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Par Technology Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 11, 2009 08:07PM
Par Technology Corp. (PTC) filed Quarterly Report for the period ended 2009-03-31. PAR TECHNOLOGY CORP. designs develops manufactures markets installs and services microprocessor- based transaction processing systems for the restaurant and industrial market-places Corneal Topography systems for measuring the true topography of the eye and vision inspection systems for the food-processing industry (Commercial Segment). Co. is also engaged in the design and implementation of advanced-technology computer software systems for the Department of Defense and other Government agencies (Government Segment). Par Technology Corp. has a market cap of $95.8 million; its shares were traded at around $6.59 with a P/E ratio of 28.7 and P/S ratio of 0.4.
Highlight of Business Operations:The Company reported revenues of $60.5 million for the quarter ended March 31, 2009, an increase of 16% from the $52.1 million reported for the quarter ended March 31, 2008. The Company's net income for the quarter ended March 31, 2009 was $247,000, or $.02 diluted earnings per share, compared to a net loss of $744,000 and a $.05 diluted net loss per share for the same period in 2008.
Amortization of identifiable intangible assets was $365,000 for the quarter ended March 31, 2009, compared to $390,000 reported in 2008. This decrease was due to certain intangible assets becoming fully amortized in 2008.
Cash used in investing activities was $554,000 for the three months ended March 31, 2009 versus cash generated by investing activities of $1 million for
the same period in 2008. In 2009, capital expenditures were $294,000 and were primarily for manufacturing and computer equipment. Capitalized software costs relating to software development of Hospitality segment products were $206,000 in 2009. In 2008, the Company received $1.6 million from the voluntary conversion of a Company-owned life insurance policy. In 2008, capital expenditures were $178,000 and were principally for computer equipment. Capitalized software costs relating to software development of Hospitality segment products were $250,000 in 2008.
Cash used in financing activities was $1.4 million for the three months ended March 31, 2009 versus cash provided of $1.9 million in 2008. In 2009, the Company decreased its short-term borrowings by $1.1 million and decreased its long-term debt by $267,000. In 2008, the Company increased its short-term bank borrowings by $2.1 million and decreased its long-term debt by $174,000. The Company also benefited $20,000 from the exercise of employee stock options in 2008.
As of March 31, 2009, the Company has $3.9 million in variable long-term debt and $8.7 million in variable short-term debt. The Company believes that an adverse change in interest rates of 100 basis points would not have a material impact on our business, financial condition, results of operations or cash flows.
Stocks Discussed: PTC,