fm8kdated042711.htm
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):  April 27, 2011


PAR TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)



Delaware
1-09720
16-1434688
(State or other jurisdiction of organization)
(Commission File Number)
(I.R.S. Employer incorporation or Identification Number)


PAR Technology Park
8383 Seneca Turnpike
New Hartford, NY
  
 
 
13413-4991
(Address of principal executive offices)
  
(Zip Code)



Registrant's telephone number, including area code: (315) 738-0600


Not Applicable
 (Former Name or Former Address, if changed since Last Report)



 
 
 


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 April 27, 2011, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending March 31, 2011.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



99.1
Press Release dated April 27, 2011.




 
 
 


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.




   
PAR TECHNOLOGY CORPORATION
   
(Registrant)
 
 
 
 
 
 
 
 
     
Date: April 27, 2011
  
/s/Ronald J. Casciano
   
Ronald J. Casciano
   
Vice President, Chief Financial Officer, Treasurer and Chief Accounting Officer





 
 
 


EXHIBIT INDEX


Exhibit Number
Description
 
 
99.1
 
Press Release dated April 27, 2011.






 
 
 


Exhibit 99.1
  Press Release dated April 27, 2011.
 





FOR RELEASE:
NEW HARTFORD, NY, April 27, 2011
CONTACT:
Christopher R. Byrnes (315) 738-0600 ext. 226
 
cbyrnes@partech.com, www.partech.com


PAR TECHNOLOGY CORPORATION

REPORTS FIRST QUARTER RESULTS-
NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PAR)

New Hartford, NY – (April 27, 2011) – PAR Technology Corporation (NYSE:PAR) today announced results from operations for the first quarter ended March 31, 2011.
 
PAR reported first quarter revenues of $55.8 million, a 4% decline over the $58.1 million reported in the same period a year ago.  Reported net income for the first quarter was $404,000, a decrease from the net income of $582,000 in the first quarter of 2010. The Company reported diluted earnings per share of $0.03 for the first quarter of 2011, compared to diluted earnings per share of $0.04 for the first quarter of last year.
 
Revenue for the quarter was in line with the Company’s expectations.  However, service revenues in the hospitality segment continue to be negatively impacted from the ongoing systems upgrade initiative with PAR’s largest customer, McDonald’s and their utilization of outside system integrators for the accelerated deployment of in-store technology systems.  Offsetting that decrease somewhat, the Company continued to realize gains in product revenue in the hospitality and logistics management segments of our business, growing nearly 8% in the quarter.  For the rest of 2011, the Company expects improved profitability based on increased software revenues, operating efficiencies and operating income improvement from all business segments.
 
Statements in this release or by the Company’s spokespersons from time to time may contain forward-looking statements.  Any statements in this document that do not describe historical facts are forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, delays in new product introduction, risks in technology development and commercialization, risks in product development and market acceptance of and demand for the Company’s products, risks of downturns in economic conditions generally, and in the quick service sector of the hospitality technology market specifically, risks of intellectual property rights associated with competition and competitive pricing pressures, risks associated with foreign sales and high customer concentration, and other risks detailed in the Company’s filings with the Securities and Exchange Commission.
 
 
ABOUT PAR TECHNOLOGY
 
PAR Technology Corporation creates and markets products that help hospitality operators around the world to better manage money, materials, people and the guest experience. PAR has provided hardware, software and services to the world's largest restaurant chains and their franchisees for almost 30 years.  Today the Company's extensive offerings include technology solutions for the full spectrum of hospitality operations, from boutique hotels and independent table service restaurants to international QSR chains, all backed by PAR’s global service network.  The Company has over 50,000 installations in more than 105 countries worldwide.  PAR is also a leader in providing computer-based system design and engineering services to the Department of Defense and various federal agencies.  Through PAR Logistics Management Systems, the Company is a provider of best of breed integrated solutions for shipping asset management and tracking.  PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PAR.  For more information visit the Company’s website at www.partech.com.
 
###
 



 
 
 

PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 (in thousands, except share amounts)
(unaudited)

   
March 31,
    
December 31,
  
   
2011
    
2010
  
Assets
Current assets:
            
Cash and cash equivalents
   $ 4,349     $ 6,781  
Accounts receivable-net
     41,346       43,517  
Inventories-net
     39,044       38,707  
Income tax refunds
     312       152  
Deferred income taxes
     6,358       5,719  
Other current assets
     4,016       3,067  
Total current assets
     95,425       97,943  
Property, plant and equipment - net
     5,759       5,796  
Deferred income taxes
     202       1,079  
Goodwill
     27,146       26,954  
Intangible assets - net
     12,784       10,389  
Other assets
     2,196       2,124  
Total Assets
   $ 143,512     $ 144,285  
Liabilities and Shareholders’ Equity
                
Current liabilities:
                
Current portion of long-term debt
   $ 1,788     $ 1,711  
Borrowings under lines of credit
     4,850       −  
Accounts payable
     16,960       19,902  
Accrued salaries and benefits
     6,978       9,055  
Accrued expenses
     2,734       2,843  
Customer deposits
     1,227       2,286  
Deferred service revenue
     16,050       16,260  
Total current liabilities
     50,587       52,057  
Long-term debt
     2,258       2,744  
Other long-term liabilities
     2,811       2,725  
Shareholders’ Equity:
                
Preferred stock, $.02 par value,
                
1,000,000 shares authorized
     −       −  
Common stock, $.02 par value,
                
29,000,000 shares authorized;
                
16,756,768 and 16,746,618 shares issued;
                
         15,049,484 and 15,039,334 outstanding
     335       335  
Capital in excess of par value
     42,315       42,264  
Retained earnings
     51,009       50,605  
Accumulated other comprehensive income (loss)
     29       (613 )
Treasury stock, at cost, 1,707,284 shares
     (5,832 )     (5,832 )
Total shareholders’ equity
     87,856       86,759  
Total Liabilities and Shareholders’ Equity
   $ 143,512     $ 144,285  


 
 
 

PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)


   
For the three months
ended March 31,
  
   
2011
2010
  
Net revenues:
            
Product
   $ 22,884     $ 21,251  
Service
     16,141       19,239  
Contract
     16,822       17,629  
      55,847       58,119  
Costs of sales:
                
Product
     14,081       14,385  
Service
     11,042       13,048  
Contract
     15,809       16,595  
      40,932       44,028  
Gross margin
     14,915       14,091  
Operating expenses:
                
Selling, general and administrative
     9,908       9,540  
Research and development
     4,140       3,445  
Amortization of identifiable intangible assets
     205       234  
      14,253       13,219  
                 
Operating income
     662       872  
Other income, net
     28       141  
Interest expense
     (48 )     (71 )
Income before provision for income taxes
     642       942  
Provision for income taxes
     (238 )     (360 )
Net income
   $ 404     $ 582  
Earnings per share
                
Basic
   $ .03     $ .04  
Diluted
   $ .03     $ .04  
Weighted average shares outstanding
                
Basic
     14,924       14,702  
Diluted
     15,058       14,958