NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) lost $511,000 from continuing operations in the second quarter. That’s improved from a net loss of $17.5 million a year earlier.
The New Hartford–based company lost 3 cents a share for the period compared with a loss of $1.17 a share in the second quarter of 2011.
Revenue for the second quarter rose to $62.1 million from $56.4 million.
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PAR provides technology for restaurants, retailers, hotels, cruise lines, stadiums, and more. The company also performs work for state and federal agencies and provides communications and information technology support services to the Department of Defense.
Excluding one-time charges related to changes in the company’s continuing operations, PAR earned $1.3 million, or 9 cents a share, in the second quarter of 2011. Included in the net loss for the second quarter this year was a loss of 2 cents per share related to the sale of PAR’s logistics management business in January.
“I said on last quarter’s earnings conference call that the second quarter would be challenging due to the slowdown of our McDonalds business and as we begin to ramp new deployments,” PAR Chairman and CEO Paul Domorski said in a news release. “Despite this, hospitality revenue increased sequentially, as we recognized revenue from several ongoing deployments with other restaurant chains, which we expect to continue for the coming quarters.”
He also noted that PAR is financially strong with more than $17 million in cash and investments and little debt. Business during the second quarter was challenging, but company leaders believe the firm is in a good position to expand and post better results in the second half of 2012, he added.
Contact Tampone at ktampone@cnybj.com
