PAR Technology shows net income for 2013

PAR Technology Corp. (NYSE: PAR) said the company reported 2013 fourth quarter revenue of USD59.7m and net income from continuing operations of USD245,000 or USD0.02 per diluted share.

This compares with prior year fourth quarter revenue of USD66.4m and a net loss from continuing operations of USD3.6m or USD0.24 loss per share.

On a non-GAAP basis, excluding certain charges, the company´s net income from continuing operations for the fourth quarter of 2012 was USD1.2m or USD0.08 per diluted share. The non-GAAP results exclude certain charges totaling USD7.6m, primarily related to restructuring of the company´s Hospitality product portfolio, as well as specific legal costs.

For fiscal year ended December 31, 2013, PAR reported total revenue from continuing operations of USD241.4m, a decrease from the USD245.2m reported for fiscal year 2012. The company reported GAAP net income from continuing operations of USD569,000, or USD0.04 per diluted share for fiscal year 2013, compared to a net loss of USD1.8m, or USD0.12 loss per share reported for fiscal 2012. On a non-GAAP basis, excluding certain charges, net income from continuing operations for 2013 was USD1.1m or USD0.07 per diluted share, compared to non-GAAP net income from continuing operations of USD3.0m or USD0.20 per diluted share for fiscal year 2012.

“We are clearly not satisfied with our operational performance in 2013,” said Ronald J. Casciano, PAR´s chief executive officer & president. “We are seeing early signs of momentum in our specific markets, but have more work to do to achieve consistent success.”

PAR´s Hospitality segment has been a provider of restaurant and retail technology for more than 30 years and offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. This segment also provides hotel management systems with a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. In addition, PAR offers the spa industry a leading management application specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality market segment. Visit www.partech.com for more information.

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