As The Restaurant Industry Is Scrimping, The PAR Reports Loss

28th October 2009

As in the NEW HARTFORD, N.Y, the company which is the restaurant software maker, PAR Technology Corporation has said this Monday that it has fell to a loss which is third quarter loss from the profits of the previous year. This happened so as the recession has been forcing the clients to tighten up their belts.

The restaurant software making company PAR has said in a statement and has blamed the results of the lingering recession that is going on and the rising of the un-employment rates throughout the world. The company has said that the clients of the company are uncertain in the hospitality industry for the future, and some of them are still having troubles in order to get access to a credit.

The company has posted a loss of an amount of $778 million, or five cents per share, as compared to the profit of the amount $828 million, or six cents per share, that the company had one year ago. On average, the analysts surveyed by Thomson Reuters were expecting a profit of five cents per share.

The revenues fell to $49.9 million from approximately $58 million in third quarter of the year 2008. The company further said that it is trying to cut down the costs and is expecting the business to improve during the next year as more and more restaurants are delving into the new technology. The stock had ended earlier down to 21 cents, or 3.4 percent, at an amount of $6 this Monday.