PAR Technology (NYSE: PAR) reported Q3 EPS of ($0.06). Revenue for the quarter came in at $46.4 million.

• Revenues were reported at $46.4 million for the third quarter of 2018, compared to $48.9 million for the same period in 2017, a 5.3% decrease.
• GAAP net loss for the third quarter of 2018 was $16.7 million, or $1.04 loss per diluted share, compared to the GAAP net loss of $1.5 million, or $0.10 loss per diluted share reported for the same period in 2017. GAAP net loss 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 for the quarter.1
• Non-GAAP net loss for the third quarter of 2018 was $1.0 million, or $0.06 loss per diluted share, compared to non-GAAP net loss of $0.9 million, or $0.06 loss per diluted share, for the same period in 2017.
• Revenues were reported at $154.6 million for the first nine months of 2018, compared to $177.1 million for the same period in 2017, a 12.7% decrease.
• GAAP net loss for the first nine months of 2018 was $18.0 million, or $1.12 loss per diluted share, compared to the GAAP net income of $1.9 million, or $0.12 earnings per diluted share reported for the same period in 2017. GAAP net loss 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 for the first nine months.1
• Non-GAAP net loss for the first nine months of 2018 was $1.1 million, or $0.07 loss per diluted share, compared to non-GAAP net income of $4.0 million, or $0.25 earnings per diluted share, for the same period in 2017.

“Our results for the quarter reflect the continued transition of the Company, with declining revenues from our legacy products offset by growth from our new offerings, including a 60% increase in year-over-year subscription revenues. In addition, Brink, our industry leading cloud POS solution, continues to gain traction in the restaurant marketplace, evidenced by the 886 new restaurant bookings in the quarter, an increase of more than 150% from last year’s third quarter,” commented PAR President & CEO, Dr. Donald H. Foley. “In the recently ended quarter we also reported a 17% increase in year-over-year contract revenues in our Government segment. We continue to focus on making important investments in the Company that will support and enhance our future growth.”

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