PAR Technology (PAR) Reports Q1 EPS of $0.00

PAR Technology (NYSE: PAR) reported Q1 EPS of $0.00, versus ($0.04) reported last year. Revenue for the quarter came in at $59.6 million, versus $56.5 million reported last year.

The Company also announced it continues to review strategic and operational improvements involving its hospitality segment. The Company, in an assessment of its operations and global delivery of its restaurant technology solutions, has initiated a restructuring to be more aligned with U.S. based operations. This reorganization is expected to increase efficiencies and reduce operating costs. In connection with these changes, PAR will recognize a pre-tax charge in this year’s second fiscal quarter of approximately $500,000. These initiatives are expected to provide ongoing annual savings of at least $2 million. The Company will continue to make necessary changes in its Hospitality segment to improve long-term shareholder value through improved profitability and cash flow.

“This year is off to a solid start with increased momentum in our business, led by growth in both our segments,” said Ronald J. Casciano, Chief Executive Officer & President of PAR Technology. “Our diversification strategy continues to gain traction, evidenced by the recently announced selection of our complete POS “Cloud” solution by Sonny’s BBQ® and the continued strength we see in our distribution channel revenues. We are encouraged with our performance in the quarter and we remain focused on the efficiency and management of our operations.”

Casciano continued, “The strategic realignment we announced this morning demonstrates the steps we continue to take as a Company to lower our operating costs and improve our financial performance. These actions will position us to create greater operating leverage. The realignment better-positions our Company to sharpen our strategic focus, optimize investments and execute on long-term growth and profitability objectives.”

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

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