NEW HARTFORD — Sales were up for the third quarter at PAR Technology Corporation (NYSE: PAR), but income was down as the company said it struggled to grow organically.
PAR reported net income of $1.3 million, or 9 cents per share, on sales of $61.1 million for the quarter, compared with net income of $1.6 million, or 11 cents per share, on sales of $58.7 million a year ago.
“Current market conditions in the hospitality segments we serve are making organic growth challenging in the near term,” PAR Chairman and CEO Paul Domorski said in a release. “Despite this uncertainty, PAR has been able to maintain profitability, while continuing our investment in expanding our market reach through new products and services.”
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Domorski predicted that PAR’s profitability will improve as the company’s hospitality technology markets rebound from the current market slowdown.
Headquartered in New Hartford, PAR (www.partech.com) offers hardware and software for the restaurant industry; management systems for businesses such as hotels, spas, stadiums, and food-service companies; and system solutions to federal and state governments.
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