New Hartford, NY- November 2, 2011 – PAR Technology Corporation (NYSE: PAR) today announced results for the third quarter ended September 30, 2011. PAR reported revenues of $59.8 million and net earnings of $1.2 million or $0.08 per diluted share. This compares with the prior year’s third quarter of $61.2 million in revenues and net earnings of $538,000 or $0.04 per diluted share.
“We continue to make solid progress executing our business plan despite macroeconomic challenges that have caused uncertainty in our targeted markets. While we have shown improvement since the beginning of the year, we are not satisfied with just quarter over quarter growth, but remain focused on building an enhanced and sustainable business model for the future,” commented Paul B. Domorski, Chairman and Chief Executive Officer. “Focusing on strengthening our core strategic initiatives, accelerating our development efforts, and improving our business processes will enable us to improve our operational performance and deliver value to shareholders.”
Mr. Domorski continued, “Our businesses performed consistent with our expectations for the third quarter, with improved bottom-line performance across all segments. The hospitality segment continued to make significant progress toward final development and initial deployment of our NextGen software solutions, specifically the cloud-based ATRIO™ product for hotels. ATRIO continues to receive strong market attention as innovative operators understand the dramatic operational and financial benefits of enterprise level cloud computing. In our restaurant business this past quarter, we were awarded the Technology Vendor of the Year distinction by Subway Restaurants. PAR continues to be recognized by our hospitality customers for our technology innovation, industry leading service, and overall customer commitment. Our Government segment performed well during the quarter, and our momentum continues, as evidenced by our recent award of a $42.5 million, five year contract to support the U.S. Army with Intelligence Surveillance and Reconnaissance (ISR) technologies and services. Our Logistics Management business once again realized year over year revenue growth, and is focused on improving nearterm performance. As we exit 2011, we remain focused on driving growth, improving margins and cash flow and believe our product mix and software solutions position us well heading into 2012.”
Hospitality segment revenues accounted for 72% of consolidated revenues for the third quarter and grew 7% equentially, but declined 3% over the same period of the prior year, due to the benefit to the prior year’s third quarter results of a very large portion of the McDonald’s technology upgrade. Renewed business growth with Yum! Brands offset a portion of the planned decline in McDonald’s revenue as the technology upgrade approached completion. International hospitality revenues grew 13% for the third quarter, as sales increased in Europe, China and Latin merica. PAR continues to expand its channel base for restaurant solutions, as evidenced by an increase in channel revenues of 37% for the third quarter. During the period, 18 new channel partners were signed. Despite uncertain economic conditions in the hotel and resort market, PAR SpringerMiller Systems secured new customers and expanded relationships with existing customers. Operating income for the Hospitality segment improved sharply for the third quarter, increasing 45% compared to the third quarter of 2010, reflecting increased revenues and expense control.
Government segment revenues accounted for 26% of consolidated revenues for the third quarter, and contract backlog totaled $141 million at the end of the period. Quarterly segment revenue declined 2% year over year, reflecting the slow pace at which funding has been authorized for new and renewed contracts. Other notable contracts announced during the third quarter in addition to the above mentioned $42.5 million Army contract included a $3.4 million multi-year contract with the U.S. Navy to operate a telecommunications facility in Jacksonville, FL. Operating income for the Government segment for the third quarter grew 4.6% over the third quarter of 2010.
Third quarter revenues for the Logistics Management segment increased 14% over the third quarter of 2010, reflecting deployment of several fleet systems. In addition, new contract activity accelerated, with robust field trials underway. The business is benefiting from a marked increase in concern for food safety as an expanding range of cold chain monitoring and reporting solutions differentiates PAR in the logistics market. Continued expansion of the installed base, coupled with ongoing improvement of operational capabilities should drive profitability in 2012.
Non-GAAP Financial Measures
Previously, the Company presented second quarter 2011 earnings and earnings per share on a non-GAAP basis, excluding non-recurring charges. Management believed these non-GAAP financial measures provided meaningful supplemental information regarding the Company’s performance, thereby enhancing the ability of investors to evaluate PAR’s results for the periods presented. Please refer to the table below for supplemental information and corresponding reconciliation of
non-GAAP adjusted financial measures to GAAP financial measures for the nine months ended September 30, 2011.
Certain Company information in this release or statements made 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 Corporation
PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. PAR has three operating segments:
- PAR’s Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years. ParTech, Inc. offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. PAR Springer-Miller Systems, Inc. offers hotel management systems that provide a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. PAR Springer-Miller Systems also provides the spa industry a leading management application that was specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality segment. Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums and food service companies.
- PAR’s Government segment is comprised of PAR Government Systems Corporation, which develops and delivers geospatial and full motion video (FMV) solutions to our customers that include federal/state governments and industry, and Rome Research Corporation, which is a leading provider of communications and information technology support services to the United States Department of Defense.
- PAR’s Logistics Management segment provides asset tracking and management solutions to the “cold chain” owners and operators of untethered trailers and intermodal containers, chassis, and gensets. PAR Logistics Management Systems Corporation offers systems to help customers improve operations by accurately monitoring and controlling their assets through state-of-the-art wireless, GPS, cellular communications, satellite communications, sensor, and internet technologies.
Visit www.partech.com for the complete press release with financial tables.
There will be a conference call at 4:30 p.m. eastern time on November 2, 2011, during which the Company’s management will discuss the financial results for the third quarter of 2011. If you would like to participate in this conference please call 1-800-299-7098 approximately 10 minutes before the call is scheduled to begin and use the PAR pass code 84068911. Individual & Institutional Investors will have the opportunity to listen to the conference call/event over the Internet. Individual Investors can listen to the call by visiting PAR’s website at www.partech.com, and through CCBN’s individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’s password-protected site, StreetEvents (www.streetevents.com). In case you are unable to participate in the conference call, an automatic replay will be available on the World Wide Web via www.companyboardroom.com until November 9, 2011 or dial 1-888-286-8010 and use the Pass Code number 35799791 until November 9, 2011 as well.
Wednesday, November 2nd, 2011
EASY – The New Version of EverServ PixelPoint Makes Restaurant Operations Easier
New Hartford, NY – October 25, 2011 – ParTech, Inc. (PAR) today announced the availability of its latest release of PAR EverServ® PixelPoint® V11 POS software, which includes 38 new features and enhancements (27 were direct requests from PAR’s Partner Advisory Board). The latest enhancements to EverServ PixelPoint provide restaurant operators many new tools to increase efficiency and make it easier to manage their business. The new features also provide the foundation to simplify the path for operators to enable future business initiatives. ParTech, Inc. is a wholly owned subsidiary of PAR Technology Corporation (NYSE: PAR).
EverServ PixelPoint V11 continues to deliver on PAR’s Boundless Hospitality® market vision by adding features and capabilities that empower restaurant operators to rapidly implement emerging technologies like mobile loyalty. PixelPoint V11 offers tools that accelerate the process of integrating third party applications and services that bring value to restaurant operators and their customers.
“The advanced reporting capabilities of PixelPoint V11, with more reports featuring more data, gives us the information we need to make better decisions to improve our operations,” said Juan Pablo, Owner of Papi Chulo’s Restaurant in Corpus Christi, TX. “The flexibility of PixelPoint V11’s reporting tool gives us the information we need, when we need it, and in a format that is easy to review and identify trends and exceptions.”
“We are glad we upgraded to PixelPoint V11 to tap into its new enhanced features,” said Karin Juhl, Owner of Charann’s Tavern in Tampa, FL. “We are impressed with PixelPoint V11’s new look and feel, easy-to-use report viewer and the Software Development Kit which will make it easier for us to integrate with some of the new social media trends or other software and hardware technologies. Everything just seems easier!”
“Ease of use has always been a core focus of PAR’s product design principles and PAR EverServ PixelPoint V11 is no exception,” said Scott Langdoc, Chief Technology Officer, ParTech. “The latest enhancements to PixelPoint make both front of house and back of house operations easier and more flexible. Whether it is customizing the theme and button placement of the ordering screens, designing reports, managing back-ups or integrating to third-party applications – everything is now easier.”
PAR EverServ PixelPoint POS V11
PAR EverServ PixelPoint POS Software has been running operations for restaurants of all sizes and segments since 1992. Whether you’re operating a quick service restaurant (QSR), fast casual or fine dining restaurant, PixelPoint POS offers robust features in an easy to implement and easy to use solution. Now with PixelPoint V11, managing restaurant operations is even easier with more, easy-to-use tools to run your business better:
- Efficiently Manage your Business with Advanced Report Viewer – PixelPoint’s report viewer is now available as a standalone program, which enables you to run it directly from a Windows® Desktop shortcut rather than through PixelPoint BackOffice. Key features include: ability to have multiple reports present on their own tabs, easier access to more than 250 standard reports with the fully updated report tree, toggle between several reports without having to re-run a report and the ability to schedule and receive automated reports via email or mobile phone.
- Optimize your POS with Easy to Customize Screen Design – The POS screen layout and colors are easy to configure and customize for the unique branding and operating requirements of each operator. Now operators can easily place order function buttons wherever they want on the screen.
- Save Time and Money with Improved Database Update Processes – A new PixelPiont import utility included in V11 enables operators to efficiently import data from external sources into PixelPoint. With a straightforward database field match process, it avoids tedious data entry and saves considerable time. This utility also helps protect database integrity.
- Speed the Integration to Third-party Applications – The PixelPoint Software Development Kit (SDK) allows third-party systems to process orders in the POS system as if it was entered as a normal order. Common types of third-party orders include Web and call center orders. Examples of Web ordering systems that have been interfaced to PixelPoint include: Snapfinger.com, SnappyOrder.com and eDiningSolutions.com.
- Automate Back-up and Recovery to Ensure Your Database is Always Running – The LiveBackup utility is an automated back-up and recovery system designed to ensure that the database is always up and running. LiveBackup writes all transactions and activities to a secondary location in real-time so that it is easier and faster to restore your system in the event of a database failure.
PAR EverServ PixelPoint is sold through a global network of authorized resellers. To learn more about how PAR products can help your restaurant succeed or to find the nearest PAR reseller, please contact us at 800-267-4935 or pti_sales_marketing@partech.com.
About ParTech, Inc.
ParTech, Inc. (PAR), a wholly owned subsidiary of PAR Technology Corporation, has built its more than three decades of success around delivering advanced point-of-sale and enterprise back-office solutions for restaurant and retail operators worldwide. PAR provides hardware, software and services to the world’s largest restaurant chains and their franchisees. The Company’s extensive offerings are backed by PAR’s global service network and its Boundless Hospitality® vision for enhancing restaurant operations in a new era of dining out. The Boundless Hospitality vision drives the development of game-changing solutions, and is supported by a partner ecosystem that accelerates innovation more quickly than possible for any single company working independently. The Company has more than 50,000 installations in 110 countries worldwide. In addition to solutions for the restaurant industry, PAR products are improving the customer experience in retail, including the cruise, hotel, casino and entertainment industries. PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. For more information visit the Company’s Web site at www.partech.com.
Tuesday, October 25th, 2011
SUBWAY® Franchisees Have Deployed More Than 6,000 PAR POS Terminals in the Past Two Years
New Hartford, NY – September 7, 2011 – PAR Technology Corporation’s largest wholly owned subsidiary, ParTech, Inc. (PAR) today announced that that it has been recognized by SUBWAY® restaurants and the Independent Purchasing Cooperative (IPC) with the organizations’ annual Technology Vendor of the Year award. The SUBWAY® Technology Award was presented to PAR for its instrumental role in assisting SUBWAY® World Headquarters and IPC in the development of new technology to assist SUBWAY® franchisees grow profits through increased efficiencies in their business operations.
“PAR’s consistent delivery of exceptional performance and value for our franchisees has earned it the honor of the 2011 SUBWAY® Technology Vendor of the Year Award,” said Marina O’Rourke, Director of Retail Technology, SUBWAY®. “PAR steps up to the plate and continues to exceed our expectations. The whole technology program with PAR has been a ‘home run’ in terms of overall processes, product quality and service delivery.”
“PAR continues to effectively respond to the needs of SUBWAY® franchisees and drive operational excellence day in and day out,” said Brian Wheeler, Director of Services, IPC. “PAR deserves this special recognition based on the value it contributes from a technology perspective (POS hardware and services) to help franchisees increase their sales and profits. We continue to be impressed by PAR’s relentless dedication to the success of each and every SUBWAY® franchisee they work with.”
“PAR is honored to receive the 2011 Technology Vendor of the Year Award from the world’s largest restaurant organization,” said Paul Domorski, Chairman & CEO of PAR Technology Corporation. “The point of sale (POS) is mission critical to the success of SUBWAY® franchisees – especially those stores that rely on a single terminal to operate their business. We are committed to delivering outstanding quality products and excellent service that the franchisees depend on to improve their sales and profits.”
PAR has been a hardware supplier for SUBWAY® POS since 2009 and has installed thousands of PAR POS terminals in the past two years. The SUBWAY® POS solution includes PAR EverServ® 6000 POS terminals and all the required peripherals. PAR also provides SUBWAY® franchisees with optional on-site service and professional equipment installation for the SUBWAY® POS solution.
In 2010, PAR was named Rookie of the Year in the technology category by SUBWAY® in recognition of its exceptional performance in customer service, continuous improvement, operational execution, and feedback from SUBWAY franchise owners during its first full year as a hardware supplier.
About SUBWAY® Restaurants
Headquartered in Milford, Connecticut, and with regional offices in Amsterdam, Beirut, Brisbane, Miami and Singapore, the SUBWAY® chain was co-founded by Fred DeLuca and Dr. Peter Buck in 1965. Their partnership, which continues today, marked the beginning of a remarkable journey – one that has made it possible for thousands of individuals to build and succeed in their own business. In the 2010 Zagat® Fast Food Survey, the SUBWAY® brand was ranked “number one” by consumers in the “Most Popular,” “Top Service” and “Healthy Options” categories for food brands with 5,000 or more locations. For more information about the SUBWAY® chain, visit www.SUBWAY®.com. Find us on Facebook: Facebook.com/SUBWAY®. Follow us on Twitter: twitter.com/SUBWAY®freshbuzz. SUBWAY® is a registered trademark of Doctor’s Associates Inc.
About IPC
IPC is an independent SUBWAY franchisee-owned and operated purchasing cooperative. IPC negotiates the lowest costs for purchased goods and services, while improving quality, enhancing competitiveness and ensuring the best value to SUBWAY® members and their customers.
About PAR Technology Corporation
PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. PAR’s Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years. PAR offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. PAR Springer-Miller Systems, Inc. offers hotel management systems that provide a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. PAR Springer-Miller Systems also provides the spa industry a leading management application that was specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality segment. Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums and food service companies. Visit www.partech.com for more information.
Wednesday, September 7th, 2011
NEW HARTFORD, N.Y. - PAR Technology Corporation (NYSE: PAR) today announced results for the second quarter ended June 30, 2011. PAR reported revenues of $58.3 million and net earnings of $1 million or $0.07 per diluted share, on a non-GAAP reporting basis, excluding restructuring charges and charges related to goodwill impairment in the quarter. This compares with the prior-year quarter of $56.2 million in revenues and net earnings of $849,000 or $0.06 per diluted share.
During the second quarter, the Company incurred non-recurring charges totaling $29.4 million. The largest of the charges was a non-cash charge of $20.8 million, to reduce the carrying value of goodwill and intangible assets associated with prior acquisitions. The other charges, totaling $8.6 million, were associated with reserves for discontinued inventory, severance, office closure, and certain other assets. Of the $8.6 million total, non-cash charges totaled $8 million. Including these non-recurring charges, the resulting net loss on a GAAP basis was $17.8 million, or $1.19 loss per diluted share.
Commenting on the second quarter, Paul B. Domorski, Chairman and Chief Executive Officer, stated, “Since joining PAR three months ago, I have stressed focusing and streamlining our organization so that we can best realize the potential of the important hospitality investments made to date. We introduced the quick-service restaurant industry’s most advanced enterprise point-of-sale system, PAR EverServ® QSR. In June, we introduced the ATRIO™ Guest Experience Management platform, an innovative cloud-computing solution for the hotel/resort industry. We believe ATRIO represents a paradigm shift, perhaps the most significant software development in hospitality in 25 years, with the potential to rapidly become the preeminent platform in hospitality management systems. In addition, ATRIO provides us a compelling solution for mid-market properties, thereby significantly expanding our addressable market.”
Mr. Domorski continued, “Our three businesses performed to expectations for the quarter, with improved sequential results in the hospitality technology segment. Government contracting has been steady for some time, but growth has been constrained by the ongoing deferral of funding authorizations by government agencies. Our Logistics Management business saw sequential revenue growth, and is focused on achieving near-term profitability. However, based on a thorough analysis of the carrying value of certain legacy assets and charges associated with streamlining our organization, we believe the charges we incurred were appropriate. In summary, we are improving execution, addressing the near-term challenges in our businesses, while redirecting resources and energy toward our promising future.”
Hospitality segment revenues accounted for 69% of consolidated revenues for the second quarter and grew 8% sequentially and 5% over the same period of the prior year, despite the fact 2010 results benefited from a large McDonald’s technology upgrade. In the second quarter, important new customers included Dunkin’ Brands Baskin-Robbins chain, which is currently installing PAR’s complete solution including hardware, software and services domestically. International hospitality product revenues grew 34% in the quarter as we saw an increase in sales to McDonald’s internationally, principally in Europe and China. PAR continues to focus on expanding its channel base for restaurant solutions, as evidenced by the signing of 15 new channel partners during the second quarter. Despite uncertain demand from the recovering hotel/resort market, several property management systems were deployed for new and existing customers, most notably further expansion of the worldwide relationship with the Mandarin Oriental chain. Non-GAAP pre-tax income for the Hospitality segment improved sharply for the second quarter, both sequentially and year over year, reflecting increased revenues and expense control.
Government segment revenues accounted for 28% of consolidated revenues for the second quarter, and contract backlog totaled $147 million at the end of the quarter. Quarterly revenue declined 3.4% sequentially and was essentially unchanged year over year, reflecting the slow pace at which funding has been authorized for new and renewed contracts. Notable contracts announced during the quarter included an $11.3 million multi-year contract with the U.S. Navy to operate a Naval Satellite Communications Facility in Chesapeake, VA, and a $1.6 million R&D contract with the Air Force Research Laboratory Information Directorate regarding their COMINT (Communications Intelligence) Information Operations. Pre-tax income for the Government segment was essentially flat reflecting a mix of contract revenue and costs recognized during the quarter.
Logistics Management segment revenues represented 3% of consolidated revenues for the second quarter and increased 10.2% sequentially and 21% over the same period of the prior year. In the quarter, we expanded our cold chain solutions in support of the industry’s growing concern for ensuring food safety. We signed contracts with six new reefer fleet customers and continued the ongoing roll out of our cold chain solution for a major restaurant chain. Additionally in June we announced a significant new customer, Alliance Shippers, a large intermodal (rail and road) shipper of refrigerated products.
Non-GAAP Financial Measures
The Company has presented earnings and earnings per share on a non-GAAP basis, excluding non-recurring charges. Management believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance, thereby enhancing the ability of investors to evaluate PAR’s results for the periods presented. Please refer to the table below for supplemental information and corresponding reconciliation of non-GAAP adjusted financial measures to GAAP financial measures for the three months and six months ended June 30, 2011.
Certain Company information in this release or statements made 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 Corporation
PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. PAR has three operating segments:
- PAR’s Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years. ParTech, Inc. offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. PAR Springer-Miller Systems, Inc. offers hotel management systems that provide a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. PAR Springer-Miller Systems also provides the spa industry a leading management application that was specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality segment. Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums and food service companies.
- PAR’s Government segment is comprised of PAR Government Systems Corporation, which provides system solutions to Federal/State Government agencies, and Rome Research Corporation, which is a leading provider of communications and information technology support services to the United States Department of Defense.
- PAR’s Logistics Management segment provides asset tracking and management solutions to the “cold chain” owners and operators of untethered trailers and intermodal containers, chassis, and gensets. PAR Logistics Management Systems Corporation offers systems to help customers improve operations by accurately monitoring and controlling their assets through state-of-the-art wireless, GPS, cellular communications, satellite communications, sensor, and internet technologies.
Visit www.partech.com for more information.
For the complete press release with financial statements, click here.
Wednesday, August 10th, 2011
ParTech and VeriFone Simplify the Path to PCI Compliance for Hospitality Companies
New Hartford, NY – July 25, 2011 – ParTech, Inc. (PAR) and VeriFone Systems, Inc. (NYSE: PAY) today announced that PAR is one of the first enterprise POS software providers in the hospitality industry to offer an integrated end-to-end encryption for enterprise point-of-sale (POS) software. PAR has integrated VeriFone’s VeriShield® Total Protect, Secured by RSA, solution into its PAR EverServ® Software to help make payment card transactions safer for restaurant customers while simplifying and reducing the cost of Payment Card Industry (PCI) compliance for restaurant operators. ParTech, Inc. is a wholly owned subsidiary of PAR Technology Corporation (NYSE: PAR).
“ParTech is committed to helping our customers achieve the highest levels of payment card security and simplify the process to meet PCI compliance requirements,” said Scott Langdoc, Chief Technology Officer, ParTech, Inc. “The inclusion of VeriShield Total Protect’s end-to-end encryption with our software is a great method for our customers to simplify and enhance their payment card security. VeriShield Total Protect provides operators peace of mind by dramatically reducing their payment card security risks and easing the process of meeting PCI requirements – today and in the future.”
As a key element of our overall payment card security strategy, PAR has created a fully integrated and easily supported solution that combines VeriShield Total Protect end-to-end encryption with PAR EverServ QSR 1.4 or later software using PAR’s proprietary electronic payment interface (EPI). PAR’s unique EPI gives operators the flexibility to implement their choice of industry-standard PCI security solutions today and adapt their POS system to support new security capabilities as PCI standards evolve. The EPI simplifies the integration of security solutions and helps operators quickly achieve PCI compliance. In addition to traditional POS environments, VeriShield Total Protect will be available on mobile payment devices.
“VeriFone has been working with PAR for many years to integrate our payment systems with PAR POS software, and these solutions are used by many of the world’s leading restaurant brands,” said Jennifer Miles, VeriFone senior vice president – Retail, Global Security and Vertical Solutions. “PAR EverServ software customers now have the assurance of full, end-to-end encryption for all payment-card transaction data with our de facto industry standard for card data encryption. This will enable them to significantly reduce the scope of PCI compliance and its associated costs.”
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
About ParTech, Inc.
ParTech, Inc. (PAR), a wholly owned subsidiary of PAR Technology Corporation, has built its more than three decades of success around delivering advanced point-of-sale and enterprise back-office solutions for restaurant and retail operators worldwide. PAR provides hardware, software and services to the world’s largest restaurant chains and their franchisees. The Company’s extensive offerings are backed by PAR’s global service network and its Boundless Hospitality™ vision for enhancing restaurant operations in a new era of dining out. The Boundless Hospitality vision drives the development of game-changing solutions, and is supported by a partner ecosystem that accelerates innovation more quickly than possible for any single company working independently. The Company has more than 50,000 installations in 110 countries worldwide. In addition to solutions for the restaurant industry, PAR products are improving the customer experience in retail, including the cruise, hotel, casino and entertainment industries. PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. For more information visit the Company’s Web site at www.partech.com.
Monday, July 25th, 2011
