’ Equity:
|
||||||||
Preferred stock, $.02 par value, 1,000,000 shares authorized
|
-
|
-
|
||||||
Common stock, $.02 par value, 29,000,000 shares authorized; 17,301,925 and 17,038,405 shares issued; 15,593,816 and 15,330,718 outstanding
|
344
|
341
|
||||||
Capital in excess of par value
|
43,635
|
43,661
|
||||||
Retained earnings
|
35,116
|
34,758
|
||||||
Accumulated other comprehensive loss
|
(539
|
)
|
(104
|
)
|
||||
Treasury stock, at cost, 1,708,109 and 1,707,687 shares
|
(5,836
|
)
|
(5,834
|
)
|
||||
Total shareholders’ equity
|
72,720
|
72,822
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
117,508
|
$
|
123,765
|
|
For the three months ended
|
For the year ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Net revenues:
|
||||||||||||||||
Product
|
$
|
22,001
|
$
|
27,872
|
$
|
90,847
|
$
|
90,524
|
||||||||
Service
|
15,498
|
18,031
|
61,529
|
66,144
|
||||||||||||
Contract
|
22,167
|
20,526
|
89,018
|
88,491
|
||||||||||||
|
59,666
|
66,429
|
241,394
|
245,159
|
||||||||||||
|
||||||||||||||||
Costs of sales:
|
||||||||||||||||
Product
|
15,511
|
25,601
|
62,317
|
65,300
|
||||||||||||
Service
|
10,161
|
12,260
|
43,659
|
46,073
|
||||||||||||
Contract
|
20,143
|
18,690
|
82,583
|
82,841
|
||||||||||||
|
45,815
|
56,551
|
188,559
|
194,214
|
||||||||||||
Gross margin
|
13,851
|
9,878
|
52,835
|
50,945
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
9,610
|
11,632
|
37,925
|
40,476
|
||||||||||||
Research and development
|
3,991
|
3,750
|
15,567
|
13,697
|
||||||||||||
Impairment of goodwill and intangible assets
|
-
|
300
|
-
|
300
|
||||||||||||
Amortization of identifiable intangible assets
|
-
|
14
|
-
|
455
|
||||||||||||
|
13,601
|
15,696
|
53,492
|
54,928
|
||||||||||||
|
||||||||||||||||
Operating income (loss) from continuing operations
|
250
|
(5,818
|
)
|
(657
|
)
|
(3,983
|
)
|
|||||||||
Other income, net
|
133
|
436
|
506
|
876
|
||||||||||||
Interest expense
|
(18
|
)
|
(5
|
)
|
(60
|
)
|
(69
|
)
|
||||||||
|
||||||||||||||||
Income (loss) from continuing operations before provision for income taxes
|
365
|
(5,387
|
)
|
(211
|
)
|
(3,176
|
)
|
|||||||||
(Provision) benefit for income taxes
|
(120
|
)
|
1,797
|
780
|
1,414
|
|||||||||||
Income (loss) from continuing operations
|
245
|
(3,590
|
)
|
569
|
(1,762
|
)
|
||||||||||
Discontinued operations
|
||||||||||||||||
Income (loss) on discontinued operations (net of tax)
|
-
|
(23
|
)
|
(211
|
)
|
1,447
|
||||||||||
Net income (loss)
|
$
|
245
|
$
|
(3,613
|
)
|
$
|
358
|
$
|
(315
|
)
|
||||||
Basic:
|
||||||||||||||||
Income (loss) from continuing operations
|
0.02
|
(0.24
|
)
|
0.04
|
(0.12
|
)
|
||||||||||
Income (loss) from discontinued operations
|
-
|
(.00
|
)
|
(0.01
|
)
|
0.10
|
||||||||||
Net income (loss)
|
$
|
0.02
|
$
|
(0.24
|
)
|
$
|
0.02
|
$
|
(0.02
|
)
|
||||||
Diluted:
|
||||||||||||||||
Income (loss) from continuing operations
|
0.02
|
(0.24
|
)
|
0.04
|
(0.12
|
)
|
||||||||||
Income (loss) from discontinued operations
|
-
|
(.00
|
)
|
(0.01
|
)
|
0.10
|
||||||||||
Net income (loss)
|
$
|
0.02
|
$
|
(0.24
|
)
|
$
|
0.02
|
$
|
(0.02
|
)
|
||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
15,456
|
15,145
|
15,240
|
15,115
|
||||||||||||
Diluted
|
15,530
|
15,145
|
15,273
|
15,115
|
|
For the three months ended December 31, 2012
|
|||||||||||||||
|
For the three months ended December 31, 2013
|
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
||||||||||||
|
||||||||||||||||
Net revenues
|
$
|
59,666
|
$
|
66,429
|
$
|
-
|
$
|
66,429
|
||||||||
Costs of sales
|
45,815
|
56,551
|
5,303
|
51,248
|
||||||||||||
Gross Margin
|
13,851
|
9,878
|
5,303
|
15,181
|
||||||||||||
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||
Selling, general and administrative
|
9,610
|
11,632
|
2,023
|
9,609
|
||||||||||||
Research and development
|
3,991
|
3,750
|
-
|
3,750
|
||||||||||||
Impairment of goodwill and intangible assets
|
-
|
300
|
300
|
-
|
||||||||||||
Amortization of identifiable intangible assets
|
-
|
14
|
-
|
14
|
||||||||||||
Total operating expenses
|
13,601
|
15,696
|
2,323
|
13,373
|
||||||||||||
Operating income (loss) from continuing operations
|
250
|
(5,818
|
)
|
7,626
|
1,808
|
|||||||||||
Other income, net
|
133
|
436
|
-
|
436
|
||||||||||||
Interest expense
|
(18
|
)
|
(5
|
)
|
-
|
(5
|
)
|
|||||||||
Income (loss) from continuing operations before provision for income taxes
|
365
|
(5,387
|
)
|
7,626
|
2,239
|
|||||||||||
(Provision)benefit for income taxes
|
(120
|
)
|
1,797
|
(2,838
|
)
|
(1,041
|
)
|
|||||||||
Income (loss) from continuing operations
|
245
|
(3,590
|
)
|
4,788
|
1,198
|
|||||||||||
Loss from discontinued operations (net of tax)
|
-
|
(23
|
)
|
(23
|
)
|
|||||||||||
Net Income (loss)
|
$
|
245
|
$
|
(3,613
|
)
|
$
|
1,175
|
|||||||||
Income (loss) per diluted share – continuing operations
|
$
|
0.02
|
$
|
(0.24
|
)
|
$
|
0.08
|
|||||||||
Loss per diluted share – discontinued operations
|
$
|
-
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
||||||||
Income (loss) per diluted share
|
$
|
0.02
|
$
|
(0.24
|
)
|
$
|
0.08
|
|
For the year ended December 31, 2013
|
For the year ended December 31, 2012
|
||||||||||||||||||||||
|
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
||||||||||||||||||
|
||||||||||||||||||||||||
Net revenues
|
$
|
241,394
|
-
|
$
|
241,394
|
$
|
245,159
|
$
|
-
|
$
|
245,159
|
|||||||||||||
|
||||||||||||||||||||||||
Costs of sales
|
188,559
|
-
|
188,559
|
194,214
|
5,303
|
188,911
|
||||||||||||||||||
Gross Margin
|
52,835
|
-
|
52,835
|
50,945
|
5,303
|
56,248
|
||||||||||||||||||
|
||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
37,925
|
772
|
37,153
|
40,476
|
2,023
|
38,453
|
||||||||||||||||||
Research and development
|
15,567
|
106
|
15,461
|
13,697
|
-
|
13,697
|
||||||||||||||||||
Impairment of goodwill and intangible assets
|
-
|
-
|
-
|
300
|
300
|
-
|
||||||||||||||||||
Amortization of identifiable intangible assets
|
-
|
-
|
-
|
455
|
-
|
455
|
||||||||||||||||||
Total operating expenses
|
53,492
|
878
|
52,614
|
54,928
|
2,323
|
52,605
|
||||||||||||||||||
Operating income (loss) from continuing operations
|
(657
|
)
|
878
|
221
|
(3,983
|
)
|
7,626
|
3,643
|
||||||||||||||||
Other income, net
|
506
|
-
|
506
|
876
|
-
|
876
|
||||||||||||||||||
Interest expense
|
(60
|
)
|
-
|
(60
|
)
|
(69
|
)
|
-
|
(69
|
)
|
||||||||||||||
Income (loss) from continuing operations before provision for income taxes
|
(211
|
)
|
878
|
667
|
(3,176
|
)
|
7,626
|
4,450
|
||||||||||||||||
(Provision) benefit for income taxes
|
780
|
(331
|
)
|
449
|
1,414
|
(2,838
|
)
|
(1,424
|
)
|
|||||||||||||||
Income (loss) from continuing operations
|
569
|
547
|
1,116
|
(1,762
|
)
|
4,788
|
3,026
|
|||||||||||||||||
Income (loss) from discontinued operations (net of tax)
|
(211
|
)
|
(211
|
)
|
1,447
|
1,447
|
||||||||||||||||||
Net Income (loss)
|
$
|
358
|
$
|
905
|
$
|
(315
|
)
|
$
|
4,473
|
|||||||||||||||
Income (loss) per diluted share – continuing operations
|
$
|
0.04
|
$
|
0.07
|
$
|
(0.12
|
)
|
$
|
0.20
|
|||||||||||||||
Income (loss) per diluted share – discontinued operations
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
0.10
|
$
|
0.10
|
||||||||||||||
Income (loss) per diluted share
|
$
|
0.02
|
$
|
0.06
|
$
|
(0.02
|
)
|
$
|
0.29
|