PAR Technology reports net loss, reduced revenue in second quarter

NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) on Thursday reported a net loss from continuing operations of $519,000, or 3 cents per share, in the second quarter that ended June 30.

That figure compares to net income of $248,000, or 2 cents a share, during the same quarter in 2013, according to PAR Technology’s earnings news release.

The firm generated revenue from continuing operations of $57.4 million, down from $59.5 million in revenue generated during the year-earlier quarter, the company said.

Based in New Hartford, PAR provides hardware and software to the hospitality industry. PAR’s government business offers computer-based system design, engineering, and technical services to the U.S. Department of Defense and various federal agencies.

Lower revenue in PAR’s government segment, due to the timing of “certain task orders,” affected the quarter’s results, Ronald Casciano, president and CEO of PAR Technology, said in the news release.

“Our bottom line results were impacted by the continuing investments in our hospitality segment and specifically regarding our next generation hotel products. However, we continue to make progress on executing that investment strategy and are making important strides towards broadening our customer base as well. While certainly not satisfied with our results, we remain confident in our market opportunities and our leading technology and services in our hospitality and government segments,” said Casciano.

Shares of PAR Technology fell 5 cents, or 1.27 percent, to $3.90 in Thursday’s trading, amid a broad stock-market decline.

Separately, PAR Technology on Wednesday announced that Todd Tyler has joined the firm’s board of directors.

Tyler previously served as president, CEO, and board member at Irving, Texas–based Lanyon, Inc., a provider of cloud-based software for the hotel market.

Contact Reinhardt at ereinhardt@cnybj.com