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PAR Technology CEO: profit climbs in 2015, company seeks new CFO
NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) has started business in the year’s second quarter with a search for a new CFO and fresh off another profitable year for the firm. Karen Sammon, president and CEO of PAR Technology, discussed both the dismissal of Michael Bartusek and the firm’s strong financial performance in a […]
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NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) has started business in the year’s second quarter with a search for a new CFO and fresh off another profitable year for the firm.
Karen Sammon, president and CEO of PAR Technology, discussed both the dismissal of Michael Bartusek and the firm’s strong financial performance in a conference call on March 30 after the markets closed.
Based in New Hartford, PAR sells hardware and software to the hospitality industry. Its government business provides computer-based system design, engineering, and technical services to the U.S. Department of Defense and various federal agencies.
Earnings
PAR Technology earned $1.3 million, or 8 cents per share, in the fourth quarter, concluding another profitable year for the company.
The earnings figure compares to a net loss from continuing operations of $1 million, or 7 cents a share, during the same time period in 2014, the company said in its earnings news release issued March 30.
The firm generated sales of nearly $57 million during the fourth quarter, down about 4 percent compared to the $59 million generated during the final quarter of 2014. PAR cites “reductions in task orders” surrounding a contract as a factor in the revenue loss.
For the entire year, PAR Technology earned $4 million, or 26 cents per share, compared to $71,000, or 0 cents a share, in 2014. The firm’s revenue increased 5 percent to $229 million last year.
Sammon said in the release that she is “pleased” to report the improved fourth quarter and year-end results.
“Our restaurant technology business continues to see renewed strength from our Tier 1 customers, evidenced by the 6.6 percent product revenue growth in the fourth quarter when compared to the same period in 2014. We are seeing positive momentum with our cloud solutions, Brink POS and SureCheck, within restaurants and retail/grocery enterprises and are encouraged by the growth in software and software-related revenues in the quarter and for the year,” said Sammon. “PAR Government exceeded our internal plan for profit in the quarter while reporting lower revenues due to the higher than normal amount of task orders received in the fourth quarter [of] 2014 that were not duplicated this year. Our government business ended the year with several new contract awards in the quarter and an improved backlog that provides a solid base for our 2016 plan.”
Sammon’s tenure as CEO began at the start of the year following the retirement of Ronald Casciano.
“As our company’s new CEO, I am pleased with the operational, strategic, and financial progress made by PAR throughout last year and remain keenly focused on enhancing shareholder value,” said Sammon.
CFO dismissal
PAR Technology’s CEO says she is “confident” that the company’s former CFO was “acting alone” in making unauthorized investments, before the company fired him nearly three weeks ago.
Sammon made the comment during PAR’s March 30 conference call.
PAR Technology had announced on March 14 that it fired CFO Michael Bartusek. He was “terminated for cause” in connection with unauthorized investments “made in contravention of the company’s policies and procedures involving company funds,” according to a PAR news release.
“This activity does not involve customer billings, accounts receivables, or accounts payables, nor our operations in any way,” Sammon said in her remarks on the conference call.
The funds totaled less than $900,000. The unauthorized investments occurred during the period between Sept. 25 and Nov. 6 of last year, according to the release.
“Once I became aware of the situation, I notified the audit committee, which took the necessary steps quickly and decisively,” Sammon said.
The committee and the PAR Technology board of directors approved an internal investigation of the matter, which the committee supervised. The investigation is over, but PAR Technology continues to “pursue recovery of the transferred funds,” Sammon added.
“In lieu of the situation, we wrote down $776,000 in the fourth quarter of 2015 … the actual amount of the unauthorized investments,” the PAR Technology CEO added.
PAR Technology reported the matter to federal law-enforcement agencies, including the U.S. Securities and Exchange Commission. It’s also conducting a “thorough review” of its internal controls, according to the release.
The firm’s board of directors has directed Sammon to search for a new CFO. In the meantime, Matthew Trinkaus will continue to serve as PAR’s acting treasurer and principal accounting officer, the company said.
PAR hired Bartusek on July 20, 2015. He filled the position that Ronald Casciano, the firm’s former president and CEO, vacated when the PAR board of directors appointed Casciano to the top position following the resignation of Paul Domorski in March 2013.
Years ago, a commercial appeared on New York City television. It showed a guy tumbling out of bed. The scene was grey, and the commercial was in black and white. The guy yawned and stretched, and scratched and staggered over to a window. He flung it open and stuck his head out. “Tomorrow morning,” a warm
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Years ago, a commercial appeared on New York City television. It showed a guy tumbling out of bed. The scene was grey, and the commercial was in black and white. The guy yawned and stretched, and scratched and staggered over to a window. He flung it open and stuck his head out.
“Tomorrow morning,” a warm voice intoned, “Rise from your bed. Go to your bedroom window. Throw it open. Take a deep breath of the morning air. It will make you sick.”
This was an ad from an outfit that wanted to clean up New York City’s air.
If you gave me the job of creating an ad for cleaning up our politics it would look a lot like that.
A big poll told us recently that two-thirds of registered voters do not believe Donald Trump or Hillary Clinton are honest or trustworthy. In other words, open a window onto our political scene and take a deep breath.
Need I remind you these two candidates are currently their party frontrunners? How exciting. Don’t you envy the teacher who holds mock elections to encourage kids to take pride in our elections? I could envision an exchange like this between a teacher and a student.
Student: “Miss Johnson, why should we vote for somebody we think is dishonest?”
Teacher: “Well, Melanie, it is the American way.”
Student: “You mean like Al Capone and Bugsy Malone? And Boss Tweed?”
Teacher: “Yes, Melanie. You could put it that way.”
Again, just one-third of our nation’s voters believe that the two frontrunners are honest. Isn’t that encouraging? Aren’t you overwhelmed by this tide of reassurance? One-third.
The poll asked voters to use one word to describe how they feel about a Trump or Clinton presidency. You would think they just came out of a showing of the movie “Chainsaw in The Bedroom.”
The words they vomited forth were: “Scared. Disaster. Frightened. Terrified. Horrified. Disappointed.” Yes, Melanie, this is how we feel about our leaders. But, this is much better than how we feel about our Congress.
What little trust we have was kicked in the head recently. After some pressure, John McCain’s charity admitted it took in a million bucks from the Saudi government. That’s right: war hero, Senator Clean.
Student: “Why would a foreign government give so much money to a senator, Miss Johnson?”
Teacher: “Maybe it’s because they want to buy his vote, Melanie.”
Student: “But isn’t it against the law?”
Teacher: “Yes. It is against the law for foreigners and foreign governments to contribute to our elections.”
Student: “But, Miss Johnson …”
Teacher: “Hush, young lady. Let’s stay out of the sewers.”
The Clintons found ways to get around this years ago. They have taken millions of dollars into their foundation from foreign governments and interests. Peddling influence.
Meanwhile, New York City’s current mayor, Bill de Blasio, has established a charity. It is a super-sized tin cup — held under the noses of those who want to deal with the city. Good ole’ pay to play.
My father ran a saloon. After he died, one drinker told me he never liked my father much. “I didn’t mind him being so much smarter than me,” he said. “But did he have to remind me so often?”
In that vein, I think we have to accept that there is some corruption in our politics. But do the politicians have to do it so blatantly? Do they have to shove it in our faces?
A little subtlety is called for — if only for the sake of the kids.
Meanwhile, take a deep breath of our political air. Let me know how it makes you feel. And don’t turn toward anyone you like.
From Tom…as in Morgan.
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta. Several upstate radio stations carry his daily commentary, Tom Morgan’s Money Talk. Contact him at tomasinmorgan.com
Assembly Democrats Walk Away from Ethics Reform
New Yorkers no longer have the patience to be politely dissatisfied with the state’s performance in delivering meaningful ethics reform. They are fed up with the embarrassing headlines about public officials convicted of corruption, taking bribes, embezzling public money, perpetuating sexual harassment, and more. Making matters worse is the fact that even those who break
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New Yorkers no longer have the patience to be politely dissatisfied with the state’s performance in delivering meaningful ethics reform. They are fed up with the embarrassing headlines about public officials convicted of corruption, taking bribes, embezzling public money, perpetuating sexual harassment, and more. Making matters worse is the fact that even those who break the public trust are still able to collect a taxpayer-funded pension.
The list of disgraced public officials is extensive, yet the actions taken by state leaders to enact ethics reform fall devastatingly short. What is it going to take for us to pass the ethics reforms New Yorkers deserve?
After damning poll results were released by Siena College earlier this year, which indicated that 90 percent of New Yorkers believe corruption is a serious problem in the state, the governor included very modest reforms in his original budget proposal in January. Yet here we are, post-budget, and any sign of reforms was entirely removed from the final enacted budget, which was negotiated in secret between the governor and legislative leaders.
It didn’t take a poll for me to act, and I haven’t walked away from my commitment to ethics reform. My Assembly Republican colleagues and I have legislation that the Assembly could take up immediately if the Democrat majority members aren’t sure where to start. They don’t have the best track record with timely ethics reform. It took Assembly Speaker Heastie’s co-called Reform Caucus more than a year to come up with many of the same reforms that my Assembly Republican colleagues and I proposed earlier this year.
I sponsor two critical bills to ensure New York has the toughest ethics laws in the country. The first is the Public Officers Accountability Act, A.4617, which addresses the roots of corruption — the concentration of power among highly influential political leaders, unchecked campaign financing, overall weak ethics laws and punishments, and a lack of independent oversight on public officials. The act creates eight-year term limits for legislative leaders and committee chairs; creates rules about the use of campaign funds, ensuring real consequences for failure to file; creates a new and tougher commission on ethics to correct the failings of entities like the Joint Commission on Public Ethics (JCOPE); and requires more transparency in discretionary state spending.
The second is the Public Pension Forfeiture Act, A.4643A. This legislation would create a public referendum to alter the New York State Constitution to allow public officials to be stripped of their publicly funded pensions if they are convicted of a felony related to their duties. This legislation has some bi-partisan support, so it would make sense for the Assembly Democrat majority to stop blocking passage of this bill. It should come to the floor for a vote.
There are many important matters to be addressed during the remainder of the legislative session, but ethics reform must take priority. If the Assembly majority members allow for the session to adjourn for the year without any such reforms, they will be exposed for their rampant self-interest and voters will respond. Ethics reform is the priority of the people, and we are elected to represent their interests.
Marc W. Butler (R,C,I–Newport) is a New York State Assemblyman for the 118th District, which encompasses parts of Oneida, Herkimer, and St. Lawrence counties, as well as all of Hamilton and Fulton counties. Contact him at butlerm@assembly.state.ny.us

CenterState CEO announces “Business of the Year” recipients during annual meeting
SYRACUSE, N.Y. — CenterState CEO on Wednesday used its annual meeting to honor five area organizations with its “Business of the Year” awards in five
The First National Bank of Groton
The First National Bank of Groton has promoted KELLY GAVITT to VP from lending officer. She began at the bank in 1990 after several years in customer service with businesses in the Ithaca area. Originally employed at the bank as a customer-services representative, she has taken on additional responsibility and was promoted to financial-services consultant
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The First National Bank of Groton has promoted KELLY GAVITT to VP from lending officer. She began at the bank in 1990 after several years in customer service with businesses in the Ithaca area. Originally employed at the bank as a customer-services representative, she has taken on additional responsibility and was promoted to financial-services consultant in 1998, to retail banking officer in 2000, and to assistant VP in 2009. Gavitt is a graduate of the New York Bankers Association Consumer Credit School.
KATHLEEN BARNES has been promoted to VP from manager of the audit and compliance department. She started in 1986 as mortgage-loan analyst at Citizens Savings Bank in Ithaca. Barnes became auditor there in 1987, and joined First National Bank of Groton as auditor in 1992. She was promoted to compliance officer and audit manager in 2000, and in 2005, she also assumed the role of Bank Secrecy Act officer. In 2009, she was promoted to assistant VP. Barnes has a bachelor’s degree in finance from SUNY Geneseo and is a graduate of the New York Bankers Advanced School of Banking.
ANDREW GOBEL has been promoted to VP from finance officer in the Finance and Administration department. He started at the bank in 1998, working part time in various departments while attending school. Gobel worked full time as internal auditor from 2005 until being promoted to finance officer. He holds certifications from the Independent Community Bankers Association as internal auditor and as compliance officer. Gobel graduated from Ithaca College in 2005 with a bachelor’s degree in business administration and is also a graduate of the New York Bankers Advanced School of Banking.
SCOTT BABCOCK was promoted to VP after serving as lending officer. He joined First National Bank of Groton in 2003 as a financial analyst, and then from 2007 to 2011, he worked in the insurance industry. Babcock rejoined the bank in 2011 and was promoted to commercial loan and credit administration officer in 2014. He received a bachelor’s degree in business administration from the Binghamton University School of Management with a concentration in finance and is also a graduate of the New York Bankers Advanced School of Banking.
Elevate Integrated Member Services in Ithaca has promoted STEPHEN KIMBALL into a newly created position in charge of its client development and marketing efforts. He graduated from Lewis and Clark College, earning a bachelor’s degree in history. Prior to joining Elevate, Kimball worked in a wide range of for-profit and not-for-profit organizations, including Tompkins County
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Elevate Integrated Member Services in Ithaca has promoted STEPHEN KIMBALL into a newly created position in charge of its client development and marketing efforts. He graduated from Lewis and Clark College, earning a bachelor’s degree in history. Prior to joining Elevate, Kimball worked in a wide range of for-profit and not-for-profit organizations, including Tompkins County Area Development, Cornell University, and The State Theatre. He brings nearly 20 years of experience in marketing, public relations, fundraising, and business development to his new position.

MEREDITH REESE recently celebrated her two-year anniversary with Jennings Environmental Management, Inc. as an assistant administrator and has now been promoted to executive administrator. She is responsible for administrative operations and field support.
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MEREDITH REESE recently celebrated her two-year anniversary with Jennings Environmental Management, Inc. as an assistant administrator and has now been promoted to executive administrator. She is responsible for administrative operations and field support.

ANDREW PASTERNAK has joined Preferred Mutual Insurance Company as a digital-media specialist. He has more than 11 years of industry experience, most recently operating his own Internet marketing company, Internet Search Rescue. Pasternak earned a bachelor’s degree in mass communication from SUNY Oneonta and a master’s degree in Internet marketing from Full Sail University.
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ANDREW PASTERNAK has joined Preferred Mutual Insurance Company as a digital-media specialist. He has more than 11 years of industry experience, most recently operating his own Internet marketing company, Internet Search Rescue. Pasternak earned a bachelor’s degree in mass communication from SUNY Oneonta and a master’s degree in Internet marketing from Full Sail University.

BENJAMIN BURROWS has joined the Content Digital Operations team at Syracuse Media Group as a web mobile producer. He holds a bachelor’s degree in communications from Lock Haven University in Pennsylvania and a master’s degree in magazine, newspaper, and online journalism from the S.I Newhouse School of Publications at Syracuse University. Burrows was previously a
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BENJAMIN BURROWS has joined the Content Digital Operations team at Syracuse Media Group as a web mobile producer. He holds a bachelor’s degree in communications from Lock Haven University in Pennsylvania and a master’s degree in magazine, newspaper, and online journalism from the S.I Newhouse School of Publications at Syracuse University. Burrows was previously a community engagement specialist at PA Media Group.

The Everson Museum of Art has appointed DJ HELLERMAN as the museum’s new curator of art and programs, beginning April 18. He has more than 12 years’ experience as a curator and senior level manager at arts institutions, private collections, and art galleries. Most recently, Hellerman served as curator and director of exhibitions at Burlington
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The Everson Museum of Art has appointed DJ HELLERMAN as the museum’s new curator of art and programs, beginning April 18. He has more than 12 years’ experience as a curator and senior level manager at arts institutions, private collections, and art galleries. Most recently, Hellerman served as curator and director of exhibitions at Burlington City Arts (BCA), a contemporary art space located in Burlington, Vermont. Prior to his work at BCA, he was registrar for Progressive Corporation’s collection of contemporary art, director of 1point618 Gallery in Cleveland, Ohio, and a student assistant gallery director of the B.K. Smith Gallery in Painesville, Ohio.
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