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))
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 7.01 |
Regulation FD Disclosure
|
Item 9.01. |
Financial Statements and Exhibits
|
(d) |
Exhibits.
|
99.1 |
PAR Technology Corporation Press Release dated November 14, 2016.
|
PAR TECHNOLOGY CORPORATION
|
||
(Registrant)
|
||
Date: November 14, 2016
|
/s/Matthew J. Trinkaus
|
|
Matthew J. Trinkaus
|
||
Chief Accounting Officer & Corporate Controller
|
FOR RELEASE:
CONTACT:
|
New Hartford, NY, November 14, 2016
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
|
· |
Revenues were reported at $61.5 million in the third quarter of fiscal 2016, compared to $58.1 million in the same period in 2015, a 6.1% increase.
|
· |
GAAP net income in the third quarter of fiscal 2016 was $518,000, or $0.03 per diluted share, compared to a GAAP net income of $1.3 million, or $0.08 earnings per diluted share in the same period in 2015.
|
· |
Non-GAAP net income in the third quarter of fiscal 2016 was $1.6 million, or $0.10 per diluted share, compared to non-GAAP net income of $1.7 million, or $0.11 earnings per diluted share, in the same period in 2015.
|
· |
Revenue decreased to $169.5 million in the first nine months of fiscal 2016, compared to $172.2 million in the same period in 2015.
|
· |
GAAP net income in the first nine months of fiscal 2016 was $633,000 or $0.04 earnings per diluted share, compared to GAAP net income of $2.6 million, or $0.16 earnings per diluted share, in the same period in 2015.
|
· |
Non-GAAP net income in the first nine months of fiscal 2016 was $3.1 million, or $0.20 per diluted share, compared to non-GAAP net income of $4.1 million or $0.26 earnings per diluted share, in the same period in 2015.
|
(Unaudited)
|
||||||||
Assets
|
September 30,
2016
|
December 31,
2015
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,883
|
$
|
8,024
|
||||
Accounts receivable-net
|
32,848
|
29,530
|
||||||
Inventories-net
|
29,785
|
21,499
|
||||||
Note receivable
|
4,406
|
-
|
||||||
Income taxes receivable
|
482
|
-
|
||||||
Deferred income taxes
|
6,424
|
6,741
|
||||||
Other current assets
|
5,188
|
3,808
|
||||||
Total current assets
|
82,016
|
69,602
|
||||||
Property, plant and equipment - net
|
5,751
|
5,716
|
||||||
Note receivable
|
-
|
4,259
|
||||||
Deferred income taxes
|
11,038
|
11,038
|
||||||
Goodwill
|
11,051
|
11,051
|
||||||
Intangible assets - net
|
11,298
|
10,898
|
||||||
Other assets
|
3,806
|
3,687
|
||||||
Total Assets
|
$
|
124,960
|
$
|
116,251
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
170
|
$
|
2,103
|
||||
Borrowings on line of credit
|
4,795
|
-
|
||||||
Accounts payable
|
19,269
|
11,729
|
||||||
Accrued salaries and benefits
|
5,761
|
5,727
|
||||||
Accrued expenses
|
5,056
|
7,644
|
||||||
Customer deposits and deferred service revenue
|
11,895
|
10,819
|
||||||
Income taxes payable
|
-
|
279
|
||||||
Liabilities of discontinued operations
|
5
|
441
|
||||||
Total current liabilities
|
46,951
|
38,742
|
||||||
Long-term debt
|
426
|
566
|
||||||
Other long-term liabilities
|
8,802
|
8,883
|
||||||
Total liabilities
|
56,179
|
48,191
|
||||||
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; 17,485,622 and 17,352,838 shares issued; 15,777,513 and 15,644,729 outstanding at September 30, 2016 and December 31, 2015, respectively
|
350
|
347
|
||||||
Capital in excess of par value
|
46,161
|
45,753
|
||||||
Retained earnings
|
31,182
|
30,574
|
||||||
Accumulated other comprehensive loss
|
(3,076
|
)
|
(2,778
|
)
|
||||
Treasury stock, at cost, 1,708,109 shares
|
(5,836
|
)
|
(5,836
|
)
|
||||
Total shareholders’ equity
|
68,781
|
68,060
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
124,960
|
$
|
116,251
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net revenues:
|
||||||||||||||||
Product
|
$
|
25,757
|
$
|
24,408
|
$
|
69,285
|
$
|
70,081
|
||||||||
Service
|
12,620
|
11,611
|
36,128
|
34,687
|
||||||||||||
Contract
|
23,115
|
22,041
|
64,042
|
67,438
|
||||||||||||
61,492
|
58,060
|
169,455
|
172,206
|
|||||||||||||
Costs of sales:
|
||||||||||||||||
Product
|
18,433
|
17,454
|
51,012
|
50,238
|
||||||||||||
Service
|
8,969
|
8,491
|
25,787
|
25,499
|
||||||||||||
Contract
|
21,490
|
20,395
|
59,002
|
63,058
|
||||||||||||
48,892
|
46,340
|
135,801
|
138,795
|
|||||||||||||
Gross margin
|
12,600
|
11,720
|
33,654
|
33,411
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
8,672
|
6,808
|
23,271
|
20,313
|
||||||||||||
Research and development
|
2,866
|
2,744
|
8,421
|
7,840
|
||||||||||||
Amortization of identifiable intangible assets
|
241
|
248
|
724
|
746
|
||||||||||||
11,779
|
9,800
|
32,416
|
28,899
|
|||||||||||||
Operating income from continuing operations
|
821
|
1,920
|
1,238
|
4,512
|
||||||||||||
Other (expense) income, net
|
(38
|
)
|
128
|
(318
|
)
|
(58
|
)
|
|||||||||
Interest (expense)income, net
|
(12
|
)
|
(81
|
)
|
20
|
(252
|
)
|
|||||||||
Income from continuing operations before provision for income taxes
|
771
|
1,967
|
940
|
4,202
|
||||||||||||
Provision for income taxes
|
(253
|
)
|
(670
|
)
|
(306
|
)
|
(1,470
|
)
|
||||||||
Income from continuing operations
|
518
|
1,297
|
634
|
2,732
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Loss on discontinued operations (net of tax)
|
-
|
(2,786
|
)
|
(26
|
)
|
(4,505
|
)
|
|||||||||
Net income (loss)
|
$
|
518
|
$
|
(1,489
|
)
|
$
|
608
|
$
|
(1,773
|
)
|
||||||
Basic Earnings per Share:
|
||||||||||||||||
Income from continuing operations
|
0.03
|
0.08
|
0.04
|
0.18
|
||||||||||||
Loss from discontinued operations
|
(0.00
|
)
|
(0.18
|
)
|
(0.00
|
)
|
(0.29
|
)
|
||||||||
Net income (loss)
|
$
|
0.03
|
$
|
(0.10
|
)
|
$
|
0.04
|
$
|
(0.11
|
)
|
||||||
Diluted Earnings per Share:
|
||||||||||||||||
Income from continuing operations
|
0.03
|
0.08
|
0.04
|
0.17
|
||||||||||||
Loss from discontinued operations
|
(0.00
|
)
|
(0.18
|
)
|
(0.00
|
)
|
(0.29
|
)
|
||||||||
Net income (loss)
|
$
|
0.03
|
$
|
(0.10
|
)
|
$
|
0.04
|
$
|
(0.11
|
)
|
||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
15,770
|
15,589
|
15,670
|
15,549
|
||||||||||||
Diluted
|
15,822
|
15,659
|
15,730
|
15,650
|
For the three months ended September 30, 2016
|
For the three months ended September 30, 2015
|
|||||||||||||||||||||||
Reported basis
(GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
Reported basis
(GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
|||||||||||||||||||
Net revenues
|
$
|
61,492
|
-
|
61,492
|
$
|
58,060
|
-
|
58,060
|
||||||||||||||||
Costs of sales
|
48,892
|
-
|
48,892
|
46,340
|
-
|
46,340
|
||||||||||||||||||
Gross Margin
|
12,600
|
-
|
12,600
|
11,720
|
-
|
11,720
|
||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
8,672
|
1,421
|
7,251
|
6,808
|
414
|
6,394
|
||||||||||||||||||
Research and development
|
2,866
|
-
|
2,866
|
2,744
|
2,744
|
|||||||||||||||||||
Amortization of identifiable intangible assets
|
241
|
241
|
-
|
248
|
248
|
-
|
||||||||||||||||||
Total operating expenses
|
11,779
|
1,662
|
10,117
|
9,800
|
662
|
9,138
|
||||||||||||||||||
Operating income from continuing operations
|
821
|
1,662
|
2,483
|
1,920
|
662
|
2,582
|
||||||||||||||||||
Other (expense) income, net
|
(38
|
)
|
-
|
(38
|
)
|
128
|
-
|
128
|
||||||||||||||||
Interest (expense) income , net
|
(12
|
)
|
26
|
14
|
(81
|
)
|
26
|
(55
|
)
|
|||||||||||||||
Income from continuing operations before provision for income taxes
|
771
|
1,688
|
2,459
|
1,967
|
688
|
2,655
|
||||||||||||||||||
Provision for income taxes
|
(253
|
)
|
(625
|
)
|
(878
|
)
|
(670
|
)
|
(255
|
)
|
(925
|
)
|
||||||||||||
Income from continuing operations
|
$
|
518
|
$
|
1,063
|
$
|
1,581
|
$
|
1,297
|
$
|
433
|
$
|
1,730
|
||||||||||||
Loss from discontinued operations, (net of tax)
|
$
|
-
|
$
|
-
|
$
|
(2,786
|
)
|
$
|
(2,786
|
)
|
||||||||||||||
Net income
|
$
|
518
|
$
|
1,581
|
$
|
(1,489
|
)
|
$
|
(1,056
|
)
|
||||||||||||||
Income per diluted share from continuing operations
|
$
|
0.03
|
$
|
0.10
|
$
|
0.08
|
$
|
0.11
|
||||||||||||||||
Loss per diluted share from discontinuing operations
|
$
|
-
|
$
|
-
|
$
|
(0.18
|
)
|
$
|
(0.18
|
)
|
||||||||||||||
Income per diluted share
|
$
|
0.03
|
$
|
0.10
|
$
|
(0.10
|
)
|
$
|
(0.07
|
)
|
For the nine months ended September 30, 2016
|
For the nine months ended September 30, 2015
|
|||||||||||||||||||||||
Reported basis
(GAAP)
|
Adjustments
|
Comparable basis
(Non-GAAP)
|
Reported basis
(GAAP)
|
Adjustments
|
Comparable
basis (Non-
GAAP)
|
|||||||||||||||||||
Net revenues
|
$
|
169,455
|
-
|
$
|
169,455
|
$
|
172,206
|
-
|
$
|
172,206
|
||||||||||||||
Costs of sales
|
135,801
|
-
|
135,801
|
138,795
|
151
|
138,644
|
||||||||||||||||||
Gross Margin
|
33,654
|
-
|
33,654
|
33,411
|
151
|
33,562
|
||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Selling, general and administrative
|
23,271
|
3,170
|
20,101
|
20,313
|
1,120
|
19,193
|
||||||||||||||||||
Research and development
|
8,421
|
-
|
8,421
|
7,840
|
13
|
7,827
|
||||||||||||||||||
Acquisition amortization
|
724
|
724
|
-
|
746
|
746
|
-
|
||||||||||||||||||
Total operating expenses
|
32,416
|
3,894
|
28,522
|
28,899
|
1,879
|
27,020
|
||||||||||||||||||
Operating income from continuing operations
|
1,238
|
3,894
|
5,132
|
4,512
|
2,030
|
6,542
|
||||||||||||||||||
Other (expense) income, net
|
(318
|
)
|
-
|
(318
|
)
|
(58
|
)
|
-
|
(58
|
)
|
||||||||||||||
Interest income (expense), net
|
20
|
78
|
98
|
(252
|
)
|
77
|
(175
|
)
|
||||||||||||||||
Income from continuing operations before provision for income taxes
|
940
|
3,972
|
4,912
|
4,202
|
2,107
|
6,309
|
||||||||||||||||||
Provision for income taxes
|
(306
|
)
|
(1,470
|
)
|
(1,776
|
)
|
(1,470
|
)
|
(780
|
)
|
(2,250
|
)
|
||||||||||||
Income from continuing operations
|
$
|
634
|
$
|
2,502
|
$
|
3,136
|
$
|
2,732
|
$
|
1,327
|
$
|
4,059
|
||||||||||||
Loss from discontinued operations, (net of tax)
|
$
|
(26
|
)
|
$
|
(26
|
)
|
$
|
(4,505
|
)
|
$
|
(4,505
|
)
|
||||||||||||
Net income (loss)
|
$
|
608
|
$
|
3,110
|
$
|
(1,773
|
)
|
$
|
(446
|
)
|
||||||||||||||
Income per diluted share from continuing operations
|
$
|
0.04
|
$
|
0.20
|
$
|
0.17
|
$
|
0.26
|
||||||||||||||||
Loss per diluted share from discontinuing operations
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.29
|
)
|
$
|
(0.29
|
)
|
||||||||||||
Income (loss) per diluted share
|
$
|
0.04
|
$
|
0.20
|
$
|
(0.11
|
)
|
$
|
(0.03
|
)
|