PAR Technology Corporation (NYSE: PTC – News), a provider of integrated hardware, software, and service solutions to the hospitality industry, today reported third quarter financial results.
For the third quarter ended September 30, PAR Technology Corporation reported revenues of $51.6 million compared to $48.5 million in the third quarter 2006, an increase of 6.3 percent. A net loss was reported of $862,000, down from the $550,000 earned in the third quarter one year ago. The company reported diluted loss per share of $0.06 for this past quarter, compared to the diluted earnings per share of $0.04 reported for the same period a year earlier.
For the nine months ended September 30, 2007, PAR Technology Corporation reported revenues of $149.3 million, a 3.4 percent decrease when compared to the $154.5 million reported one year ago. The company also reported a net loss of $3.2 million in the first nine months of 2007 versus net income of $4.9 million for the first nine months of 2006. Diluted loss per share for the first nine months of 2007 was reported at $0.22, compared to diluted net income per share of $0.33 reported for the same period in 2006.
“Generally speaking, the Q3 numbers were within expectations,” says John W. Sammon, chairman and CEO of PAR Technology. “We continued to make solid strategic progress this quarter in our ongoing internal investment strategy. This strategy requires effort and resources but when completed will result in a stronger company that is more prepared to compete on a global basis in our industry.”
Sammon goes on to say, “While not satisfied with our third quarter results we have returned to growing revenues which highlights the resilience of our franchise in hospitality technology. With a broad array of technology products designed for the hospitality industry, we believe PAR is positioned to capitalize on evolving market demand. Our focus remains on the design and delivery of innovative products, the addition of channel partners, and producing global operational excellence.”