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PAR Technology Corporation (NYSE: PAR) today announced results from continuing operations for the first quarter ended March 31, 2012. The Company reported revenues of $55.6 million and net earnings of $1.0 million, or $0.07 per diluted share. This compares with the prior year’s first quarter results from continuing operations of $54.2 million of revenues and net earnings of $741,000, or $0.05 per diluted share.
“We are pleased with our financial performance in the first quarter. With the successful divestiture of the LMS business, we are now focused on our two core businesses," commented Paul B. Domorski, Chairman and Chief Executive Officer. “While our first quarter consolidated performance was in line with our expectations, it does not reflect what we believe the organization is capable of generating. Our intent is to transition our businesses over time to a recurring revenue model, largely based on software-as-a-service and high value-add service contracts, in no small part enabled by our superior hardware. We are beginning to see encouraging results.”
Describing the performance of the Hospitality segment, Mr. Domorski stated, “Quarterly revenue in Hospitality declined 4.8% year over year and 11.2% sequentially, however, despite the completion last year of our largest customer rollout in our history, we maintained profitability in the segment for the first quarter. Highlights within the segment included a major deployment of our new cloud-based EverServ® SureCheck™ temperature monitoring solution with a major retailer. This sale confirms the compelling value proposition of SureCheck, although future revenue from other SureCheck deployments likely will be more representative of the software-as-a-service model we are utilizing, as the magnitude of the revenue recognized during the quarter reflects the scale of this particular deployment. Another software-as-a-service initiative, ATRIO®, which is our cloud-based property management solution for hotels, was formally deployed with a launch partner during the first quarter. ATRIO has received considerable recognition, from industry analysts, trade journals, and potential customers, all acknowledging the platform’s significant innovations. While still early in its rollout, ATRIO’s initial market traction has exceeded our expectations.”