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Par Technology Corp. has a market cap of $91.3 million; its shares were traded at around $6.11 with a P/E ratio of 33.9 and P/S ratio of 0.4.
Highlight of Business Operations:The Company reported revenues of $61.2 million for the quarter ended September 30, 2010, an increase of 23% from the $49.9 million reported for the quarter ended September 30, 2009. The Company s net income for the quarter ended September 30, 2010 was $538,000, or $0.04 earnings per diluted share, compared to a net loss of $778,000 or $0.05 diluted loss per share for the same period in 2009.
Amortization of identifiable intangible assets was $234,000 for the quarter ended September 30, 2010, compared to $371,000 for the same period in 2009. This decrease was due to certain intangible assets becoming fully amortized in 2009.
The Company reported revenues of $175.5 million for the nine months ended September 30, 2010, an increase of 6% from the $164.8 million for the same period in 2009. The Company s net income for the nine months ended September 30, 2010 was $2 million, or $0.13 earnings per diluted share, compared to a net loss of $293,000 or $.02 loss per diluted share in 2009.
Cash used in investing activities was $4.2 million for the nine months ended September 30, 2010 versus $1.7 million for the same period in 2009. In 2010, capital expenditures were $3.5 million and were primarily related to the Company s acquisition of certain technology components to compliment its next generation enterprise solution for its Restaurant business. Capitalized software costs relating to software development of Hospitality segment products were $669,000. In 2009, capital expenditures were $1 million and were primarily for manufacturing, office and computer equipment. Capitalized software costs relating to software development of Hospitality segment products were $553,000 in 2009.
Cash used in financing activities was $2.3 million for the nine months ended September 30, 2010 versus $6.2 million in 2009. In 2010, the Company decreased its short-term borrowings by $1.5 million, decreased its long-term debt by $996,000 and also benefited $546,000 from the exercise of employee stock options. Lastly, the Company repurchased outstanding shares into treasury stock in the amount of $323,000. In 2009, the Company decreased its short-term borrowings by $5.8 million and decreased its long-term debt by $666,000. It also benefited $300,000 from the exercise of employee stock options.
The Company entered into an interest rate swap agreement associated with the above $6 million loan, with principal and interest payments due through August 2012. At September 30, 2010, the notional principal amount totaled $3.3 million. This instrument was utilized by the Company to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Company did not adopt hedge accounting, but rather records the fair market value adjustments through the consolidated statements of operations each period. The associated fair value adjustment for the three and nine months ended September 30, 2010 was $27,000 and $78,000, respectively, and are included as a decreases to interest expense.
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