SEC FILE NUMBER: 1-9720
CUSIP NUMBER: 698884103
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ]Form N-SAR
For Period Ended: 12/31/02
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: ___________________
Read Instruction (on back page) Before Preparing Form.
Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
PAR TECHNOLOGY CORPORATION
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Full Name of Registrant
N/A
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Former Name if Applicable
8383 Seneca Turnpike
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Address of Principal Executive Office (Street and Number)
New Hartford, NY 13413
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City, State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F,11-K or Form N-SAR, or portion thereof,
[ X ] will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report or
transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report portion thereof, could not be filed within the
prescribed time period.
(Attach Extra Sheets if Needed)
Due to the Company's announcement on March 28, 2003 that we will restate our
financial statements for the years ended December 31, 2000, 2001 and for the
nine months ended 2002, the Company requests an extension to complete its Form
10-K for the year ended December 31, 2002.
PART IV-- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Ronald J. Casciano 315 738-0600 Ext. 273
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s). Yes [ X ] No [ ]
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(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof? Yes [ X ] No [ ]
In the aggregate, the restatement decreased net revenue by $675,000 for the
entire period of fiscal years 2000, 2001 and the nine months ended September 30,
2002. This represents a 0.2% of the total revenues during that period. The
aggregate change in net income for this same period was an increase of $238,000.
More specifically, in 2000 revenue increased by $3.2 million and the net loss
decreased by $913,000. In 2001 revenue and net income decreased by $1.4 million
and $238,000 respectively. For the nine months ended September 30, 2002 revenues
decreased by $2.5 million and net income decreased by $437,000.
The restatement is the result of a determination by the Company, as concurred by
our independent accountants, that the Company should recognize revenue on
certain product sales upon arrival at the customer site. This new determination
differs from the Company's twenty-two-year historical practice of recognizing
revenue as the products leave the Company's facilities.
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If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
PAR TECHNOLOGY CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: 03/28/03 By: /s/Ronald J. Casciano
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Ronald J. Casciano
VP, C.F.O. & Treasurer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).