PAR Technology Corporation (NYSE: PAR) today announced results for the third quarter ended September 30, 2012. PAR reported third quarter revenues of $61.1 million, a 4% increase from the $58.7 million reported for the third quarter of 2011. Net income from continuing operations for the third quarter of 2012 was $1.3 million, representing diluted earnings per share of $0.09, compared to the third quarter of 2011 figure of $1.6 million, representing diluted earnings per share of $0.11.
Paul B. Domorski, Chairman and Chief Executive Officer, stated, “Current market conditions, in the hospitality segments we serve, are making organic growth challenging in the near-term. Despite this uncertainty, PAR has been able to maintain profitability, while continuing our investment in expanding our market reach through new products and services.”
Mr. Domorski continued, “During the third quarter, PAR made several important announcements. In the hospitality segment, we introduced our all new PAR EverServ® 7000 Point of Sale terminal. This is a terrific new product, which delivers demonstrable value to our customers at an attractive price point. Also in the quarter, PAR Springer-Miller formally announced the transition of its ATRIO® Guest Experience Management software with Microsoft Corporation’s Windows Azure™ cloud platform. With Windows Azure, a global network of Microsoft-managed datacenters, PAR is now able to provide computing and storage resources in support of ATRIO, assuring our customers of 99.95% uptime. During the quarter, we also announced new distribution partners, as we prepare for the aggressive roll-out of ATRIO worldwide.”
“Finally, our Government contracting segment announced several new contracts, most notably the award by the U.S. Army of an additional contract with a ceiling value of $48 million and a five year term. This is the most recent contract we have received based on our expertise in advanced Full Motion Video (FMV), Geospatial Information Systems (GIS) and Intelligence Surveillance and Reconnaissance (ISR) software and hardware technologies. PAR is providing research, development, deployment and operational support, and user training necessary to transition these innovative and important capabilities to the field.”
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