PAR Technology Q3 profit, sales decline

NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) today announced net income of $445,000, or 3 cents per diluted share, during the third quarter that ended Sept. 30.

The net-income figure is down from the $1.3 million, or 9 cents per diluted share, during the same quarter in 2012, the firm said in its earnings news release.

The company generated revenue of more than $55 million during the third quarter, which is down from the more than $61 million in revenue generated in the year-earlier quarter, the company said.

PAR Technology dealt with a “challenging” third quarter, but the firm is making “progress” on new product development and in adding incremental business in specific hospitality-business lines, Ronald Casciano, president and CEO, said in the news release.

“In our government business we have identified additional opportunities with specific ISR (Intelligence, Surveillance & Reconnaissance) programs as demonstrated by the recently awarded $85 million U.S. Army contract. However, the timing of revenue from these contracts is often difficult to predict, as evidenced by the 17 percent drop in contract revenue for the quarter compared to same period last year. We expect improving business conditions into calendar year 2014, and we continue to invest in products and services that offer long-term organic growth opportunities that are consistent with our business strategy,” Casciano said.

Shares of PAR Technology were trading up 2 cents per share at $5.53 per share early this afternoon, according to Yahoo Finance.

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.

Contact Reinhardt at ereinhardt@cnybj.com