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 28, 2004
PAR TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-09720 16-1434688
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) incorporation or
organization) Identification Number)
PAR Technology Park
8383 Seneca Turnpike
New Hartford, NY 13413-4991
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (315) 738-0600
Not Applicable
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(Former Name or Former Address, if changed since Last Report)
Item 12. 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 28, 2004, PAR Technology Corporation issued a press release
announcing its results of operation for the quarterly period ending March
31, 2004. 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 28, 2004.
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
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(Registrant)
Date: April 28, 2004
/s/RONALD J. CASCIANO
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Ronald J. Casciano
Vice President, Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release dated April 28, 2004.
Exhibit 99.1
PAR TECHNOLOGY CORPORATION
-REPORTS FIRST QUARTER RESULTS-
RECORD REVENUE FOR 1ST QUARTER IN PAR'S HISTORY, REVENUES RISE 24%
HOSPITALITY TECHNOLOGY BUSINESS IS CATALYST OF GROWTH; INCREASES 27%
GOVERNMENT BUSINESS GROWS 17%
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NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC)
New Hartford, NY--April 28, 2004--PAR Technology Corporation (NYSE:PTC) today
announced results from operations for the first quarter ended March 31, 2004.
PAR reported first quarter revenues of $37.9 million, a 24% increase over the
$30.7 million reported in the same period a year ago. Net Income for the first
quarter of $736,000 was reported compared with net income of $229,000 in the
first quarter of 2003, a 221% increase. The Company reported diluted earnings
per share of $0.08 for the first quarter of 2004, as compared to diluted
earnings per share of $0.03 for the first quarter of last year.
PAR experienced significant revenue growth in both of their businesses. PAR's
hospitality technology revenues grew 27% from a year ago along with the
Company's Government business raising revenues by 17% over the first quarter of
2003.
John W. Sammon, PAR Chairman and CEO commented, "We are certainly gratified by
the record revenue of the first quarter which exceeded our expectations and is a
solid start for the Company in 2004. We believe the growth in our results
favorably reflects upon our commitment to key strategies of growing those lines
of business that we know the best, hospitality technology and government
contracting, and to continue to grow our market share in these industries."
Sammon added, "I continue to be pleased with the acceptance of our product and
services strategy by our customers in key business areas. I am confident our
plans are closely aligned with our customers' needs and we are executing
effectively to satisfy them."
Sammon concluded, "Our customer-centric approach continues to make a significant
impact across our business units. This focus along with the continued leveraging
of our mature infrastructure for improved bottom-line results underscores our
ability to provide our shareholders with upside earnings potential as well as
significant shareowner value. This will continue to remain our focus going
forward."
Forward-looking statements in this release or by its 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, further 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
restaurant 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 develops, markets and supports hardware and software
products that improve the ability of business professionals to make timely,
fact-based business decisions. The Company is the world's largest supplier of
Point-of-Sale systems to the quick service restaurant market with over 35,000
systems installed in over 95 countries. In addition PAR is a leader in providing
computer based system design and engineering services to the Department of
Defense and Federal Government Agencies. PAR Technology Corporation's stock is
traded on the New York Stock Exchange under the symbol PTC. For additional
information visit PAR's website at www.partech.com.
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Amounts)
(Unaudited)
March 31, December 31,
2004 2003
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Assets
Current assets:
Cash .................................................. $ 2,377 $ 1,467
Accounts receivable-net ............................... 26,528 31,876
Inventories-net ....................................... 31,740 31,894
Deferred income taxes ................................. 6,465 6,486
Other current assets .................................. 3,721 2,472
Total assets of discontinued operation ................ -- 20
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Total current assets .............................. 70,831 74,215
Property, plant and equipment - net ........................ 7,251 7,240
Deferred income taxes ...................................... 2,593 2,857
Other assets ............................................... 3,437 2,855
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$ 84,112 $ 87,167
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Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt ..................... $ 91 $ 89
Borrowings under lines of credit ...................... 2,607 6,989
Accounts payable ...................................... 8,999 8,301
Accrued salaries and benefits ......................... 5,818 5,461
Accrued expenses ...................................... 2,450 2,471
Deferred service revenue .............................. 5,612 5,947
Total liabilities of discontinued operation ........... 514 578
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Total current liabilities ......................... 26,091 29,836
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Long-term debt ............................................. 2,068 2,092
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Commitments and contingent liabilities Shareholders' Equity:
Preferred stock, $.02 par value,
1,000,000 shares authorized ......................... -- --
Common stock, $.02 par value,
19,000,000 shares authorized;
10,025,237 and 9,966,062 shares issued;
8,614,550 and 8,555,375 outstanding ................. 201 199
Capital in excess of par value ........................ 29,900 29,761
Retained earnings ..................................... 33,111 32,375
Accumulated other comprehensive loss .................. (206) (43)
Treasury stock, at cost,
1,410,687 shares .................................. (7,053) (7,053)
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Total shareholders' equity ........................ 55,953 55,239
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$ 84,112 $ 87,167
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PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands Except Per Share Amounts)
(Unaudited)
For the three months
ended March 31,
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2004 2003
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Net revenues:
Product ........................... $ 16,239 $ 12,353
Service ........................... 10,307 8,469
Contract .......................... 11,352 9,720
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37,898 30,542
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Costs of sales:
Product ........................... 11,037 8,062
Service ........................... 8,945 7,167
Contract .......................... 10,530 9,272
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30,512 24,501
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Gross margin ................ 7,386 6,041
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Operating expenses:
Selling, general and administrative 5,016 4,411
Research and development .......... 1,343 1,159
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6,359 5,570
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Operating income ....................... 1,027 471
Other income, net ...................... 211 76
Interest expense ....................... (73) (143)
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Income from continuing operations
before provision for income taxes .... 1,165 404
Provision for income taxes ............. (429) (148)
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Income from continuing operations ...... 736 256
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Discontinued operations:
Loss from operations of
discontinued component ......... -- (42)
Income tax benefit ................ -- 15
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Loss from discontinued operations . -- (27)
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Net income ............................. $ 736 $ 229
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Earnings per share:
Basic:
Income from continuing operations $ .09 $ .03
Loss from discontinued operations $ -- $ --
Net income ................ $ .09 $ .03
Diluted:
Income from continuing operations $ .08 $ .03
Loss from discontinued operations $ -- $ --
Net income ................ $ .08 $ .03
Weighted average shares outstanding
Basic ........................... 8,570 8,373
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Diluted ......................... 9,129 8,767
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