Unassociated Document
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, 2010



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, 2010, PAR Technology Corporation issued a press release announcing its results of operation for the quarterly period ending March 31, 2010.  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, 2010.




 
 
 


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, 2010
  
/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, 2010.






 
 
 


Exhibit 99.1
  Press Release dated April 27, 2010.
 






FOR RELEASE:
  New Hartford, NY, April 27, 2010
 
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:PTC)

(New Hartford, NY – April 27, 2010) – PAR Technology Corporation (NYSE:PTC) today announced results from operations for the first quarter ended March 31, 2010.
 
 
PAR reported first quarter revenues of $58.1 million, a 4% decline over the $60.5 million reported in the same period a year ago.  Reported net income for the first quarter was $582,000, an increase of 136% when compared with net income of $247,000 in the first quarter of 2009.  The Company reported diluted earnings per share of $0.04 for the first quarter of 2010, compared to diluted earnings per share of $0.02 for the first quarter of last year.
 
 
John W. Sammon, PAR Chairman and CEO commented, “We performed well this past quarter, exceeding expectations.  We are beginning to see increased interest around the world in the restaurant technology segment as companies begin to return to more normal business cycles.  Our largest customers continue to plan significant technology upgrades for their businesses and franchises and we remain confident that our business is positioned for substantial and profitable growth in the near future.  Our Government segment experienced lower than normal revenues in the quarter when compared to a year ago due to a shortfall in very low margin pass-through revenues associated with a completed contract in the first quarter last year.”
 
 
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 PTC.  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,
  
   
2010
    
2009
  
Assets
Current assets:
            
Cash and cash equivalents
   $ 5,522     $ 3,907  
Accounts receivable-net
     42,373       46,107  
Inventories-net
     33,104       32,867  
Income tax refunds
     408       438  
Deferred income taxes
     6,238       6,362  
Other current assets
     3,865       3,235  
Total current assets
     91,510       92,916  
Property, plant and equipment - net
     6,231       6,332  
Deferred income taxes
     1,203       1,202  
Goodwill
     26,827       26,635  
Intangible assets - net
     8,794       7,243  
Other assets
     1,896       1,775  
Total Assets
   $ 136,461     $ 136,103  
Liabilities and Shareholders’ Equity
                
Current liabilities:
                
Current portion of long-term debt
   $ 1,481     $ 1,404  
Borrowings under lines of credit
           2,000  
Accounts payable
     13,900       12,942  
Accrued salaries and benefits
     7,658       7,607  
Accrued expenses
     5,020       3,868  
Customer deposits
     1,702       1,782  
Deferred service revenue
     16,298       16,598  
Total current liabilities
     46,059       46,201  
Long-term debt
     4,046       4,455  
Other long-term liabilities
     2,386       2,212  
Shareholders’ Equity:
                
Preferred stock, $.02 par value,
                
1,000,000 shares authorized
     ─       ─  
Common stock, $.02 par value,
                
29,000,000 shares authorized;
                
16,522,321 and 16,449,695 shares issued;
                
         14,869,566 and 14,796,940 outstanding
     330       329  
Capital in excess of par value
     41,600       41,382  
Retained earnings
     48,064       47,482  
Accumulated other comprehensive loss
     (515 )     (449 )
Treasury stock, at cost, 1,652,755 shares
     (5,509 )     (5,509 )
Total shareholders’ equity
     83,970       83,235  
Total Liabilities and Shareholders’ Equity
   $ 136,461     $ 136,103  



 
 
 

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


   
For the three months
ended March 31,
  
   
2010
2009
  
Net revenues:
            
Product
   $ 21,251     $ 20,237  
Service
     19,239       19,981  
Contract
     17,629       20,250  
      58,119       60,468  
Costs of sales:
                
Product
     14,385       13,068  
Service
     13,048       14,477  
Contract
     16,595       19,236  
      44,028       46,781  
Gross margin
     14,091       13,687  
Operating expenses:
                
Selling, general and administrative
     9,540       9,595  
Research and development
     3,445       3,309  
Amortization of identifiable intangible assets
     234       365  
      13,219       13,269  
                 
Operating income
     872       418  
Other income, net
     141       107  
Interest expense
     (71 )     (139 )
Income before provision for income taxes
     942       386  
Provision for income taxes
     (360 )     (139 )
Net income
   $ 582     $ 247  
Earnings per share
                
Basic
   $ .04     $ .02  
Diluted
   $ .04     $ .02  
Weighted average shares outstanding
                
Basic
     14,702       14,473  
Diluted
     14,958       14,721