PAR Technology posts Q1 loss on severance and legal costs

NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) reported a net loss from continuing operations of $369,000, or 2 cents per share, in the first quarter as severance and legal costs took a toll.

That compares to net income from continuing operations of $1 million, or 7 cents a share, during the year-ago period.

Excluding specific charges primarily related to severance and legal costs incurred during the first quarter, PAR earned $178,000, or 1 cent a share, from continuing operations, the company said in a news release.

The firm released its earnings results after the close of regular stock trading on Wednesday. PAR’s stock price was down 3 cents to $4.17 as of 2:50 p.m. today on light trading volume. The stock is down 15 percent so far this year.

PAR Technology generated revenue of more than $66 million during the first quarter, up from more than $55 million in the year-earlier quarter, the company said.

Based in New Hartford, PAR provides hardware and software to the hospitality industry. Products from PAR also 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 U.S. Department of Defense and various federal agencies. 

PAR will continue to take the necessary steps to sharpen its focus on its core businesses and better position itself to capitalize on its “competitive” strengths in hospitality technology and government information-technology services, Ronald Casciano, president and CEO, said in the news release.

“Our solid balance sheet will support the execution of our strategies and will position us for growth for the remainder of 2013 and beyond,” Casciano said.

PAR’s board of directors on March 26 announced Casciano, the firm’s former CFO, would become president and CEO following the resignation of Paul Domorski.

Contact Reinhardt at ereinhardt@cnybj.com