Par Technology sees revenue begin rebound
NEW HARTFORD -- Par Technology Corp. reported positive net income for the fourth quarter, a change from the net loss suffered in the fourth quarter 2012.
Par's Hospitality segment has been a provider of restaurant and retail technology for more than 30 years and offers technology solutions for restaurant operations, from large chain and independent table service restaurants to international quick service chains. This segment also provides hotel management systems with a suite of tools for guest management, recreation management, and timeshare/condo management. In addition, Par offers the spa industry a management application designed to support the needs of the resort spa and day spa markets. Par's products can be found in retailers, cinemas, cruise lines, stadiums and food service companies. Par's Government Business provides computer-based system design, engineering and technical services to the Department of Defense and various federal agencies.
The company reported fourth quarter revenue of $59.7 million and net income from continuing operations of $245,000 -- 2 cents per share. This compares with fourth quarter 2012 revenue of $66.4 million and a net loss from continuing operations of $3.6 million -- 24 cents per share.
For 2013, Par reported total revenue from continuing operations of $241.4 million, a decrease from the $245.2 million reported for 2012.
"We are clearly not satisfied with our operational performance in 2013," said company Chief Executive Officer and President Ronald J. Casciano. "We are seeing early signs of momentum in our specific markets, but have more work to do to achieve consistent success. We continue to exploit our distinctive strengths including market presence, differentiated product and service offerings, strong brand and an improving portfolio of software. Par is in a stronger position to compete effectively in our core markets in 2014." Casciano added, "We are aggressively pursuing our new product initiatives and we remain confident that our business is being positioned for future growth and profitability."
The company also announced board members Kevin Jost and James Simms will not stand for re-election; both cited personal reasons. Both directors will continue to serve on the board until the expiration of their terms at the upcoming annual Shareholders' Meeting. Director and Chairman of the Board, Sangwoo Ahn, is retiring from the board, also effective at the Shareholders' Meeting.
Par's stock is traded on the New York Stock Exchange under the symbol PAR.