PAR Technology (NYSE: PAR) reported Q1 EPS of ($0.28), $0.01 worse than the analyst estimate of ($0.27). Revenue for the quarter came in at $54.7 million versus the consensus estimate of $53.82 million.

Summary of First Quarter 2020

• Revenues were reported at $54.7 million for the first quarter of 2020, an increase of 22.4%, compared to $44.7 million for the same period in 2019.
• GAAP net loss for the first quarter of 2020 was $10.9 million, or $0.61 loss per share, an increase from the GAAP net loss of $2.7 million, or $0.17 loss per share reported for the same period in 2019.
• Non-GAAP net loss for the first quarter of 2020 was $5.1 million, or $0.28 loss per share, compared to non-GAAP net loss of $1.5 million, or $0.09 loss per share, for the same period in 2019.

“Q1 of 2020 will go down as one of the most transformational in restaurant history. Due to the immediate impact of COVID-19 restrictions, restaurants went from business as usual, to the largest negative demand shock in the industry’s history. Today our customers, the global restaurant community, are on the front lines trying to feed a world frightened, uncertain and looking for comfort. Our brand promise is to deliver the solutions that connect people to the restaurants, meals and moments they love. We’re doing our part to hold true to this promise in 2020,” commented PAR CEO and President Savneet Singh. “Coming into March, Q1 was shaping up to be one of our best in history. By the middle of the month our bookings and installs came to a pause and that pause continued through April. While it is still unknown how this will ultimately play out for the restaurant industry as a whole, we have seen steady progress in restaurant sales from a potential bottom over the last couple weeks. In late April our customers' businesses began to stabilize after steeply declining earlier in the month. In addition, PAR’s Government business delivered a strong first quarter and is expected to provide stable revenues and cash flows during this volatile business environment.”

Mr. Singh continued, “As to our Company, we believe we are navigating this situation from a position of strength. We strengthened our balance sheet in February and feel confident we can increase market share in a challenged market. This crisis has shed light on the strength of Brink and Restaurant Magic’s focus on the enterprise restaurant segment, and has proven the value of the digital first restaurant that could potentially lead to a more attractive M&A market. We will no doubt feel our share of pain, but our team deeply believes that just surviving is not winning. All that being said, the health and well-being of every PAR team member and their families, our customers and the communities in which we live and operate are our top priorities during these difficult days. We are and will continue to take all the necessary steps to protect our employees and our business.”

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