NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) today reported a net loss from continuing operations of $989,000, or 6 cents per share, in the first quarter that ended March 31.
That figure is worse than the net loss from continuing operations of $369,000, or 2 cents per share, that PAR reported in the year-ago quarter.
Based in New Hartford, PAR provides hardware and software to the hospitality industry. PAR’s government business offers computer-based system design, engineering, and technical services to the U.S. Department of Defense and various federal agencies.
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PAR Technology generated revenue of more than $56 million during the first quarter, down from more than $66 million during the year-earlier period.
The first-quarter results reflect a decline in revenue as the firm “periodically [experiences] volatility” regarding the timing of product deployments with certain major customers within its hospitality business, Ronald Casciano, president and CEO of PAR Technology, said in the earnings release.
PAR’s task orders on its ISR (intelligence, surveillance, and reconnaissance) contracts with the U.S. Department of Defense also experienced “volatility,” Casciano said.
Despite the revenue “challenges,” PAR has continued its cost-reduction initiatives to “help manage through this volatility,” he said.
“Although our first quarter results were challenging, we have continued our investment in new technologies associated with both our hospitality and government businesses. While these investments impact profitability, they are essential for the company’s long-term growth,” he added.
PAR Technology shares were trading up 10 cents at $4.93 per share near the close of regular trading this afternoon, according to Yahoo Finance data.
Contact Reinhardt at ereinhardt@cnybj.com
