PAR Technology reports 3Q loss, blaming trouble in hospitality industry linked to recession
By APMonday, October 26, 2009
PAR reports loss as restaurant industry scrimps
NEW HARTFORD, N.Y. — Restaurant software maker PAR Technology Corp. said Monday it fell to a third-quarter loss from a year-ago profit as the recession forced its clients to tighten their belts.
PAR, in a statement, blamed the results on the lingering recession and rising unemployment rates around the world. The company said its clients in the hospitality industry are uncertain about the future, and some are still having trouble getting access to credit.
The company posted a loss of $778 million, or 5 cents per share, compared with a profit of $828 million, or 6 cents per share, a year ago. Analysts surveyed by Thomson Reuters had expected profit of 5 cents per share, on average.
Revenue fell to $49.9 million from nearly $58 million in the third quarter of 2008.
The company said it is trying to cut costs and expects business to improve next year as more restaurants delve into new technology.
The stock ended earlier down 21 cents, or 3.4 percent, at $6 on Monday.
