PAR Technology Corporation (NYSE: PAR) today announced results for the fourth quarter and year ended December 31, 2012. The Company reported fourth quarter revenues of $66.4 million and a net loss from continuing operations of $3.6 million or $0.24 loss per share. This compares with prior year fourth quarter revenue of $60.1 million and net income from continuing operations of $1.8 million or $0.12 per diluted share. On a non-GAAP basis, the Company’s net income from continuing operations for the fourth quarter was $1.2 million or $0.08 per diluted share. These non-GAAP results exclude special charges totaling $7.6 million during the fourth quarter primarily related to the Company’s restructuring of its Hospitality product portfolio, as well as certain legal costs.
For fiscal year 2012, PAR reported total revenues from continuing operations of $245.2 million, a 7% increase from the $229.4 million reported for fiscal year 2011. The Company reported GAAP net loss from continuing operations of $1.8 million or $0.12 loss per share, compared to GAAP net loss from continuing operations of $13.4 million or $0.89 loss per share for fiscal year 2011. On a non-GAAP basis, excluding special charges, net income from continuing operations for the year was $3.0 million or $0.20 per diluted share, compared to net income from continuing operations of $5.5 million or $0.36 per diluted share for fiscal year 2011, also on a non-GAAP basis. A reconciliation and description of non-GAAP financial measures to their comparable GAAP financial measures are included in the tables following this news release.
“Even with a known reduction of $18 million in volume from our largest customer, consolidated revenues grew 7% for the year 2012. This was despite the fact the revenue streams associated with our new ATRIO® software and newly released hardware platforms are in their infancy,” commented Paul B. Domorski, Chairman and Chief Executive Officer of PAR Technology Corporation. “Most of the charge in the quarter was non-cash and related to the reduction in the capitalized value of certain software development costs, enabling us to redirect resources to areas that will have the greatest impact on our results.”