NEW HARTFORD — PAR Technology Corp (NYSE: PAR) reported that its net earnings from continuing operations rose to $1 million, or 7 cents a share, in the first quarter from $741,000, or 5 cents per share, in the year-ago period.
Net revenue increased to $55.6 million from $54.2 million.
The New Harford–based technology company’s leader says PAR can, and will, do much better going forward.
“While our first quarter consolidated performance was in line with our expectations, it does not reflect what we believe the organization is capable of generating,” PAR Chairman and CEO Paul B. Domorski said in a news release. “Our intent is to transition our business over time to a recurring revenue model, largely based on software-as-a-service and high value-add service contracts, in no small part enabled by our superior hardware.”
PAR reported its earnings before the open of trading today. Its shares rose more than 2 percent in the first hour after trading commenced. Year to date, PAR’s stock price is up more than 25 percent.
Including income or losses from discontinued operations, PAR reported net income of $2.5 million, or 16 cents a share, in the first quarter, up from $404,000, or 3 cents per share, in the first quarter of 2011.
The company’s divesture of its Logistics Management Systems to ORBCOMM, Inc. in January started its streamlining process, leaving PAR focused on its two core businesses of hospitality and government, Domorski said.
PAR’s hospitality segment offers technology applications for restaurants from large chains to independent table-service restaurants and fast-food restaurants. PAR also markets products targeted at food-safety applications, hotel-management software systems, and management systems that can be found in retailers, cinemas, cruise lines, stadiums, and food-service companies.
Its government segment develops geospatial and full-motion video applications and provides communications and information-technology support services to government customers.
Contact DeLore at tgregory@tmvbj.com