SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 2000. Commission File Number 1-9720
OR
[ ] TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From __________ to __________
Commission File Number __________
PAR TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 16-1434688
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
PAR Technology Park
8383 Seneca Turnpike
New Hartford, NY 13413-4991
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (315) 738-0600
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
The number of shares outstanding of registrant's common stock, as of July
31, 2000 - 7,799,805 shares.
<PAGE>
PAR TECHNOLOGY CORPORATION
TABLE OF CONTENTS
FORM 10-Q
PART 1
FINANCIAL INFORMATION
Item Number
-----------
Item 1. Financial Statements
- Consolidated Statement of Income for
the Three and Six Months Ended June 30, 2000 and 1999
- Consolidated Statement of Comprehensive Income for
the Three and Six Months Ended June 30, 2000 and 1999
- Consolidated Balance Sheet at
June 30, 2000 and December 31, 1999
- Consolidated Statement of Cash Flows
for the Six Months Ended June 30, 2000 and 1999
- Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Signatures
Exhibit Index
<PAGE>
Item 1.
Financial Statements
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(In Thousands Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net revenues:
Product ........................... $ 10,419 $ 24,319 $ 16,931 $ 46,364
Service ........................... 7,865 9,422 14,552 18,088
Contract .......................... 6,030 5,210 12,082 10,245
-------- -------- -------- --------
24,314 38,951 43,565 74,697
-------- -------- -------- --------
Costs of sales:
Product ........................... 8,248 15,907 13,556 29,585
Service ........................... 7,424 8,219 14,104 16,285
Contract .......................... 5,618 4,796 11,313 9,552
-------- -------- -------- --------
21,290 28,922 38,973 55,422
-------- -------- -------- --------
Gross margin ................ 3,024 10,029 4,592 19,275
-------- -------- -------- --------
Operating expenses:
Selling, general and administrative 5,601 5,757 12,070 11,496
Research and development .......... 2,422 2,335 4,525 4,548
-------- -------- -------- --------
8,023 8,092 16,595 16,044
-------- -------- -------- --------
Income (loss) from operations .......... (4,999) 1,937 (12,003) 3,231
Other income, net ...................... 108 47 97 96
Interest expense ....................... (231) (150) (355) (267)
-------- -------- -------- --------
Income (loss) before provision for
income taxes ...................... (5,122) 1,834 (12,261) 3,060
Provision (benefit) for income taxes ... (1,870) 660 (4,486) 1,120
-------- -------- -------- --------
Net income (loss) ...................... $ (3,252) $ 1,174 $ (7,775) $ 1,940
======== ======== ======== ========
Basic and Diluted earnings (loss)
per common share .................. $ (.41) $ .14 $ (.98) $ .23
======== ======== ======== ========
Weighted average shares outstanding
Diluted ........................... 7,863 8,546 7,949 8,575
======== ======== ======== ========
Basic ............................. 7,863 8,414 7,949 8,448
======== ======== ======== ========
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net income (loss) ...................... $(3,252) $ 1,174 $(7,775) $ 1,940
Other comprehensive income (loss),
net of tax:
Foreign currency translation
adjustments ........................ (439) 42 (474) (37)
------- ------- ------- -------
Comprehensive income (loss) ............ $(3,691) $ 1,216 $(8,249) $ 1,903
======= ======= ======= =======
</TABLE>
<PAGE>
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In Thousands Except Share Amounts)
<TABLE>
<CAPTION>
June 30,
2000 December 31,
Assets (Unaudited) 1999
----------- -----------
<S> <C> <C>
Current Assets:
Cash ................................ $ 364 $ 953
Accounts receivable-net ............. 28,864 37,436
Inventories ......................... 28,694 28,164
Income tax refund claims ............ 947 133
Deferred income taxes ............... 6,775 3,442
Other current assets ................ 2,391 2,042
-------- --------
Total current assets ............ 68,035 72,170
Property, plant and equipment - net ...... 10,882 11,470
Other assets ............................. 4,244 4,467
-------- --------
$ 83,161 $ 88,107
======== ========
Liabilities and Shareholders' Equity
Current Liabilities:
Notes payable ....................... $ 10,151 $ 4,984
Current portion of long-term debt ... 48 -
Accounts payable .................... 4,445 7,800
Accrued salaries and benefits ....... 4,593 4,746
Accrued expenses .................... 1,976 2,497
Deferred service revenue ............ 6,493 5,478
-------- --------
Total current liabilities ....... 27,706 25,505
-------- --------
Deferred income taxes .................... 379 459
-------- --------
Long-term debt ........................... 2,348 -
-------- --------
Shareholders' Equity:
Common stock, $.02 par value,
19,000,000 shares authorized;
9,516,711 shares issued
7,804,605 and 8,059,805 outstanding 190 190
Preferred stock, $.02 par value,
1,000,000 shares authorized ....... - -
Capital in excess of par value ...... 28,071 28,071
Retained earnings ................... 34,416 42,191
Accumulated comprehensive loss ...... (1,238) (764)
Treasury stock, at cost,
1,712,106 and 1,456,906 shares .... (8,711) (7,545)
-------- --------
Total shareholders' equity ...... 52,728 62,143
-------- --------
$ 83,161 $ 88,107
======== ========
</TABLE>
<PAGE>
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
For the six months
ended June 30,
------------------
2000 1999
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) .................................... $(7,775) $ 1,940
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ...................... 1,766 1,311
Provision for obsolete inventory ................... 2,268 1,855
Translation adjustments ............................ (474) (37)
Increase (decrease) from changes in:
Accounts receivable-net .......................... 8,572 3,704
Inventories ...................................... (2,798) (6,557)
Income tax refund claims ......................... (814) -
Other current assets ............................. (349) (85)
Other assets ..................................... - (50)
Accounts payable ................................. (3,355) (2,227)
Accrued salaries and benefits .................... (153) 677
Accrued expenses ................................. (521) 212
Income taxes payable ............................. - 1,752
Deferred service revenue ......................... 1,015 1,427
Deferred income taxes ............................ (3,413) (416)
------- -------
Net cash provided (used) by operating activities (6,031) 3,506
------- -------
Cash flows from investing activities:
Capital expenditures ............................... (393) (936)
Capitalization of software costs ................... (562) (189)
------- -------
Net cash used in investing activities ........... (955) (1,125)
------- -------
Cash flows from financing activities:
Net borrowing (payments) under
line-of-credit agreements ....................... 5,167 (1,761)
Proceeds from the issuance of long-term debt ....... 2,396 -
Acquisition of treasury stock ...................... (1,166) (878)
------- -------
Net cash provided (used) in financing activities 6,397 (2,639)
------- -------
Net decrease in cash and cash equivalents ........... (589) (258)
Cash and cash equivalents at beginning of year ...... 953 1,298
------- -------
Cash and cash equivalents at end of period .......... $ 364 $ 1,040
======= =======
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest ........................................... $ 338 $ 265
Income taxes, net of refunds ....................... (216) (292)
</TABLE>
<PAGE>
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The statements for the three and six months ended June 30, 2000 and 1999
are unaudited; in the opinion of the Company such unaudited statements
include all adjustments (which comprise only normal recurring accruals)
necessary for a fair presentation of the results for such periods. The
consolidated financial statements for the year ending December 31, 2000 are
subject to adjustment at the end of the year when they will be audited by
independent accountants. The results of operations for the three and six
months ended June 30, 2000 are not necessarily indicative of the results of
operations to be expected for the year ending December 31, 2000. The
consolidated financial statements and notes thereto should be read in
conjunction with the financial statements and notes for the years ended in
December 31, 1999 and 1998 included in the Company's December 31, 1999
Annual Report to the Securities and Exchange Commission on Form 10-K.
2. Inventories are used in the manufacture and service of Transaction
Processing products. The components of inventory, net of related reserves,
consist of the following:
<TABLE>
<CAPTION>
(In Thousands)
--------------
June 30, December 31,
2000 1999
------- -----------
<S> <C> <C>
Finished goods ........... $ 7,078 $ 6,886
Work in process .......... 2,706 2,763
Component parts .......... 6,615 6,001
Service parts ............ 12,295 12,514
------- -------
$28,694 $28,164
======= =======
</TABLE>
At June 30, 2000 and December 31, 1999, the Company had recorded reserves
for obsolete inventory of $2,841,000 and $2,208,000, respectively.
<PAGE>
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
3. The Company's reportable segments are strategic business units that have
separate management teams and infrastructures that offer different products
and services. The Company has three reportable segments. The Transaction
Processing segment offers integrated solutions to the restaurant and
manufacturing/warehousing industries. These offerings include industry
leading hardware and software applications utilized at the point-of-sale,
back of store, corporate office and in the manufacturing/warehousing
environment. This segment also offers customer support including field
service, installation, twenty-four hour telephone support and depot repair.
The Government segment designs and implements advanced technology computer
software systems primarily for military and intelligence agency
applications. It provides services for operating and maintaining certain
U.S. Government-owned test sites, and for planning, executing and
evaluating experiments involving new or advanced radar systems. The Vision
segment designs, manufactures, sells, installs and services image
processing systems for the food-processing industry. Inter-segment sales
and transfers are not material.
<PAGE>
Information as to the Company's operations in these three segments is set
forth below (in thousands):
<TABLE>
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Transaction Processing .. $ 18,225 $ 33,369 $ 31,170 $ 63,989
Government .............. 6,030 5,210 12,082 10,245
Vision .................. 59 372 313 463
-------- -------- -------- --------
Total ............. $ 24,314 $ 38,951 $ 43,565 $ 74,697
======== ======== ======== ========
Income (loss) from operations:
Transaction Processing .. $ (5,206) $ 1,511 $(12,064) $ 2,787
Government .............. 412 414 491 648
Vision .................. (205) 12 (430) (204)
-------- -------- -------- --------
(4,999) 1,937 (12,003) 3,231
Other income, net ............ 108 47 97 96
Interest expense ............. (231) (150) (355) (267)
-------- -------- -------- --------
Income (loss) before provision
for income taxes ........ $ (5,122) $ 1,834 $(12,261) $ 3,060
======== ======== ======== ========
Depreciation and amortization:
Transaction Processing .. $ 707 $ 525 $ 1,403 $ 1,038
Government .............. 26 46 60 75
Vision .................. 8 12 16 24
Corporate ............... 113 90 287 174
-------- -------- -------- --------
Total ............. $ 854 $ 673 $ 1,766 $ 1,311
======== ======== ======== ========
Capital expenditures:
Transaction Processing .. $ 118 $ 204 $ 118 $ 440
Government .............. - 197 61 197
Vision .................. 7 7 10 34
Corporate ............... 155 223 204 265
-------- -------- -------- --------
Total ............. $ 280 $ 631 $ 393 $ 936
======== ======== ======== ========
The following table presents revenues by geographic area based on the
location of the use of the product or services.
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
United States ................ $ 19,870 $ 33,136 $ 36,353 $ 64,881
Other Countries .............. 4,444 5,815 7,212 9,816
-------- -------- -------- --------
Total $ 24,314 $ 38,951 $ 43,565 $ 74,697
======== ======== ======== =========
</TABLE>
<PAGE>
Customers comprising 10% or more of the Company's total revenues are
summarized as follows:
<TABLE>
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Transaction Processing Segment:
McDonald's Corporation ... 35% 42% 29% 46%
Tricon Corporation ....... 20% 23% 21% 21%
Government Segment:
Department of Defense .... 25% 13% 28% 14%
All Others .................... 20% 22% 22% 19%
--- --- --- ---
100% 100% 100% 100%
=== === === ===
<CAPTION>
June 30, December 31,
2000 1999
------- -----------
<S> <C> <C>
Identifiable assets:
Transaction Processing.......... $70,964 $76,780
Government ..................... 6,515 6,036
Vision ......................... 982 1,112
Corporate ...................... 4,700 4,179
------- -------
Total .................... $83,161 $88,107
======= =======
</TABLE>
The following table presents property by geographic area based on the
location of the asset.
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
------- -----------
<S> <C> <C>
United States .............. $76,234 $77,438
Other Countries ............ 6,927 10,669
------- -------
Total ................ $83,161 $88,107
======= =======
</TABLE>
<PAGE>
Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30, 2000
COMPARED WITH
QUARTER ENDED JUNE 30, 1999
The Company reported revenues of $24.3 million for the second quarter ended
2000, a decrease of 38% from the $39 million reported in 1999. The Company
recorded a net loss of $3.3 million or a diluted loss per share of $.41 for
2000. This compares to net income of $1.2 million or diluted earnings per share
of $.14 for 1999.
Product revenues were $10.4 million in 2000, a decrease of 57% from the
$24.3 million recorded in 1999. This decline is attributed to ongoing delays in
the release of PAR's restaurant management software, as well as the release and
market acceptance of third party software products. Sales to McDonald's
Corporation were lower in 2000 compared to last year due to the completion of
their "Made for You" initiative. Product sales to other restaurant customers
were also down reflecting a general slow down of sales activities in this
market.
Customer service revenues were $7.9 million in 2000, a decrease of 17% from
the $9.4 million in 1999. The primary reason was lower installation revenue
which is directly related to the decreased product revenue discussed above. The
Company's service offerings include installation, twenty-four hour help desk
support and various field and on-site service options.
Contract revenues were $6 million in 2000, an increase of 16% when compared
to the $5.2 million recorded in the same period in 1999. This growth was
primarily due to the startup of a recently awarded four-year, $24 million Navy
contract to operate and maintain communications in support of the Pacific Fleet.
Additionally, the Company was recently awarded a $4.5 million contract with the
US Navy to provide telecommunications support to the Naval Computer and
Telecommunications Detachment located in Brunswick, Maine. These contracts will
contribute to revenue growth throughout the remainder of 2000.
Product margins were 21% for 2000 compared to 35% for the same period in
1999. This decrease resulted from absorption of fixed manufacturing costs on a
very low product volume as discussed above.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30, 2000
COMPARED WITH
QUARTER ENDED JUNE 30, 1999
Customer service margins were 6% in 2000 compared to 13% for the same
period in 1999. The service margins were down primarily due to a loss in
installation activities caused by lower than anticipated product sales.
Additionally, margins realized in the depot repair process were lower in 2000
when compared to 1999.
Contract margins were 7% in 2000 compared to 8% for the same period in
1999. The difference in margins is due to a minor change in contract mix.
Margins on the Company's government contract business typically run between 5%
and 6%.
Selling, general and administrative expenses were $5.6 million in 2000
versus $5.8 million for the same period in 1999, a decrease of 3%. The decline
is primarily due to lower selling expense in the Restaurant business which is
directly related to lower product revenues.
Research and development expenses were $2.4 million in 2000, an increase of
4% from the $2.3 million recorded for the same period in 1999. This increase is
the result of the Company's investment in its new iN.fusion software suite for
its restaurant customers and its investment in enterprise solutions for its
manufacturing/warehousing customers. This increase was partially offset by the
amount of software development costs capitalized in accordance with Statement of
Financial Accounting Standards No. 86, Accounting for the Costs of Computer
Software to be Sold, Leased or Otherwise Marketed. Research and development
costs attributable to government contracts are included in cost of contract
revenues.
Interest expense represents interest charged on the Company's short-term
borrowing requirements from banks and from the recently acquired long-term debt.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
COMPARED WITH
SIX MONTHS ENDED JUNE 30, 1999
The Company reported revenues of $43.6 million for the six months ended
2000, a decrease of 42% from the $74.7 million reported in 1999. The Company
recorded a net loss of $7.8 million or diluted loss per share of $.98 for 2000.
This compares to net income of $1.9 million or diluted earnings per share of
$.23 for 1999.
Product revenues were $16.9 million in 2000, a decrease of 63% from the
$46.4 million recorded in 1999. This decline is attributed to ongoing delays in
the release of PAR's restaurant management software, as well as the release and
market acceptance of third party software products. The first half of 1999 was a
record for the Company with sales especially strong to McDonald's Corporation
due to the requirements of their "Made for You" initiative. This program was
completed in 1999.
Customer service revenues were $14.6 million in 2000, a decrease of 20%
from the $18.1 million in 1999. The primary reason was lower installation
revenue and supply sales which are directly related to the decreased product
revenue discussed above.
Contract revenues were $12.1 million in 2000, an increase of 18% when
compared to the $10.2 million recorded in the same period in 1999. This growth
was primarily due to the Navy contract to operate and maintain communications in
support of the Pacific Fleet and an increase in software development work for
the Department of Defense.
Product margins were 20% for 2000 compared to 36% for the same period in
1999. Product margins have been below normal for the first half of 2000 due to
absorption of fixed manufacturing costs on a very low product volume as
discussed above.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
COMPARED WITH
SIX MONTHS ENDED JUNE 30, 1999
Customer service margins were 3% in 2000 compared to 10% for the same
period in 1999. The service margins were down primarily due to a loss in
installation activities caused by lower than anticipated product sales.
Additionally, the provision for excess and obsolete inventory was higher in 2000
when compared to 1999. The Company is continuing its investments in service
personnel, training and service integration and help desk capabilities.
Contract margins were 6% in 2000 compared to 7% for the same period in
1999. Margins on the Company's government contract business typically run
between 5% and 6%.
Selling, general and administrative expenses were $12.1 million in 2000
versus $11.5 million for the same period in 1999, an increase of 5%. The
increase is the result of a one-time early retirement program offered to
eligible employees in the first quarter of 2000. Additionally, administrative
expenses related to the recently installed service management system increased.
This was partially offset by a reduction in sales and marketing expenses
directly related to the decline in product revenue.
Research and development expenses were $4.5 million in 2000, virtually
unchanged from the same period in 1999. The Company is continuing its investment
in enterprise solutions for both its restaurant and manufacturing/warehousing
customers. This investment was offset by the amount of software development
costs capitalized in accordance with Statement of Financial Accounting Standards
No. 86, Accounting for the Costs of Computer Software to be Sold, Leased or
Otherwise Marketed.
Interest expense represents interest charged on the Company's short-term
borrowing requirements from banks and from the recently acquired long-term debt.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
COMPARED WITH
SIX MONTHS ENDED JUNE 30, 1999
Liquidity and Capital Resources
Cash used by operating activities was $6 million for the six months ended
June 30, 2000, compared to cash provided by operating activities of $3.5 million
in 1999. During 2000, cash flow was adversely affected by the operating loss, a
build up in inventory in anticipation of future demands and the timing of vendor
payments. This was partially offset by the $8.6 million reduction in accounts
receivable. During 1999, cash flow benefited from the collection of accounts
receivable, net income for the period and the federal income tax refund. This
was partially offset by the increase in inventory levels in anticipation of
future demand and to meet the growing service parts requirements as the
Company's customer base increases.
Cash used in investing activities was $1 million for the first six months
of 2000 compared to $1.1 million in 1999. In the first six months of 2000, the
most significant investing activity was the $562,000 capitalization of software
costs. In 1999, funds were used for capital expenditures for the upgrade to the
Company's customer service center, for PC equipment and for research and
development equipment.
Cash provided by financing activities was $6.4 million for the six months
ended June, 2000 compared to cash used of $2.6 million in 1999. In 2000, the
Company increased its line-of-credit borrowings by $5.2 million and secured a
mortgage on a portion of its headquarter facilities. This was partially offset
by the repurchase of 255,200 shares of its stock for $1.2 million. In 1999, the
Company reduced its lines of credit borrowings by $1.8 million. The Company also
repurchased 137,300 shares of its stock for $878,000.
The Company has line-of-credit agreements, which aggregate $27.5 million
with certain banks, of which $17.3 million were unused at June 30, 2000. The
Company believes that it has adequate financial resources to meet its future
liquidity and capital requirements.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
COMPARED WITH
SIX MONTHS ENDED JUNE 30, 1999
Other Matters
Inflation had little effect on revenues and related costs during the first
six months of 2000. Management anticipates that margins will be maintained at
acceptable levels to minimize the effects of inflation, if any.
The Company has total interest bearing short-term debt of approximately
$10.2 million at June 30, 2000. Management believes that increases in short-term
rates could have an adverse effect on the Company's 2000 results.
Management believes that foreign currency fluctuations should not have a
significant impact on gross margins due to the low volume of business affected
by foreign currencies.
Important Factors Regarding Future Results
Information provided by the Company, including information contained in
this report, or by its spokespersons from time to time may contain
forward-looking statements. Forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that all forward-looking statements involve risks and
uncertainties, including without limitation, further delays in new product
introduction, risks in technology development and commercialization, risks in
product development and market acceptance of and demand for the Company's
products, risks of downturns in economic conditions generally, and in the quick
service sector of the restaurant market specifically, risks of intellectual
property rights associated with competition and competitive pricing pressures,
risks associated with foreign sales and high customer concentration, Year 2000
compliance risks and other risks detailed in the Company's filings with the
Securities and Exchange Commission.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
List of Exhibits
Exhibit No. Description of Instrument
----------- -------------------------
11 Statement re computation of per-share earnings
Reports on Form 8-K
None during the second quarter of 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PAR TECHNOLOGY CORPORATION
--------------------------
(Registrant)
Date: August 10, 2000
RONALD J. CASCIANO
------------------
Ronald J. Casciano
Vice President, Chief Financial Officer
and Treasurer
