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<SEC-DOCUMENT>0000914317-08-001951.txt : 20080728
<SEC-HEADER>0000914317-08-001951.hdr.sgml : 20080728
<ACCEPTANCE-DATETIME>20080728094916
ACCESSION NUMBER:		0000914317-08-001951
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080728
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20080728
DATE AS OF CHANGE:		20080728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR TECHNOLOGY CORP
		CENTRAL INDEX KEY:			0000708821
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				161434688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1207

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09720
		FILM NUMBER:		08972094

	BUSINESS ADDRESS:	
		STREET 1:		PAR TECHNOLOGY PARK
		STREET 2:		8383 SENECA TURNPIKE
		CITY:			NEW HARTFORD
		STATE:			NY
		ZIP:			13413
		BUSINESS PHONE:		3157380600
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-93915_par.txt
<DESCRIPTION>8-K
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported): July 28, 2008



                           PAR TECHNOLOGY CORPORATION
                           --------------------------
             (Exact name of registrant as specified in its charter)



   Delaware                         1-09720                    16-1434688
   --------                         -------                    ----------
(State or other                (Commission File             (I.R.S. Employer
jurisdiction of                     Number)                  incorporation or
organization)                                             Identification Number)



         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


                                 Not Applicable
                                 --------------
         (Former Name or Former Address, if changed since Last Report)

<PAGE>

Item 2.02 Results of Operations and Financial Condition.

(a)  The information, including Exhibits attached hereto, in this Current Report
     is being  furnished  and shall not be deemed  "filed"  for the  purposes of
     Section 18 of the Securities and Exchange Act of 1934, or otherwise subject
     to the liabilities of that Section.  The information in this Current Report
     shall not be incorporated by reference into any  registration  statement or
     other document  pursuant to the Securities Act of 1933, as amended,  except
     as otherwise expressly stated in such filing.

(b)  On July  28,  2008,  PAR  Technology  Corporation  issued  a press  release
     announcing  its results of operation for the  quarterly  period ending June
     30,  2008. A copy of the press  release is attached  hereto as Exhibit 99.1
     and is incorporated herein by reference.



99.1 Press Release dated July 28, 2008.


<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:  July 28, 2008


                                         /s/Ronald J. Casciano
                                         ---------------------------------------
                                         Ronald J. Casciano
                                         Vice President, Chief Financial Officer
                                         and Treasurer



<PAGE>

                                  EXHIBIT INDEX


Exhibit Number                        Description
- --------------                        -----------

   99.1                 Press Release dated July 28, 2008.




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.txt
<DESCRIPTION>EX-99.1
<TEXT>


Exhibit 99.1  Press Release dated July 28, 2008.




RELEASE:                 NEW HARTFORD, NY, July 28, 2008
CONTACT:                 Christopher R. Byrnes (315) 738-0600 ext. 226
                         cbyrnes@partech.com,  www.partech.com


                           PAR TECHNOLOGY CORPORATION

                            -SECOND QUARTER RESULTS-

- -- Revenues grow 15% to record $57.2 million
        ----------------------------------------------------------------
             NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC)

New Hartford,  NY--July 28, 2008--PAR Technology  Corporation  (NYSE:PTC - News)
today announced results for the second quarter ended June 30, 2008.

PAR reported  record second quarter  revenues of $57.2  million,  a 15% increase
from the $49.9  million  reported in the same  period a year ago.  Net income of
$674,000 was reported for the second  quarter 2008,  compared with a net loss of
$1 million in the second quarter of 2007.  Diluted earnings per share were $0.05
for the second  quarter of 2008,  compared to a diluted  loss per share of $0.07
for the second quarter of last year.

For the six months  ended June 30, 2008,  PAR  Technology  Corporation  reported
revenues of $109.3 million,  a 12% increase from the $97.7 million  reported one
year ago. The Company reported a net loss of $71,000 for the first six months of
2008  versus a net loss of $2.3  million  reported  for the first six  months of
2007,  that  resulted in ($0.00)  per  diluted  share in 2008 and $0.16 loss per
diluted share over the same period in 2007.

John W. Sammon,  PAR Chairman & CEO  commented,  "Despite  challenging  economic
conditions,  we achieved record top line results and modest profitability during
the second  quarter as our  long-term  growth  drivers  began to yield  positive
results.  Our performance  during the quarter reflects the continued  resiliency
and  strength  of our  market  segments  including  QSR  restaurants,  high  end
hotels/spas  and  government  customers  against  the  backdrop  of a  difficult
consumer  environment.  Our government business continues to perform well and we
anticipate a favorable  trend in all of our business  segments  going  forward."

Sammon  continued,  "Our  turnaround  financial  performance is testament to the
commitment  of our  employees  and is  further  evidence  of the  importance  of
integrated solutions in the hospitality marketplace.  We believe we have set the
infrastructure  in place to allow for  continued  success in the long term.  Our
level of confidence in achieving our  expectations for the year has increased as
we continue to grow  revenues  from our expanded  hospitality  customer base and
strong trends in our government contracting business."

Certain Company information in this release or by its spokespersons from time to
time may contain  forward-looking  statements.  Any  statements in this document
that  do  not  describe   historical  facts  are   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,  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, and other risks detailed in the Company's
filings with the Securities and Exchange Commission.

ABOUT PAR TECHNOLOGY

PAR Technology  Corporation  creates and markets  products that help hospitality
operators  around the world to better  manage money,  materials,  people and the
guest  experience.  PAR has  provided  hardware,  software  and  services to the
world's  largest  restaurant  chains and their  franchisees for almost 30 years.
Today the Company's  extensive  offering includes  technology  solutions for the
full spectrum of hospitality  operations,  from boutique  hotels and independent
table  service  restaurants  to  international  QSR chains,  all backed by PAR's
global  service  network.  The  Company  has over  45,000  installations  in 105
countries  worldwide.  PAR is also a leader in providing  computer-based  system
design  and  engineering  services  to the  Department  of Defense  and  Federal
Government  Agencies.  PAR Technology  Corporation's  stock is traded on the New
York  Stock  Exchange  under the  symbol  PTC.  For more  information  visit the
Company's website at www.partech.com.




<PAGE>

                   PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share amounts)
                                   (unaudited)

                                                          June 30,  December 31,
                                                            2008        2007
                                                          -------   ------------
Assets
Current assets:
     Cash and cash equivalents .........................  $   3,357   $   4,431
     Accounts receivable-net ...........................     45,568      43,608
     Inventories-net ...................................     40,808      40,319
     Income tax refunds ................................      1,352         521
     Deferred income taxes .............................      5,039       5,630
     Other current assets ..............................      3,454       3,370
                                                          ---------   ---------
         Total current assets ..........................     99,578      97,879
Property, plant and equipment - net ....................      7,401       7,669
Deferred income taxes ..................................        443         503
Goodwill ...............................................     26,798      26,998
Intangible assets - net ................................      9,263       9,899
Other assets ...........................................      1,978       3,570
                                                          ---------   ---------
              Total Assets .............................  $ 145,461   $ 146,518
                                                          =========   =========
Liabilities and Shareholders' Equity
Current liabilities:
     Current portion of long-term debt .................  $     917   $     772
     Borrowings under lines of credit ..................      7,862       2,500
     Accounts payable ..................................     11,746      16,978
     Accrued salaries and benefits .....................      9,286       9,919
     Accrued expenses ..................................      3,241       3,860
     Customer deposits .................................      4,089       3,898
     Deferred service revenue ..........................     14,260      14,357
                                                          ---------   ---------
         Total current liabilities .....................     51,401      52,284
                                                          ---------   ---------
Long-term debt .........................................      6,430       6,932
                                                          ---------   ---------
Other long-term liabilities ............................      2,319       2,315
                                                          ---------   ---------
 Shareholders' Equity:
     Preferred stock, $.02 par value,
       1,000,000 shares authorized .....................       --          --
     Common stock, $.02 par value,
       29,000,000 shares authorized;
       16,098,818 and 16,047,818 shares issued;
       14,446,063 and 14,395,063 outstanding ...........        322         321
     Capital in excess of par value ....................     39,610      39,252
     Retained earnings .................................     50,380      50,451
     Accumulated other comprehensive income ............        508         472
     Treasury stock, at cost, 1,652,755 shares .........     (5,509)     (5,509)
                                                          ---------   ---------
         Total shareholders' equity ....................     85,311      84,987
                                                          ---------   ---------
              Total Liabilities and Shareholders' Equity  $ 145,461   $ 146,518
                                                          =========   =========


<PAGE>
<TABLE>
<CAPTION>

                   PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)
                                   (unaudited)

                                                      For the three months    For the six months
                                                          ended June 30,         ended June 30,
                                                     ---------------------   ---------------------
                                                        2008        2007       2008          2007
                                                     ---------   ---------   ---------   ---------

<S>                                                  <C>         <C>         <C>         <C>
Net revenues:
     Product ......................................  $  20,751   $  18,320   $  37,648   $  35,026
     Service ......................................     17,729      16,100      34,144      31,629
     Contract .....................................     18,754      15,452      37,549      31,053
                                                     ---------   ---------   ---------   ---------
                                                        57,234      49,872     109,341      97,708
                                                     ---------   ---------   ---------   ---------
Costs of sales:
     Product ......................................     12,612      10,699      22,037      21,007
     Service ......................................     12,877      11,886      25,360      24,052
     Contract .....................................     17,713      14,652      35,553      29,206
                                                     ---------   ---------   ---------   ---------
                                                        43,202      37,237      82,950      74,265
                                                     ---------   ---------   ---------   ---------

           Gross margin ...........................     14,032      12,635      26,391      23,443
                                                     ---------   ---------   ---------   ---------
Operating expenses:
     Selling, general and administrative ..........      8,742       9,186      17,803      17,895
     Research and development .....................      3,890       4,387       8,011       8,201
     Amortization of identifiable intangible assets        389         394         779         784
                                                     ---------   ---------   ---------   ---------
                                                        13,021      13,967      26,593      26,880
                                                     ---------   ---------   ---------   ---------

Operating income (loss) ...........................      1,011      (1,332)       (202)     (3,437)
Other income, net .................................        229         154         543         394
Interest expense ..................................       (121)       (237)       (470)       (459)
                                                     ---------   ---------   ---------   ---------
Income (loss) before
   provision for income taxes .....................      1,119      (1,415)       (129)     (3,502)
(Provision) benefit for income taxes ..............       (445)        394          58       1,173
                                                     ---------   ---------   ---------   ---------
Net income (loss) .................................  $     674   $  (1,021)  $     (71)  $  (2,329)
                                                     =========   =========   =========   =========
Earnings (loss) per share
     Basic ........................................  $     .05   $    (.07)  $    (.00)  $    (.16)
     Diluted ......................................  $     .05   $    (.07)  $    (.00)  $    (.16)
Weighted average shares outstanding
     Basic ........................................     14,394      14,348      14,386      14,334
                                                     =========   =========   =========   =========
     Diluted ......................................     14,798      14,348      14,386      14,334
                                                     =========   =========   =========   =========
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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