PAR Technology (PAR) Reports Q1 EPS of $0.04

PAR Technology (NYSE: PAR) reported Q1 EPS of $0.04.

Summary of Fiscal 2018 First Quarter Financial Results

• Revenues were reported at $55.7 million in the first quarter of 2018, compared to $65.9 million in the same period in 2017, a 15.5% decrease.
• GAAP net income in the first quarter of 2018 was $0.1 million, or $0.00 per diluted share, a decrease from the GAAP net income of $1.3 million, or $0.08 earnings per diluted share reported in the same period in 2017.
• Non-GAAP net income in the first quarter of 2018 was $0.6 million, or $0.04 per diluted share, compared to non-GAAP net income of $2.2 million, or $0.14 earnings per diluted share, in the same period in 2017.

“PAR’s year over year quarterly revenue and profit decreases are attributed to the lapping of a large hardware project for a specific Tier 1 customer in the first quarter of 2017, which was completed in the first half of last year,” commented Dr. Donald H. Foley, PAR Technology Corporation’s President & CEO. “I note that on a sequential quarterly basis PAR’s income before provision for income taxes increased $1.8 million from a loss of $1.7 million to a gain of $0.1 million. More importantly, PAR’s Restaurant & Retail segment continues to capture significant market share in the cloud-based Point of Sales marketplace. To that end, Brink bookings in the quarter numbered 940 new sites and nearly doubled from the same period last year. PAR continues to make improvements in both our technology platforms and software products. I am also pleased to report PAR’s Government segment revenues grew nearly 13% in the quarter compared to last year and has returned to a positive revenue trajectory.”

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

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