PAR Technology Corporation Reports First Quarter Results

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.


Source: Hotel News Resource / Nevistas


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