PAR Technology Corporation (NYSE: PAR) today announced results for the third quarter ended September 30, 2011. PAR reported revenues of $59.8 million and net earnings of $1.2 million or $0.08 per diluted share. This compares with the prior year’s third quarter of $61.2 million in revenues and net earnings of $538,000 or $0.04 per diluted share.
“We continue to make solid progress executing our business plan despite macroeconomic challenges that have caused uncertainty in our targeted markets. While we have shown improvement since the beginning of the year, we are not satisfied with just quarter over quarter growth, but remain focused on building an enhanced and sustainable business model for the future,” commented Paul B. Domorski, Chairman and Chief Executive Officer. “Focusing on strengthening our core strategic initiatives, accelerating our development efforts, and improving our business processes will enable us to improve our operational performance and deliver value to shareholders.”
Mr. Domorski continued, “Our businesses performed consistent with our expectations for the third quarter, with improved bottom-line performance across all segments. The hospitality segment continued to make significant progress toward final development and initial deployment of our NextGen software solutions, specifically the cloud-based ATRIO™ product for hotels. ATRIO continues to receive strong market attention as innovative operators understand the dramatic operational and financial benefits of enterprise level cloud computing. In our restaurant business this past quarter, we were awarded the Technology Vendor of the Year distinction by Subway Restaurants. PAR continues to be recognized by our hospitality customers for our technology innovation, industry leading service, and overall customer commitment. Our Government segment performed well during the quarter, and our momentum continues, as evidenced by our recent award of a $42.5 million, five year contract to support the U.S. Army with Intelligence Surveillance and Reconnaissance (ISR) technologies and services. Our Logistics Management business once again realized year over year revenue growth, and is focused on improving near-term performance. As we exit 2011, we remain focused on driving growth, improving margins and cash flow and believe our product mix and software solutions position us well heading into 2012.”