PAR Technology (PAR) Reports Q4 Loss of $0.23 on Revenues of $46.7M

PAR Technology (NYSE: PAR) reported Q4 EPS of ($0.23), versus $0.00 reported last year. Revenue for the quarter came in at $46.7 million, versus $55.5 million reported last year.

• Revenues were reported at $46.7 million for the fourth quarter of 2018, compared to $55.5 million for the same period in 2017, a 16.0% decrease.
• GAAP net loss for the fourth quarter of 2018 was $6.2 million, or $0.38 loss per diluted share, compared to the GAAP net loss of $5.3 million, or $0.33 loss per diluted share reported for the same period in 2017.
• Non-GAAP net loss for the fourth quarter of 2018 was $3.7 million, or $0.23 loss per diluted share, compared to non-GAAP net loss of $18,000, or $0.00 per diluted share, for the same period in 2017.
• Revenues were reported at $201.2 million for full year 2018, compared to $232.6 million for the same period in 2017, a 13.5% decrease.
• GAAP net loss for the full year 2018 was $24.1 million, or $1.50 loss per diluted share, compared to a loss of $3.4 million, or $0.22 per diluted share reported for the same period in 2017. GAAP net loss for 2018 was impacted by a one-time $14.9 million valuation allowance recorded to reduce the carrying value of deferred tax assets recorded to income tax expense.1
• Non-GAAP net loss for the full year 2018 was $5.0 million, or $0.31 loss per diluted share, compared to non-GAAP net income of $4.4 million, or $0.27 earnings per diluted share, for the same period in 2017.

“Our fourth quarter results reflect both the strategic and operational challenges faced by the Company during this past year as we continue our transition from a cyclical business to our goal of being the industry leader in enterprise cloud solutions for the restaurant industry. We are taking the necessary steps to right size the Company during this transition and we initiated business, organizational and cost restructurings earlier this year”, commented Savneet Singh, PAR Technology Interim CEO & President. “In my brief tenure at PAR, I’ve spent considerable time with our customers who continue to highlight the value they find in our Brink SaaS solution. The heightened focus of our customers on Brink demonstrates the potential of this business for shareholder value creation. As a result, we plan to drive our capital allocation decisions through the lens of the Brink solution. In addition, we are working hard to deliver transparency to our shareholders, customers and employees and I look forward to updating you on our progress.”

For earnings history and earnings-related data on PAR Technology (PAR) click here.

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