PAR Technology Corporation Reports Third Quarter Results

PAR Technology Corporation (NYSE: PTC), a provider of integrated hardware, software and service solutions to the restaurant, hotel/resort, and hospitality industries along with information technology services to the United States Government, today reported third quarter financial results.

For the third quarter ended September 30, 2009, PAR Technology Corporation reported revenues of $49.9 million compared to $58 million in the third quarter 2008, a decrease of 13.9%. A net loss of $778,000 was reported for the period compared to net income of $828,000 in the third quarter last year. The Company reported diluted loss per share of $0.05 for this past quarter, compared to the diluted earnings per share of $0.06 reported for the same period a year earlier.

For the nine months ended September 30, 2009, PAR Technology Corporation reported revenues of $164.8 million, a 1.5% decrease when compared to the $167.3 million reported one year ago. The Company also reported a net loss of $293,000 in the first nine months of 2009 versus net income of $757,000 for the first nine months of 2008. Diluted loss per share for the first nine months of 2009 was reported at $0.02, compared to diluted earnings per share of $0.05 reported for the same period in 2008.

"Our third-quarter results reflect the effects of the recession and rising unemployment rates across the globe. While some economic indicators have shown improvement, the confidence level of the hospitality market continues to reflect the uncertainty of the current business environment. Simultaneously, certain customer accounts continue to have difficulty in obtaining access to capital,” commented John W. Sammon, Chairman and CEO of PAR Technology. "While we are disappointed with our most recent quarterly results, we are never-the-less optimistic about our core business and future opportunities across all of our business segments. We are actively reducing costs which will not impair our ability to execute on our long term strategic plans. We are confident that our business will improve as credit eases and the industry confidence level improves. As we plan for 2010, we see a greatly improving pipeline of business which will restore both top line revenue along with earnings and we are committed to reducing expenses while investing in our future."

Certain Company information in this release or by its spokespersons from time to time may contain forward-looking statements. Any statements in this document that do not describe historical facts are forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, delays in new product introduction, risks in technology development and commercialization, risks in product development and market acceptance of and demand for the Company’s products, risks of downturns in economic conditions generally, and in the quick service sector of the restaurant market specifically, risks of intellectual property rights associated with competition and competitive pricing pressures, risks associated with foreign sales and high customer concentration, and other risks detailed in the Company’s filings with the Securities and Exchange Commission.

ABOUT PAR TECHNOLOGY

PAR Technology Corporation creates and markets products that help hospitality operators around the world to better manage money, materials, people and the guest experience. PAR has provided hardware, software and services to the world's largest restaurant chains and their franchisees for almost 30 years. Today the Company's extensive offering include technology solutions for the full spectrum of hospitality operations, from boutique hotels and independent table service restaurants to international QSR chains, all backed by PAR’s global service network. The Company has over 50,000 installations in 105 countries worldwide. PAR is also a leader in providing computer-based system design and engineering services to the Department of Defense and Federal Government Agencies. PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PTC. For more information visit the Company’s website at www.partech.com.