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 July 31, 2014, PAR Technology Corporation issued a press release announcing its results of operations for the quarterly period ending June 30, 2014. 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 31, 2014. |
|
|
PAR TECHNOLOGY CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date: July 31, 2014
|
|
/s/Steven M. Malone
|
|
|
Steven M. Malone
|
|
|
Vice President, Controller and Chief Accounting Officer
|
Exhibit Number
|
Description
|
Press Release dated July 31, 2014
|
Exhibit 99.1
|
Press Release dated July 31, 2014
|
FOR RELEASE:
CONTACT:
|
New Hartford, NY, July 31, 2014
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
|
|
June 30,
|
December 31,
|
||||||
Assets
|
2014
|
2013
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
12,953
|
$
|
10,015
|
||||
Accounts receivable-net
|
31,333
|
30,688
|
||||||
Inventories-net
|
22,425
|
24,465
|
||||||
Income tax refund
|
256
|
-
|
||||||
Deferred income taxes
|
4,694
|
3,747
|
||||||
Other current assets
|
3,249
|
3,418
|
||||||
Total current assets
|
74,910
|
72,333
|
||||||
Property, plant and equipment - net
|
5,935
|
5,494
|
||||||
Deferred income taxes
|
14,491
|
15,083
|
||||||
Goodwill
|
6,852
|
6,852
|
||||||
Intangible assets - net
|
15,664
|
15,071
|
||||||
Other assets
|
2,896
|
2,675
|
||||||
Total Assets
|
$
|
120,748
|
$
|
117,508
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
169
|
$
|
166
|
||||
Accounts payable
|
17,735
|
17,200
|
||||||
Accrued salaries and benefits
|
5,962
|
6,663
|
||||||
Accrued expenses
|
3,711
|
2,701
|
||||||
Customer deposits
|
751
|
1,071
|
||||||
Deferred service revenue
|
15,921
|
12,170
|
||||||
Income taxes payable
|
-
|
185
|
||||||
Total current liabilities
|
44,249
|
40,156
|
||||||
Long-term debt
|
833
|
918
|
||||||
Other long-term liabilities
|
3,705
|
3,714
|
||||||
Total liabilities
|
48,787
|
44,788
|
||||||
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; 17,332,218 and 17,301,925 shares issued; 15,624,109 and 15,593,816 outstanding
|
347
|
344
|
||||||
Capital in excess of par value
|
44,466
|
43,635
|
||||||
Retained earnings
|
33,608
|
35,116
|
||||||
Accumulated other comprehensive loss
|
(624
|
)
|
(539
|
)
|
||||
Treasury stock, at cost, 1,708,109 shares
|
(5,836
|
)
|
(5,836
|
)
|
||||
Total shareholders’ equity
|
71,961
|
72,720
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
120,748
|
$
|
117,508
|
|
For the three
months ended
June 30,
|
For the three
months ended
June 30,
|
For the six
months ended
June 30,
|
For the six
months ended
June 30,
|
||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net revenues:
|
||||||||||||||||
Product
|
$
|
22,953
|
$
|
22,257
|
$
|
41,545
|
$
|
46,173
|
||||||||
Service
|
14,920
|
15,314
|
29,170
|
31,334
|
||||||||||||
Contract
|
19,529
|
21,945
|
43,228
|
48,683
|
||||||||||||
|
57,402
|
59,516
|
113,943
|
126,190
|
||||||||||||
Costs of sales:
|
||||||||||||||||
Product
|
15,815
|
14,841
|
28,718
|
31,314
|
||||||||||||
Service
|
10,831
|
10,904
|
20,384
|
22,456
|
||||||||||||
Contract
|
18,495
|
20,312
|
40,567
|
45,791
|
||||||||||||
|
45,141
|
46,057
|
89,669
|
99,561
|
||||||||||||
Gross margin
|
12,261
|
13,459
|
24,274
|
26,629
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
9,513
|
9,494
|
18,776
|
19,699
|
||||||||||||
Research and development
|
3,761
|
3,706
|
7,625
|
7,846
|
||||||||||||
|
13,274
|
13,200
|
26,401
|
27,545
|
||||||||||||
Operating income (loss) from continuing operations
|
(1,013
|
)
|
259
|
(2,127
|
)
|
(916
|
)
|
|||||||||
Other income net
|
406
|
255
|
328
|
221
|
||||||||||||
Interest expense
|
(25
|
)
|
(13
|
)
|
(42
|
)
|
(26
|
)
|
||||||||
Income (loss) from continuing operations before (provision) benefit for income taxes
|
(632
|
)
|
501
|
(1,841
|
)
|
(721
|
)
|
|||||||||
(Provision) benefit for income taxes
|
113
|
(253
|
)
|
333
|
600
|
|||||||||||
Income (loss) from continuing operations
|
(519
|
)
|
248
|
(1,508
|
)
|
(121
|
)
|
|||||||||
Discontinued operations
|
||||||||||||||||
Loss on discontinued operations (net of tax)
|
-
|
(191
|
)
|
-
|
(206
|
)
|
||||||||||
Net Income (loss)
|
$
|
(519
|
)
|
$
|
57
|
$
|
(1,508
|
)
|
$
|
(327
|
)
|
|||||
Basic Earnings per Share:
|
||||||||||||||||
Income (loss) from continuing operations
|
(0.03
|
)
|
0.02
|
(0.10
|
)
|
(0.01
|
)
|
|||||||||
Loss from discontinued operations
|
-
|
(0.01
|
)
|
-
|
(0.01
|
)
|
||||||||||
Net income (loss)
|
$
|
(0.03
|
)
|
$
|
0.00
|
$
|
(0.10
|
)
|
$
|
(0.02
|
)
|
|||||
Diluted Earnings per Share:
|
||||||||||||||||
Loss from continuing operations
|
(0.03
|
)
|
0.02
|
(0.10
|
)
|
(0.01
|
)
|
|||||||||
Loss from discontinued operations
|
-
|
(0.01
|
)
|
-
|
(0.01
|
)
|
||||||||||
Net income (loss)
|
$
|
(0.03
|
)
|
$
|
0.00
|
$
|
(0.10
|
)
|
$
|
(0.02
|
)
|
|||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
15,612
|
15,171
|
15,473
|
15,162
|
||||||||||||
Diluted
|
15,612
|
15,340
|
15,473
|
15,162
|
|
For the three months ended June 30, 2014
|
For the three months ended June 30, 2013
|
||||||||||||||||||||||
|
Reported
basis (GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
Reported
basis (GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
||||||||||||||||||
|
||||||||||||||||||||||||
Net revenues
|
$
|
57,402
|
-
|
$
|
57,402
|
$
|
59,516
|
-
|
$
|
59,516
|
||||||||||||||
Costs of sales
|
45,141
|
-
|
45,141
|
46,057
|
-
|
46,057
|
||||||||||||||||||
Gross Margin
|
12,261
|
-
|
12,261
|
13,459
|
-
|
13,459
|
||||||||||||||||||
|
||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
9,513
|
278
|
9,235
|
9,494
|
82
|
9,412
|
||||||||||||||||||
Research and development
|
3,761
|
-
|
3,761
|
3,706
|
-
|
3,706
|
||||||||||||||||||
Total operating expenses
|
13,274
|
278
|
12,996
|
13,200
|
82
|
13,118
|
||||||||||||||||||
Operating (income) loss from continuing operations
|
(1,013
|
)
|
278
|
(735
|
)
|
259
|
82
|
341
|
||||||||||||||||
Other income (expense), net
|
406
|
-
|
406
|
255
|
-
|
255
|
||||||||||||||||||
Interest expense
|
(25
|
)
|
-
|
(25
|
)
|
(13
|
)
|
-
|
(13
|
)
|
||||||||||||||
Income (loss) from continuing operations before (provision) benefit for income taxes
|
(632
|
)
|
278
|
(354
|
)
|
501
|
82
|
583
|
||||||||||||||||
(Provision) benefit for income taxes
|
113
|
(95
|
)
|
18
|
(253
|
)
|
(28
|
)
|
(281
|
)
|
||||||||||||||
Income (loss) from continuing operations
|
$
|
(519
|
)
|
$
|
183
|
$
|
(336
|
)
|
$
|
248
|
$
|
54
|
$
|
302
|
||||||||||
Income (loss) from discontinued operations, (net of tax)
|
$
|
-
|
$
|
-
|
$
|
(191
|
)
|
$
|
(191
|
)
|
||||||||||||||
Net income (loss)
|
$
|
(519
|
)
|
$
|
(336
|
)
|
$
|
57
|
$
|
111
|
||||||||||||||
Income (loss) per diluted share from continuing operations
|
$
|
(0.03
|
)
|
$
|
(0.02
|
)
|
$
|
0.02
|
$
|
0.02
|
||||||||||||||
Income (loss) per diluted share from discontinuing operations
|
-
|
-
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||||||||||||||||
Income (loss) per diluted share
|
$
|
(0.03
|
)
|
$
|
(0.02
|
)
|
$
|
0.00
|
$
|
(0.01
|
)
|
|
For the six months ended June 30, 2014
|
For the six months ended June 30, 2013
|
||||||||||||||||||||||
|
Reported
basis (GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
Reported
basis (GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
||||||||||||||||||
|
||||||||||||||||||||||||
Net revenues
|
$
|
113,943
|
-
|
$
|
113,943
|
$
|
126,190
|
-
|
$
|
126,190
|
||||||||||||||
Costs of sales
|
89,669
|
-
|
89,669
|
99,561
|
-
|
99,561
|
||||||||||||||||||
Gross Margin
|
24,274
|
-
|
24,274
|
26,629
|
-
|
26,629
|
||||||||||||||||||
|
||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
18,776
|
802
|
17,974
|
19,699
|
822
|
18,877
|
||||||||||||||||||
Research and development
|
7,625
|
7,625
|
7,846
|
106
|
7,740
|
|||||||||||||||||||
Total operating expenses
|
26,401
|
802
|
25,599
|
27,545
|
928
|
26,617
|
||||||||||||||||||
Operating income (loss) from continuing operations
|
(2,127
|
)
|
802
|
(1,325
|
)
|
(916
|
)
|
928
|
12
|
|
||||||||||||||
Other expense, net
|
328
|
-
|
328
|
221
|
-
|
221
|
||||||||||||||||||
Interest expense
|
(42
|
)
|
-
|
(42
|
)
|
(26
|
)
|
-
|
(26
|
)
|
||||||||||||||
Income (loss) from continuing operations before (provision) benefit for income taxes
|
(1,841
|
)
|
802
|
(1,039
|
)
|
(721
|
)
|
928
|
207
|
|
||||||||||||||
(Provision) benefit for income taxes
|
333
|
(273
|
)
|
60
|
600
|
(316
|
)
|
284
|
||||||||||||||||
Income (loss) from continuing operations
|
$
|
(1,508
|
)
|
$
|
529
|
$
|
(979
|
)
|
$
|
(121
|
)
|
$
|
612
|
$
|
491
|
|||||||||
Income (loss) from discontinued operations, (net of tax)
|
$
|
-
|
$
|
-
|
$
|
(206
|
)
|
$
|
(206
|
)
|
||||||||||||||
Net income (loss)
|
$
|
(1,508
|
)
|
$
|
(979
|
)
|
$
|
(327
|
)
|
$
|
285
|
|||||||||||||
Income (loss) per diluted share from continuing operations
|
$
|
(0.10
|
)
|
$
|
(0.06
|
)
|
$
|
(0.01
|
)
|
$
|
0.03
|
|||||||||||||
Income (loss) per diluted share from discontinuing operations
|
-
|
-
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||||||||||||||||
Income (loss) per diluted share
|
$
|
(0.10
|
)
|
$
|
(0.06
|
)
|
$
|
(0.02
|
)
|
$
|
0.02
|