Delaware
|
1-09720
|
16-1434688
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(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 November 5, 2015, PAR Technology Corporation issued a press release announcing its results of operations for the quarterly period ending September 30, 2015 and the sale of assets of its hotel/spa technology business. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. |
PAR Technology Corporation Press Release dated November 5, 2015.
|
PAR TECHNOLOGY CORPORATION
|
|
(Registrant)
|
|
Date: November 5, 2015
|
/s/Matthew J. Trinkaus
|
Matthew J. Trinkaus
|
|
Chief Accounting Officer & Corporate Controller
|
FOR RELEASE:
CONTACT:
|
New Hartford, NY, November 5, 2015
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
|
· | Revenue increased 10.3% to $58.1 million, compared to $52.6 million in the third quarter of fiscal 2014. |
· | Adjusted (non-GAAP) net income from continuing operations was $1.7 million, or $0.11 per diluted share, compared to adjusted (non-GAAP) income from continuing operations of $1.1 million, or $0.07 per diluted share, in the same period of 2014. |
· | GAAP net income from continuing operations in the third quarter of fiscal 2015 was $1.3 million, or $0.08 per diluted share, compared to net income of $0.7 million, or $0.04 per diluted share, in the same period of 2014. |
· | Year-to-date 2015 revenue increased 8.6% to $172.2 million compared to $158.6 million in the third quarter of fiscal 2014. |
· | Year-to-date 2015 adjusted (non-GAAP) net income from continuing operations was $4.1 million, or $0.26 per diluted share, compared to adjusted (non-GAAP) net income from continuing operations of $2.0 million, or $0.13 per diluted share, in the same period of 2014. |
· | Year-to-date 2015 GAAP net income from continuing operations was $2.7 million, or $0.17 per diluted share, compared to net income of $1.1 million or $0.07 per diluted share, in the same period of 2014. |
September 30,
|
December 31,
|
|||||||
Assets
|
2015
|
2014
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,057
|
$
|
9,867
|
||||
Accounts receivable-net
|
29,344
|
29,674
|
||||||
Inventories-net
|
25,090
|
25,928
|
||||||
Deferred income taxes
|
5,014
|
4,512
|
||||||
Other current assets
|
2,660
|
4,018
|
||||||
Assets classified as held for sale
|
20,697
|
22,119
|
||||||
Total current assets
|
84,862
|
96,118
|
||||||
Property, plant and equipment - net
|
5,788
|
5,148
|
||||||
Deferred income taxes
|
12,009
|
11,357
|
||||||
Goodwill
|
11,051
|
11,051
|
||||||
Intangible assets - net
|
10,720
|
10,580
|
||||||
Other assets
|
3,641
|
3,043
|
||||||
Total Assets
|
$
|
128,071
|
$
|
137,297
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
2,075
|
$
|
3,173
|
||||
Borrowings under line of credit
|
3,438
|
5,000
|
||||||
Accounts payable
|
16,656
|
19,258
|
||||||
Accrued salaries and benefits
|
5,830
|
5,726
|
||||||
Accrued expenses
|
5,615
|
6,492
|
||||||
Customer deposits
|
300
|
1,242
|
||||||
Deferred service revenue
|
11,089
|
10,388
|
||||||
Income taxes payable
|
323
|
475
|
||||||
Liabilities directly associated with assets held for sale
|
6,256
|
4,617
|
||||||
Total current liabilities
|
51,582
|
56,371
|
||||||
Long-term debt
|
612
|
2,566
|
||||||
Other long-term liabilities
|
8,711
|
8,847
|
||||||
Total liabilities
|
60,905
|
67,784
|
||||||
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; 17,258,747 and 17,274,708 shares issued; 15,550,638 and 15,566,599 outstanding
|
345
|
346
|
||||||
Capital in excess of par value
|
45,276
|
44,854
|
||||||
Retained earnings
|
29,692
|
31,465
|
||||||
Accumulated other comprehensive loss
|
(2,311
|
)
|
(1,316
|
)
|
||||
Treasury stock, at cost, 1,708,109 shares
|
(5,836
|
)
|
(5,836
|
)
|
||||
Total shareholders’ equity
|
67,166
|
69,513
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
128,071
|
$
|
137,297
|
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,
|
|||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net revenues:
|
||||||||||||||||
Product
|
$
|
24,408
|
$
|
21,483
|
$
|
70,081
|
$
|
61,681
|
||||||||
Service
|
11,611
|
11,007
|
34,687
|
33,539
|
||||||||||||
Contract
|
22,041
|
20,132
|
67,438
|
63,360
|
||||||||||||
58,060
|
52,622
|
172,206
|
158,580
|
|||||||||||||
Costs of sales:
|
||||||||||||||||
Product
|
17,420
|
14,070
|
50,135
|
42,562
|
||||||||||||
Service
|
8,300
|
8,608
|
24,926
|
25,860
|
||||||||||||
Contract
|
20,395
|
18,791
|
63,058
|
59,358
|
||||||||||||
46,115
|
41,469
|
138,119
|
127,780
|
|||||||||||||
Gross margin
|
11,945
|
11,153
|
34,087
|
30,800
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
7,033
|
7,599
|
20,989
|
22,496
|
||||||||||||
Research and development
|
2,744
|
2,156
|
7,840
|
6,349
|
||||||||||||
Acquisition amortization
|
248
|
31
|
746
|
31
|
||||||||||||
10,025
|
9,786
|
29,575
|
28,876
|
|||||||||||||
Operating income from continuing operations
|
1,920
|
1,367
|
4,512
|
1,924
|
||||||||||||
Other income (expense), net
|
128
|
(65
|
)
|
(58
|
)
|
225
|
||||||||||
Interest expense
|
(81
|
)
|
(21
|
)
|
(252
|
)
|
(63
|
)
|
||||||||
Income from continuing operations before provision for income taxes
|
1,967
|
1,281
|
4,202
|
2,086
|
||||||||||||
Provision for income taxes
|
(670
|
)
|
(613
|
)
|
(1,470
|
)
|
(974
|
)
|
||||||||
Income from continuing operations
|
1,297
|
668
|
2,732
|
1,112
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Loss on discontinued operations (net of tax)
|
(2,786
|
)
|
(777
|
)
|
(4,505
|
)
|
(2,729
|
)
|
||||||||
Net Loss
|
$
|
(1,489
|
)
|
$
|
(109
|
)
|
$
|
(1,773
|
)
|
$
|
(1,617
|
)
|
||||
Basic Earnings per Share:
|
||||||||||||||||
Income from continuing operations
|
0.08
|
0.04
|
0.18
|
0.07
|
||||||||||||
Loss from discontinued operations
|
(0.18
|
)
|
(0.05
|
)
|
(0.29
|
)
|
(0.18
|
)
|
||||||||
Net Loss
|
$
|
(0.10
|
)
|
$
|
(0.01
|
)
|
$
|
(0.11
|
)
|
$
|
(0.10
|
)
|
||||
Diluted Earnings per Share:
|
||||||||||||||||
Income from continuing operations
|
0.08
|
0.04
|
0.17
|
0.07
|
||||||||||||
Loss from discontinued operations
|
(0.18
|
)
|
(0.05
|
)
|
(0.29
|
)
|
(0.18
|
)
|
||||||||
Net loss
|
$
|
(0.10
|
)
|
$
|
(0.01
|
)
|
$
|
(0.11
|
)
|
$
|
(0.10
|
)
|
||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
15,589
|
15,577
|
15,549
|
15,498
|
||||||||||||
Diluted
|
15,659
|
15,635
|
15,650
|
15,576
|
For the three months ended September 30, 2015
|
For the three months ended September 30, 2014
|
|||||||||||||||||||||||
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
|||||||||||||||||||
Net revenues
|
$
|
58,060
|
-
|
58,060
|
$
|
52,622
|
-
|
52,622
|
||||||||||||||||
Costs of sales
|
46,115
|
-
|
46,115
|
41,469
|
-
|
41,469
|
||||||||||||||||||
Gross Margin
|
11,945
|
-
|
11,945
|
11,153
|
-
|
11,153
|
||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
7,033
|
414
|
6,619
|
7,599
|
549
|
7,050
|
||||||||||||||||||
Research and development
|
2,744
|
- |
2,744
|
2,156
|
-
|
2,156
|
||||||||||||||||||
Acquisition amortization
|
248
|
248
|
-
|
31
|
31
|
-
|
||||||||||||||||||
Total operating expenses
|
10,025
|
662
|
9,363
|
9,786
|
580
|
9,206
|
||||||||||||||||||
Operating income from continuing operations
|
1,920
|
662
|
2,582
|
1,367
|
580
|
1,947
|
||||||||||||||||||
Other income, net
|
128
|
-
|
128
|
(65
|
)
|
-
|
(65
|
)
|
||||||||||||||||
Interest expense
|
(81
|
)
|
26
|
(55
|
)
|
(21
|
)
|
-
|
(21
|
)
|
||||||||||||||
Income from continuing operations before provision for income taxes
|
1,967
|
688
|
2,655
|
1,281
|
580
|
1,861
|
||||||||||||||||||
Provision for income taxes
|
(670
|
)
|
(255
|
)
|
(925
|
)
|
(613
|
)
|
(187
|
)
|
(800
|
)
|
||||||||||||
Income from continuing operations
|
$
|
1,297
|
$
|
433
|
$
|
1,730
|
$
|
668
|
$
|
393
|
$
|
1,061
|
||||||||||||
Loss from discontinued operations, (net of tax)
|
$
|
(2,786
|
)
|
$
|
(2,786
|
)
|
$
|
(777
|
)
|
$
|
(777
|
)
|
||||||||||||
Net loss
|
$
|
(1,489
|
)
|
$
|
(1,056
|
)
|
$
|
(109
|
)
|
$
|
284
|
|||||||||||||
Income per diluted share from continuing operations
|
$
|
0.08
|
$
|
0.11
|
$
|
0.04
|
$
|
0.07
|
||||||||||||||||
Loss per diluted share from discontinuing operations
|
$
|
(0.18
|
)
|
$
|
(0.18
|
)
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
||||||||||||
Loss per diluted share
|
$
|
(0.10
|
)
|
$
|
(0.07
|
)
|
$
|
(0.01
|
)
|
$
|
0.02
|
For the nine months ended September 30, 2015
|
For the nine months ended September 30, 2014
|
|||||||||||||||||||||||
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
Reported basis (GAAP)
|
Adjustments
|
Comparable basis (Non-GAAP)
|
|||||||||||||||||||
Net revenues
|
$
|
172,206
|
-
|
$
|
172,206
|
$
|
158,580
|
-
|
$
|
158,580
|
||||||||||||||
Costs of sales
|
138,119
|
151
|
137,968
|
127,780
|
-
|
127,780
|
||||||||||||||||||
Gross Margin
|
34,087
|
151
|
34,238
|
30,800
|
-
|
30,800
|
||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
20,989
|
1,120
|
19,869
|
22,496
|
1,351
|
21,145
|
||||||||||||||||||
Research and development
|
7,840
|
13
|
7,827
|
6,349
|
6,349
|
|||||||||||||||||||
Acquisition amortization
|
746
|
746
|
-
|
31
|
31
|
-
|
||||||||||||||||||
Total operating expenses
|
29,575
|
1,879
|
27,696
|
28,876
|
1,382
|
27,494
|
||||||||||||||||||
Operating income from continuing operations
|
4,512
|
2,030
|
6,542
|
1,924
|
1,382
|
3,306
|
||||||||||||||||||
Other income (expense), net
|
(58
|
)
|
-
|
(58
|
)
|
225
|
-
|
225
|
||||||||||||||||
Interest expense
|
(252
|
)
|
77
|
(175
|
)
|
(63
|
)
|
-
|
(63
|
)
|
||||||||||||||
Income from continuing operations before provision for income taxes
|
4,202
|
2,107
|
6,309
|
2,086
|
1,382
|
3,468
|
||||||||||||||||||
Provision for income taxes
|
(1,470
|
)
|
(780
|
)
|
(2,250
|
)
|
(974
|
)
|
(459
|
)
|
(1,433
|
)
|
||||||||||||
Income from continuing operations
|
$
|
2,732
|
$
|
1,327
|
$
|
4,059
|
$
|
1,112
|
$
|
923
|
$
|
2,035
|
||||||||||||
Loss from discontinued operations, (net of tax)
|
$
|
(4,505
|
)
|
$
|
(4,505
|
)
|
$
|
(2,729
|
)
|
$
|
(2,729
|
)
|
||||||||||||
Net loss
|
$
|
(1,773
|
)
|
$
|
(446
|
)
|
$
|
(1,617
|
)
|
$
|
(694
|
)
|
||||||||||||
Income per diluted share from continuing operations
|
$
|
0.18
|
$
|
0.26
|
$
|
0.07
|
$
|
0.13
|
||||||||||||||||
Loss per diluted share from discontinuing operations
|
$
|
(0.29
|
)
|
$
|
(0.29
|
)
|
$
|
(0.17
|
)
|
$
|
(0.18
|
)
|
||||||||||||
Loss per diluted share
|
$
|
(0.11
|
)
|
$
|
(0.03
|
)
|
$
|
(0.10
|
)
|
$
|
(0.04
|
)
|