PAR Technology Corporation (NYSE: PAR) today announced results from continuing operations for the fourth quarter ended December 31, 2011. The Company reported revenues of $60.1 million and net earnings of $1.8 million, or $0.12 per diluted share. This compares with the prior year’s fourth quarter results from continuing operations of $63.5 million in revenues and net earnings of $1.7 million, or $0.11 per diluted share.
For the year 2011, PAR reported total revenues from continuing operations of $229.4 million, down 2.4% from the $235.0 million reported for fiscal year 2010. On a GAAP basis, reflecting non-recurring charges incurred in the second quarter of 2011, net loss from continuing operations for 2011 was $13.4 million, representing a loss per diluted share of $0.89. On a non-GAAP basis, excluding these charges, adjusted net income from continuing operations for the year was $5.5 million, or $0.36 earnings per diluted share. The results compare to the $5.0 million of net income and $0.33 earnings per diluted share from continuing operations reported for fiscal year 2010.
“Since joining PAR, I have stressed focusing and streamlining our organization so we can best realize the important hospitality investments we have made to date. The fourth quarter met our expectations, producing solid results in a slowly improving economic environment. Besides the results, we demonstrated tangible progress towards our strategic goals as evidenced by the sale of our logistics segment, the selection by Wal-Mart Stores, Inc., of our in-store food safety technology solution, SureCheck, and the successful deployment of our new cloud-based property management solution, ATRIO™,” commented Paul B. Domorski, Chairman and Chief Executive Officer. “Focusing on the fundamentals, including improving the balance sheet, at the same time as changing our business model, has started to yield results.”
Mr. Domorski continued, “Our business segments performed consistent with our expectations for the quarter. Excluding sales to McDonalds, for which we had a large North American in-store technology upgrade deployment in 2010, Hospitality revenues increased. Domestic revenues from YUM! Brands increased 13% in the fourth quarter 2011 versus the same period of 2010. We also saw strong continued sequential growth in international revenues, which is an encouraging sign of overall economic recovery. Our cloud-based property management solution, ATRIO, continues to perform well in the initial stages of its deployment. Given the compelling operating and financial benefits of ATRIO, our prospect pipeline is expanding, reflecting growing enthusiasm for its SaaS model. With SureCheck, we are creating a new market with Wal-Mart Stores, the world’s largest retailer, as our launch customer. PAR has always been known for the reliability and value of our products and services; now customers are seeing innovation as well, viewing us in a new light.”