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Par Technology Corp. (PTC) filed Quarterly Report for the period ended 2011-09-30.
Par Technology Corp. has a market cap of $103.21 million; its shares were traded at around $0 .
This is the annual revenues and earnings per share of PTC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PTC.
Highlight of Business Operations:
The Company reported revenues of $59.8 million for the quarter ended September 30, 2011, a decrease of 2% from the $61.2 million reported for the quarter ended September 30, 2010. The Company s net income for the quarter ended September 30, 2011 was $1.2 million, or $0.08 earnings per diluted share, compared to $538,000 or $0.04 earnings per diluted share for the same period in 2010.The Company reported revenues of $173.9 million for the nine months ended September 30, 2011, a decrease of 1% from the $175.5 million reported for the same period in 2010. The Company s net loss for the nine months ended September 30, 2011 was $16.2 million, or $1.08 loss per diluted share, compared to a net income of $2 million or $0.13 earnings per diluted share for the same period in 2010. The results of 2011 include pre-tax charges of $29.4 million. Of this amount, $20.8 million was a non-cash charge related to the impairment of the Company s goodwill and intangible assets. The remaining $8.6 million in charges was related to the write-down of certain inventory associated with discontinued products, as well severance and office closure costs.
Product revenues were $71.7 million for the nine months ended September 30, 2011, a decrease of 1% from the $72.2 million recorded in 2010. This decrease was the result of a decline in domestic sales to McDonald s as their significant upgrade program is nearing completion. Partially offsetting this decline was an increase in domestic sales to Baskin-Robbins, Subway, YUM! Brands and sales made through the Company s dealer channel, as well as a 22% increase in international product revenue.
Customer service revenue primarily includes installation, software maintenance, training, twenty-four hour help desk support and various depot and on-site service options. Customer service revenues were $53.3 million for the nine months ended September 30, 2011, flat from the $53.4 million reported for the same period in 2010. While the Company experienced an increase in installation and field contract service revenue as a result of new product deployments, this increase was offset by a decrease in depot service revenue, commensurate with new store upgrades. Lastly, service revenue associated with the Company s Logistics Management business increased 35% year over year.
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, 2011, the notional principal amount totaled $1.8 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, 2011 were $25,000 and $82,000, respectively, and were recorded as decreases to interest expense.
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