Par Technology posts 4th-quarter loss, hurt by charges, sales decline
By APFriday, February 12, 2010
Par Technology posts 4Q loss on charges
NEW HARTFORD, N.Y. — PAR Technology Corp., which makes software, hardware and services for hotels and restaurants, posted a fourth-quarter loss Friday, weighed by charges and a revenue decline.
The company posted a net loss of $4.9 million, or 33 cents per share, after a profit of $1.5 million, or 10 cents per share, in the same period a year earlier.
Adjusted earnings were 4 cents per share and excluded charges for job cuts and inventory write-downs.
Revenue fell 11 percent to $58.2 million from $65.4 million.
“The global economic environment represented a significant challenge for PAR throughout 2009,” said John W. Sammon, chairman and CEO, in a statement. “Although difficult in scope, we see improving stability in our markets and look forward to a much improved 2010.”
For all of 2009, the company posted a loss of $5.2 million, or 36 cents per share, down from a profit of $2.2 million, or 15 cents per share, a year earlier.
Adjusted earnings were 2 cents per share.
Revenue slid 4 percent to $223 million.
Shares rose 8 cents to $6.01.
