Delaware | 16-1434688 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
PAR Technology Park | ||
8383 Seneca Turnpike | ||
New Hartford, New York | 13413-4991 | |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $.02 par value | New York Stock Exchange |
Large Accelerated Filer | Accelerated Filer | Non Accelerated Filer | Smaller reporting company |
(Do not check if a smaller reporting company) |
Item Number | Page | |
PART I | ||
Item 1. | 2 | |
Item 1A. | 17 | |
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
Item 16. |
the dependency on business from major accounts which can, at will, reduce or eliminate on-going business |
— | the ability to hire, retain and motivate qualified employees to meet the demands of our business; |
— | the effects of adverse macroeconomic conditions in the United States and international markets, especially in light of the continued challenges in global credit and financial markets; |
the level of demand and purchase orders from our customers, and our ability to adjust to changes in demand and purchase order patterns; |
the timing of our new product announcements or introductions, as well as those by our competitors; |
— | the ability of our third party suppliers, subcontractors and manufactures to supply us with sufficient quantities of high quality products or components, on a timely basis; |
the effectiveness of our efforts to reduce product costs and manage operating expenses; |
potential significant litigation-related costs; |
intellectual property disputes; |
— | costs related to compliance with increasing worldwide environmental and other regulations; and |
the effects of public health emergencies, natural disasters, security risk, terrorist activities, international conflicts and other events beyond our control. |
the |
our performance and prospects; |
the performance and prospects of our major customers; |
investor perception of our company and the industry in which we operate; |
the |
— | uncertainty regarding the prospects of |
Location | Industry Segment | Floor Area Principal Operations | Number of Sq. Ft. |
New Hartford, NY | Hospitality | Principal executive offices, manufacturing, research and development laboratories, sales, service, wellness, and computing facilities | |
Rome, NY | Government | Research and development | 30,800 |
Sydney, Australia | Hospitality | Sales and service | 14,400 |
Hospitality | Research and development | 11,470 | |
Markham, Ontario | Hospitality | Research and development | 11,100 |
Boulder, CO | Hospitality | Service | |
Item 5: | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2013 | 2012 | |||||||||||||||
Period | Low | High | Low | High | ||||||||||||
First Quarter | $ | 4.11 | $ | 5.10 | $ | 3.84 | $ | 5.18 | ||||||||
Second Quarter | $ | 3.85 | $ | 4.89 | $ | 4.50 | $ | 5.14 | ||||||||
Third Quarter | $ | 4.01 | $ | 5.27 | $ | 4.57 | $ | 5.59 | ||||||||
Fourth Quarter | $ | 4.83 | $ | 5.92 | $ | 4.75 | $ | 5.55 |
2015 | 2014 | |||||||||||||||
Period | Low | High | Low | High | ||||||||||||
First quarter | $ | 4.03 | $ | 6.04 | $ | 4.65 | $ | 5.50 | ||||||||
Second quarter | $ | 3.80 | $ | 4.98 | $ | 4.12 | $ | 4.99 | ||||||||
Third quarter | $ | 4.11 | $ | 5.29 | $ | 3.78 | $ | 5.24 | ||||||||
Fourth quarter | $ | 5.12 | $ | 7.39 | $ | 4.28 | $ | 6.18 |
Total | Less Than 1 Year | 1-3 Years | 3 - 5 Years | More than 5 Years | Total | Less Than 1 Year | 1-3 Years | 3 - 5 Years | More than 5 Years | |||||||||||||||||||||||||||||||
Long-term debt obligations | $ | 1,084 | $ | 166 | $ | 352 | $ | 382 | $ | 184 | ||||||||||||||||||||||||||||||
Debt obligations | $ | 2,669 | $ | 2,103 | $ | 383 | $ | 183 | $ | - | ||||||||||||||||||||||||||||||
Operating lease | 5,349 | 1,725 | 1,895 | 875 | 854 | 5,462 | 1,456 | 2,073 | 1,195 | 738 | ||||||||||||||||||||||||||||||
Total | $ | 6,433 | $ | 1,891 | $ | 2,247 | $ | 1,257 | $ | 1,038 | $ | 8,131 | $ | 3,559 | $ | 2,456 | $ | 1,378 | $ | 738 |
1. | Evaluation of Disclosure Controls and Procedures. |
2. | Management’s Report on Internal Control over Financial Reporting. |
3. | Remediation of the Material Weakness. |
· | We have engaged a consulting firm to perform a thorough review of internal controls over financial reporting, with specific attention given to onboarding of new employees and controls over treasury transactions |
· | We expect to design and implement new onboarding procedures over financial executives and those employees who are responsible for treasury transactions |
· | We expect that the plan of remediation will enhance the formality and rigor of review and approval procedures. |
4. | Changes in Internal Controls over Financial Reporting. |
Item 12: | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Form 10-K Page |
(a) | Documents filed as a part of the Form 10-K |
Financial |
Report of Independent Registered Public Accounting Firm | ||
Consolidated Balance Sheets at December 31, | ||
Consolidated Statements of Operations for the | ||
Consolidated Statements of Comprehensive Loss for the | ||
Consolidated Statements of Changes in Shareholders’ Equity for the | ||
Consolidated Statements of Cash Flows for the | ||
Notes to Consolidated Financial Statements |
(b) | Exhibits |
December 31, | December 31, | ||||||||||||||||
Assets | 2013 | 2012 | 2015 | 2014 | |||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 10,015 | $ | 19,475 | $ | 8,024 | $ | 9,867 | |||||||||
Accounts receivable-net | 30,688 | 29,890 | 29,530 | 29,674 | |||||||||||||
Inventories-net | 24,465 | 26,172 | 21,499 | 25,928 | |||||||||||||
Deferred income taxes | 3,747 | 3,659 | 6,741 | 4,512 | |||||||||||||
Other current assets | 3,418 | 3,236 | 3,808 | 4,018 | |||||||||||||
Assets of discontinued operations | - | 22,119 | |||||||||||||||
Total current assets | 72,333 | 82,432 | 69,602 | 96,118 | |||||||||||||
Property, plant and equipment - net | 5,494 | 5,857 | 5,716 | 5,148 | |||||||||||||
Note receivable | 3,320 | - | |||||||||||||||
Deferred income taxes | 15,083 | 13,658 | 11,038 | 11,357 | |||||||||||||
Goodwill | 6,852 | 6,852 | 11,051 | 11,051 | |||||||||||||
Intangible assets - net | 15,071 | 11,747 | 10,898 | 10,580 | |||||||||||||
Other assets | 2,675 | 3,219 | 3,687 | 3,043 | |||||||||||||
Total Assets | $ | 117,508 | $ | 123,765 | $ | 115,312 | $ | 137,297 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of long-term debt | $ | 166 | $ | 159 | $ | 2,103 | $ | 3,173 | |||||||||
Borrowings under line of credit | - | 5,000 | |||||||||||||||
Accounts payable | 17,200 | 21,216 | 11,729 | 19,258 | |||||||||||||
Accrued salaries and benefits | 6,663 | 6,397 | 5,727 | 5,726 | |||||||||||||
Accrued expenses | 2,701 | 4,467 | 6,705 | 6,492 | |||||||||||||
Customer deposits | 1,071 | 1,380 | 180 | 1,242 | |||||||||||||
Deferred service revenue | 12,170 | 12,522 | 10,639 | 10,388 | |||||||||||||
Income taxes payable | 185 | 547 | 279 | 475 | |||||||||||||
Liabilities of discontinued operations | 441 | 4,617 | |||||||||||||||
Total current liabilities | 40,156 | 46,688 | 37,803 | 56,371 | |||||||||||||
Long-term debt | 918 | 1,084 | 566 | 2,566 | |||||||||||||
Other long-term liabilities | 3,714 | 3,030 | 8,883 | 8,847 | |||||||||||||
Liabilities of discontinued operations | - | 141 | |||||||||||||||
Total liabilities | 44,788 | 50,943 | 47,252 | 67,784 | |||||||||||||
Commitments and contingencies | |||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Preferred stock, $.02 par value, 1,000,000 shares authorized | - | - | - | - | |||||||||||||
Common stock, $.02 par value, 29,000,000 shares authorized;17,301,925 and 17,038,405 shares issued;15,593,816 and 15,330,718 outstanding | 344 | 341 | |||||||||||||||
Common stock, $.02 par value, 29,000,000 shares authorized; 17,352,198 and 17,274,708 shares issued, 15,644,729 and 15,566,599 outstanding at December 31, 2015 and 2014, respectively | 347 | 346 | |||||||||||||||
Capital in excess of par value | 43,635 | 43,661 | 45,753 | 44,854 | |||||||||||||
Retained earnings | 35,116 | 34,758 | 30,574 | 31,465 | |||||||||||||
Accumulated other comprehensive loss | (539 | ) | (104 | ) | (2,778 | ) | (1,316 | ) | |||||||||
Treasury stock, at cost, 1,708,109 and 1,707,687 shares | (5,836 | ) | (5,834 | ) | |||||||||||||
Treasury stock, at cost, 1,708,109 shares | (5,836 | ) | (5,836 | ) | |||||||||||||
Total shareholders’ equity | 72,720 | 72,822 | 68,060 | 69,513 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 117,508 | $ | 123,765 | $ | 115,312 | $ | 137,297 |
Year ended December 31, | ||||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
Product | $ | 94,397 | $ | 84,484 | ||||
Service | 46,754 | 45,690 | ||||||
Contract | 87,852 | 87,689 | ||||||
229,003 | 217,863 | |||||||
Costs of sales: | ||||||||
Product | 68,192 | 58,889 | ||||||
Service | 32,824 | 35,011 | ||||||
Contract | 81,848 | 82,347 | ||||||
182,864 | 176,247 | |||||||
Gross margin | 46,139 | 41,616 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 28,276 | 28,974 | ||||||
Research and development | 10,247 | 8,947 | ||||||
Amortization of identifiable intangible assets | 987 | 279 | ||||||
39,510 | 38,200 | |||||||
Operating income from continuing operations | 6,629 | 3,416 | ||||||
Other (expense) income, net | (800 | ) | 485 | |||||
Interest expense | (308 | ) | (136 | ) | ||||
Income from continuing operations before provision for income taxes | 5,521 | 3,765 | ||||||
Provision for income taxes | (1,500 | ) | (3,694 | ) | ||||
Income from continuing operations | 4,021 | 71 | ||||||
Discontinued operations | ||||||||
Loss on discontinued operations (net of tax) | (4,912 | ) | (3,722 | ) | ||||
Net loss | $ | (891 | ) | $ | (3,651 | ) | ||
Basic Earnings per Share: | ||||||||
Income from continuing operations | 0.26 | 0.00 | ||||||
Loss from discontinued operations | (0.32 | ) | (0.24 | ) | ||||
Net Loss | $ | (0.06 | ) | $ | (0.24 | ) | ||
Diluted Earnings per Share: | ||||||||
Income from continuing operations | 0.26 | 0.00 | ||||||
Loss from discontinued operations | (0.32 | ) | (0.24 | ) | ||||
Net loss | $ | (0.06 | ) | $ | (0.24 | ) | ||
Weighted average shares outstanding | ||||||||
Basic | 15,562 | 15,501 | ||||||
Diluted | 15,666 | 15,582 |
Year ended December 31, | ||||||||
2013 | 2012 | |||||||
Net revenues: | ||||||||
Product | $ | 90,847 | $ | 90,524 | ||||
Service | 61,529 | 66,144 | ||||||
Contract | 89,018 | 88,491 | ||||||
241,394 | 245,159 | |||||||
Costs of sales: | ||||||||
Product | 62,317 | 65,300 | ||||||
Service | 43,659 | 46,073 | ||||||
Contract | 82,583 | 82,841 | ||||||
188,559 | 194,214 | |||||||
Gross margin | 52,835 | 50,945 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 37,925 | 40,476 | ||||||
Research and development | 15,567 | 13,697 | ||||||
Impairment of goodwill and intangible assets | - | 300 | ||||||
Amortization of identifiable intangible assets | - | 455 | ||||||
53,492 | 54,928 | |||||||
Operating loss from continuing operations | (657 | ) | (3,983 | ) | ||||
Other income, net | 506 | 876 | ||||||
Interest expense | (60 | ) | (69 | ) | ||||
Loss from continuing operations before provision for income taxes | (211 | ) | (3,176 | ) | ||||
Benefit for income taxes | 780 | 1,414 | ||||||
Income (loss) from continuing operations | 569 | (1,762 | ) | |||||
Discontinued operations | ||||||||
Income (loss) on discontinued operations (net of tax) | (211 | ) | 1,447 | |||||
Net income (loss) | $ | 358 | $ | (315 | ) | |||
Basic Earnings per Share: | ||||||||
Income (loss) from continuing operations | 0.04 | (0.12 | ) | |||||
Income (loss) from discontinued operations | (0.01 | ) | 0.10 | |||||
Net income (loss) | $ | 0.02 | $ | (0.02 | ) | |||
Diluted Earnings per Share: | ||||||||
Income (loss) from continuing operations | 0.04 | (0.12 | ) | |||||
Income (loss) from discontinued operations | (0.01 | ) | 0.10 | |||||
Net income (loss) | $ | 0.02 | $ | (0.02 | ) | |||
Weighted average shares outstanding | ||||||||
Basic | 15,240 | 15,115 | ||||||
Diluted | 15,273 | 15,115 |
Year ended December 31, | Year ended December 31, | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Net income (loss) | $ | 358 | $ | (315 | ) | |||||||||||
Other comprehensive income net of tax: | ||||||||||||||||
Net loss | $ | (891 | ) | $ | (3,651 | ) | ||||||||||
Other comprehensive loss net of applicable tax: | ||||||||||||||||
Foreign currency translation adjustments | (435 | ) | 97 | (1,462 | ) | (777 | ) | |||||||||
Comprehensive loss | $ | (77 | ) | $ | (218 | ) | $ | (2,353 | ) | $ | (4,428 | ) |
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital in | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | excess of | Retained | Comprehensive | Treasury Stock | Shareholders’ | Common Stock | Capital in excess of | Retained | Accumulated Other Comprehensive | Treasury Stock | Total Shareholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Par Value | Earnings | Income (Loss) | Shares | Amount | Equity | Shares | Amount | Par Value | Earnings | Loss | Shares | Amount | Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2011 | 16,864 | $ | 337 | $ | 42,990 | $ | 35,073 | $ | (201 | ) | (1,707 | ) | $ | (5,832 | ) | $ | 72,367 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | 17,302 | $ | 344 | $ | 43,635 | $ | 35,116 | $ | (539 | ) | (1,708 | ) | $ | (5,836 | ) | $ | 72,720 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (315 | ) | (315 | ) | (3,651 | ) | (3,651 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of restricted stock awards | (27 | ) | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | 1,185 | 1,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options and awards tax benefits | 34 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments, net of tax of $476 | (777 | ) | (777 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2014 | 17,275 | 346 | 44,854 | 31,465 | (1,316 | ) | (1,708 | ) | (5,836 | ) | 69,513 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (891 | ) | (891 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of stock options | 14 | 2 | 22 | (1 | ) | (2 | ) | 22 | 94 | 2 | 472 | 474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of restricted stock awards | 160 | 2 | 2 | (17 | ) | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | 649 | 649 | 487 | 487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments, net of tax of $45 | 97 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2012 | 17,038 | 341 | 43,661 | 34,758 | (104 | ) | (1,708 | ) | (5,834 | ) | 72,822 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 358 | 358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of stock options | 16 | 1 | 51 | (0 | ) | (2 | ) | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of restricted stock awards | 248 | 2 | - | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | 187 | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options and awards - excess tax benefits | (264 | ) | (264 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments, net of tax of $114 | (435 | ) | (435 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | 17,302 | $ | 344 | $ | 43,635 | $ | 35,116 | $ | (539 | ) | (1,708 | ) | $ | (5,836 | ) | $ | 72,720 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock options and awards tax benefits | (60 | ) | (60 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments, net of tax of $944 | (1,462 | ) | (1,462 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2015 | 17,352 | $ | 347 | $ | 45,753 | $ | 30,574 | $ | (2,778 | ) | (1,708 | ) | $ | (5,836 | ) | $ | 68,060 |
Year ended December 31, | Year ended December 31, | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 358 | $ | (315 | ) | |||||||||||
(Income) loss from discontinued operations | 211 | (1,447 | ) | |||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||
Impairment of goodwill and intangible assets | - | 300 | ||||||||||||||
Depreciation and amortization | 2,830 | 8,723 | ||||||||||||||
Net loss | $ | (891 | ) | $ | (3,651 | ) | ||||||||||
Loss from discontinued operations | 4,912 | 3,722 | ||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||
Loss on investment | 776 | - | ||||||||||||||
Depreciation, amortization and accretion | 3,070 | 2,007 | ||||||||||||||
Provision for bad debts | 716 | 209 | 772 | 340 | ||||||||||||
Provision for obsolete inventory | 2,564 | 3,146 | 1,293 | 2,232 | ||||||||||||
Equity based compensation | 187 | 649 | 487 | 1,185 | ||||||||||||
Change in fair value of contingent consideration | 90 | - | ||||||||||||||
Deferred income tax | (1,878 | ) | (1,950 | ) | (1,910 | ) | 516 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||
Accounts receivable | (1,514 | ) | 581 | (628 | ) | (700 | ) | |||||||||
Inventories | (857 | ) | (4,058 | ) | 3,136 | (3,826 | ) | |||||||||
Income tax refunds/payable | (361 | ) | 409 | |||||||||||||
Income tax receivable/(payable) | (196 | ) | 290 | |||||||||||||
Other current assets | (221 | ) | (148 | ) | 210 | (1,129 | ) | |||||||||
Other assets | 543 | (244 | ) | (644 | ) | (368 | ) | |||||||||
Accounts payable | (3,930 | ) | 5,446 | (7,529 | ) | 3,022 | ||||||||||
Accrued salaries and benefits | 265 | (605 | ) | 1 | (425 | ) | ||||||||||
Accrued expenses | (1,770 | ) | 1,858 | 213 | 4,572 | |||||||||||
Customer deposits | (309 | ) | 243 | (1,062 | ) | 1,060 | ||||||||||
Deferred service revenue | (352 | ) | 2,110 | 251 | 645 | |||||||||||
Other long-term liabilities | 684 | 193 | (54 | ) | 93 | |||||||||||
Net cash (used in) provided by operating activities-continuing operations | (2,834 | ) | 15,100 | |||||||||||||
Deferred tax equity based compensation | (60 | ) | - | |||||||||||||
Net cash provided by operating activities-continuing operations | 2,237 | 9,585 | ||||||||||||||
Net cash used in operating activities-discontinued operations | (396 | ) | (1,742 | ) | (1,643 | ) | (3,324 | ) | ||||||||
Net cash (used in) provided by operating activities | (3,230 | ) | 13,358 | |||||||||||||
Net cash provided by operating activities | 594 | 6,261 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (1,136 | ) | (1,926 | ) | (1,705 | ) | (1,536 | ) | ||||||||
Capitalization of software costs | (4,652 | ) | (3,405 | ) | (2,148 | ) | (1,650 | ) | ||||||||
Sale of investments | - | 1,912 | ||||||||||||||
Escrow | - | (828 | ) | |||||||||||||
Investment expenditure | (776 | ) | - | |||||||||||||
Payments for acquisition, net of cash acquired | - | (5,000 | ) | |||||||||||||
Proceeds from sale of business | - | 4,000 | 12,100 | - | ||||||||||||
Net cash used in investing activities-continuing operations | (5,788 | ) | (247 | ) | ||||||||||||
Net cash provided by (used in) investing activities-continuing operations | 7,471 | (8,186 | ) | |||||||||||||
Net cash used in investing activities-discontinued operations | - | - | (1,046 | ) | (1,816 | ) | ||||||||||
Net cash used in investing activities | (5,788 | ) | (247 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 6,425 | (10,002 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Payments of long-term debt | (159 | ) | (1,500 | ) | (173 | ) | (165 | ) | ||||||||
Proceeds from the exercise of stock options | 52 | 24 | ||||||||||||||
Net cash used in financing activities-continuing operations | (107 | ) | (1,476 | ) | ||||||||||||
Net cash used in financing activities-discontinuing operations | - | - | ||||||||||||||
Net cash used in financing activities | (107 | ) | (1,476 | ) | ||||||||||||
Payments of other borrowings | (222,156 | ) | (39,771 | ) | ||||||||||||
Proceeds from other borrowings | 217,156 | 44,771 | ||||||||||||||
Payments for deferred acquisition obligations | (3,000 | ) | - | |||||||||||||
Proceeds from stock awards | 473 | 2 | ||||||||||||||
Net cash (used in) provided by financing activities | (7,700 | ) | 4,837 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (335 | ) | 98 | (1,462 | ) | (944 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | (9,460 | ) | 11,733 | (2,143 | ) | 152 | ||||||||||
Cash and cash equivalents at beginning of period | 19,475 | 7,742 | 10,167 | 10,015 | ||||||||||||
Cash and cash equivalents at end of period | 10,015 | 19,475 | 8,024 | 10,167 | ||||||||||||
Cash and equivalents of continuing operations at end of period | $ | 10,015 | $ | 19,475 | ||||||||||||
Less cash and cash equivalents of discontinued operations at end of period | - | 300 | ||||||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | 8,024 | $ | 9,867 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | 60 | 69 | $ | 206 | $ | 129 | ||||||||||
Income taxes, net of (refunds) | 1,373 | 253 | ||||||||||||||
Income taxes, net of refunds | $ | 310 | $ | 722 | ||||||||||||
Supplemental disclosures of non-cash information: | ||||||||||||||||
Acquisition through notes payable | $ | - | $ | 4,820 | ||||||||||||
Contingent consideration payable in connection with acquisition | $ | - | $ | 5,040 | ||||||||||||
Sale of business through note receivable | $ | 3,320 | $ | - |
Year ended December 31 | Year ended December 31 (in thousands) | |||||||||||||||
(in thousands) | 2015 | 2014 | ||||||||||||||
2013 | 2012 | |||||||||||||||
Foreign currency gains / (loss) | $ | 146 | $ | 186 | ||||||||||||
Foreign currency loss | $ | (193 | ) | $ | (115 | ) | ||||||||||
Rental income-net | 448 | 174 | 264 | 359 | ||||||||||||
Investment write-off | (776 | ) | - | |||||||||||||
Other | (88 | ) | 516 | (95 | ) | 241 | ||||||||||
$ | 506 | $ | 876 | $ | (800 | ) | $ | 485 |
December 31, (in thousands) | |||||||||||
2015 | 2014 | Estimated Useful Life | |||||||||
Acquired and internally developed software costs | $ | 12,725 | $ | 10,577 | 3 - 7 years | ||||||
Customer relationships | 160 | 160 | 7 years | ||||||||
Non-competition agreements | 30 | 30 | 1 year | ||||||||
12,915 | 10,767 | ||||||||||
Less accumulated amortization | (2,417 | ) | (587 | ) | |||||||
$ | 10,498 | $ | 10,180 | ||||||||
Trademarks, trade names (non-amortizable) | 400 | 400 | N/A | ||||||||
$ | 10,898 | $ | 10,580 |
December 31, | ||||||||
(in thousands) | ||||||||
2013 | 2012 | |||||||
Acquired and internally developed software costs | $ | 16,640 | $ | 11,988 | ||||
Trademarks (non-amortizable) | 1,800 | 1,800 | ||||||
18,440 | 13,788 | |||||||
Less accumulated amortization | (3,369 | ) | (2,041 | ) | ||||
$ | 15,071 | $ | 11,747 |
2014 | 2,032 | |||||||
2015 | 2,031 | |||||||
2016 | 2,000 | $ | 2,012 | |||||
2017 | 1,967 | 1,911 | ||||||
2018 | 1,937 | 1,747 | ||||||
2019 | 1,350 | |||||||
2020 | 1,174 | |||||||
Thereafter | 3,304 | 2,304 | ||||||
$ | 13,271 | |||||||
Total | $ | 10,498 |
December 31, | ||||||||
2013 | 2012 | |||||||
Income (loss) from continuing operations | $ | 569 | $ | (1,762 | ) | |||
Basic: | ||||||||
Shares outstanding at beginning of year | 15,210 | 15,051 | ||||||
Weighted shares issued during the year | 30 | 64 | ||||||
Weighted average common shares, basic | 15,240 | 15,115 | ||||||
Income (loss) from continuing operations per common share, basic | $ | 0.04 | $ | (0.12 | ) | |||
Diluted: | ||||||||
Weighted average common shares, basic | 15,240 | 15,115 | ||||||
Weighted average shares issued during the year | 1 | - | ||||||
Dilutive impact of stock options and restricted stock awards | 32 | - | ||||||
Weighted average common shares, diluted | 15,273 | 15,115 | ||||||
Income (loss) from continuing operations per common share, diluted | $ | 0.04 | $ | (0.12 | ) |
December 31, | ||||||||
2015 | 2014 | |||||||
Income from continuing operations | $ | 4,021 | $ | 71 | ||||
Basic: | ||||||||
Shares outstanding at beginning of year | 15,592 | 15,473 | ||||||
Weighted average shares (cancelled) issued during the year, net | (30 | ) | 28 | |||||
Weighted average common shares, basic | 15,562 | 15,501 | ||||||
Income from continuing operations per common share, basic | $ | 0.26 | $ | 0.00 | ||||
Diluted: | ||||||||
Weighted average common shares, basic | 15,562 | 15,501 | ||||||
Dilutive impact of stock options and restricted stock awards | 104 | 81 | ||||||
Weighted average common shares, diluted | 15,666 | 15,582 | ||||||
Income from continuing operations per common share, diluted | $ | 0.26 | $ | 0.00 |
Restaurants | Hotel/Resort/ Spa | Government | Total | |||||||||||||
Net Balances at December 31, 2013 | $ | - | $ | 6,116 | $ | 736 | $ | 6,852 | ||||||||
Goodwill | 12,433 | 13,946 | 736 | 27,115 | ||||||||||||
Accumulated Impairment charge | (12,433 | (7,830 | ) | - | (20,263 | ) | ||||||||||
Acquisition | 10,315 | - | - | 10,315 | ||||||||||||
Reclassified to Discontinued Operations | - | (6,116 | ) | - | (6,116 | ) | ||||||||||
Net balance at December 31, 2014 | 10,315 | - | 736 | 11,051 | ||||||||||||
Goodwill | 22,748 | 13,946 | 736 | 37,430 | ||||||||||||
Accumulated Impairment charge | (12,433 | (10,238 | ) | - | (22,671 | ) | ||||||||||
Divestiture | - | (3,708 | ) | - | (3,708 | ) | ||||||||||
Net balance at December 31, 2015 | $ | 10,315 | $ | - | $ | 736 | $ | 11,051 |
Accounts receivable | $ | 83 | ||
Inventories | 116 | |||
Intangible assets | 7,190 | |||
Goodwill | 10,315 | |||
Other assets | 90 | |||
Total assets acquired | $ | 17,794 | ||
Accounts payable | $ | 124 | ||
Other current liabilites | 365 | |||
Deferred Tax Liabilities | 2,445 | |||
Total liabilities assumed | $ | 2,934 | ||
Purchase price | $ | 14,860 |
Fair Value | Estimated Useful Life | ||||
Trade name | $ | 400 | Indefinite | ||
Developed technology | 6,600 | 7 Years | |||
Customer relationships | 160 | 7 Years | |||
Non-competition agreements | 30 | 1 Year | |||
$ | 7,190 |
(Unaudited) Year ended December 31, 2014 | ||||
Revenues | $ | 219,328 | ||
Net loss | $ | (559 | ) | |
Earnings per share: | ||||
Basic | $ | (0.04 | ) | |
Diluted | $ | (0.04 | ) |
December 31, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
Cash | $ | - | $ | 300 | ||||
Accounts receivable - net | - | 1,771 | ||||||
Other current assets | - | 574 | ||||||
Property, plant and equipment - net | - | 986 | ||||||
Goodwill | - | 6,116 | ||||||
Intangible assets - net | - | 12,372 | ||||||
Assets of discontinued operation | $ | - | $ | 22,119 | ||||
Liabilities | ||||||||
Accounts Payable | $ | - | $ | 417 | ||||
Accrued salaries and benefits | 441 | 703 | ||||||
Accrued expenses | - | 87 | ||||||
Customer Deposits | - | 1,103 | ||||||
Deferred service revenue | - | 2,307 | ||||||
Liabilities of discontinued operation | $ | 441 | $ | 4,617 |
December 31, | ||||||||
Operations | 2013 | 2012 | ||||||
Total revenues | - | $ | 136 | |||||
Loss from discontinued operations before income taxes | $ | (319 | ) | $ | (348 | ) | ||
Gain on disposition | 2,588 | |||||||
(Provision) benefit for income taxes | 108 | (793 | ) | |||||
Income (loss) from discontinued operations | $ | (211 | ) | $ | 1,447 |
December 31, | ||||||||
2015 | 2014 | |||||||
Total revenues | $ | 14,545 | $ | 15,746 | ||||
Loss from discontinued operations before income taxes | $ | (5,702 | ) | $ | (5,816 | ) | ||
Loss on disposition | (2,408 | ) | - | |||||
Benefit from income taxes | 3,198 | 2,094 | ||||||
Loss from discontinued operations, net of taxes | $ | (4,912 | ) | $ | (3,722 | ) |
(in thousands) | ||||||||||||||||
December 31, | December 31, | December 31, (in thousands) | ||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Government segment: | ||||||||||||||||
Billed | $ | 16,932 | $ | 11,226 | $ | 9,400 | $ | 9,340 | ||||||||
Advanced billings | (4,335 | ) | (3,561 | ) | (1,266 | ) | (450 | ) | ||||||||
12,597 | 7,665 | 8,134 | 8,890 | |||||||||||||
Hospitality segment: | ||||||||||||||||
Accounts receivable - net | 18,091 | 22,225 | 21,396 | 20,784 | ||||||||||||
$ | 30,688 | $ | 29,890 | $ | 29,530 | $ | 29,674 |
December 31, | ||||||||||||||||
(in thousands) | December 31, (in thousands) | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Finished Goods | $ | 12,033 | $ | 13,012 | $ | 8,775 | $ | 13,615 | ||||||||
Work in process | 297 | 352 | 402 | 457 | ||||||||||||
Component parts | 3,558 | 3,673 | 5,068 | 3,748 | ||||||||||||
Service parts | 8,577 | 9,135 | 7,254 | 8,108 | ||||||||||||
$ | 24,465 | $ | 26,172 | $ | 21,499 | $ | 25,928 |
December 31, | ||||||||||||||||
(in thousands) | December 31, (in thousands) | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Land | $ | 253 | $ | 253 | $ | 253 | $ | 253 | ||||||||
Building and improvements | 6,540 | 6,302 | 5,645 | 5,645 | ||||||||||||
Rental property | 5,311 | 5,289 | 5,330 | 5,308 | ||||||||||||
Furniture and equipment | 25,431 | 24,557 | 11,804 | 10,160 | ||||||||||||
37,535 | 36,401 | 23,032 | 21,366 | |||||||||||||
Less accumulated depreciation | (32,041 | ) | (30,544 | ) | (17,316 | ) | (16,218 | ) | ||||||||
$ | 5,494 | $ | 5,857 | $ | 5,716 | $ | 5,148 |
2014 | $ | 1,725 | ||||||
2015 | 1,090 | |||||||
2016 | 805 | 1,466 | ||||||
2017 | 522 | 1,149 | ||||||
2018 | 353 | 924 | ||||||
2019 | 860 | |||||||
2020 | 336 | |||||||
Thereafter | 854 | 738 | ||||||
$ | 5,349 | $ | 5,473 |
2014 | 166 | |||||||
2015 | 173 | |||||||
2016 | 180 | $ | 2,103 | |||||
2017 | 187 | 188 | ||||||
2018 | 195 | 195 | ||||||
Thereafter | 183 | |||||||
2019 | 183 | |||||||
$ | 1,084 | $ | 2,669 |
No. of Shares (in thousands) | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | ||||||||||
Outstanding at December 31, 2012 | 711 | $ | 5.37 | $ | 116 | |||||||
Options granted | 747 | 5.17 | ||||||||||
Exercised | (16 | ) | 3.31 | |||||||||
Forfeited and cancelled | (394 | ) | 4.80 | |||||||||
Outstanding at December 31, 2013 | 1,048 | $ | 5.45 | $ | 270 | |||||||
Vested and expected to vest at December 31, 2013 | 1,005 | $ | 5.46 | $ | 261 | |||||||
Total shares exercisable as of December 31, 2013 | 264 | $ | 6.30 | $ | 66 | |||||||
Shares remaining available for grant | 565 |
No. of Shares (in thousands) | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | ||||||||||
Outstanding at December 31, 2014 | 1,240 | $ | 5.28 | $ | 1,264 | |||||||
Options granted | 118 | 4.90 | ||||||||||
Options exercised | (94 | ) | 5.04 | |||||||||
Forfeited and cancelled | (211 | ) | 5.09 | |||||||||
Expired | (120 | ) | 6.50 | |||||||||
Outstanding at December 31, 2015 | 933 | $ | 5.14 | $ | 1,579 | |||||||
Vested and expected to vest at December 31, 2015 | 905 | $ | 5.14 | $ | 1,532 | |||||||
Total shares exercisable as of December 31, 2015 | 302 | $ | 5.14 | $ | 512 | |||||||
Shares remaining available for grant | 1,000 |
2013 | 2012 | 2015 | 2014 | |||||||||||||
Expected option life | 4.6 years | 5.5 years | 5.1 years | 5.9 years | ||||||||||||
Weighted average risk-free interest rate | 1.3 | % | 0.9 | % | 1.6 | % | 1.7 | % | ||||||||
Weighted average expected volatility | 33 | % | 45 | % | 30 | % | 31 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % |
Range of Exercise Prices | Range of Exercise Prices | Number Outstanding (in thousands) | Weighted Average Remaining Life | Weighted Average Exercise Price | Range of Exercise Prices | Number Outstanding (in thousands) | Weighted Average Remaining Life | Weighted Average Exercise Price | ||||||||||||||
$ | 3.22 - $4.81 | 215 | 7.64 Years | $ | 4.64 | 4.31 - $6.47 | 933 | 8.10 years | $ | 5.14 | ||||||||||||
$ | 4.82 - $6.01 | 756 | 8.68 Years | $ | 5.80 | |||||||||||||||||
$ | 6.02 - $11.40 | 77 | 3.04 Years | $ | 8.71 | |||||||||||||||||
$ | 3.22 - $11.40 | 1,048 | 8.05 Years | $ | 6.30 |
Non-vested shares (in thousands) | Shares | Weighted Average grant- date fair value | ||||||||||||||
Balance at January 1, 2013 | 174 | $ | 4.68 | |||||||||||||
Non-vested restricted stock awards (in thousands) | Shares | Weighted Average grant- date fair value | ||||||||||||||
Balance at January 1, 2015 | 273 | $ | 4.68 | |||||||||||||
Granted | 247 | 4.50 | 34 | 4.67 | ||||||||||||
Vested | (49 | ) | 5.02 | (110 | ) | 4.71 | ||||||||||
Forfeited and cancelled | (95 | ) | 4.92 | (112 | ) | 3.95 | ||||||||||
Balance at December 31, 2013 | 277 | $ | 4.65 | |||||||||||||
Balance at December 31, 2015 | 85 | $ | 5.13 |
Year ended December 31, | ||||||||||||||||
(in thousands) | Year ended December 31, (in thousands) | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Current income tax: | ||||||||||||||||
Federal | $ | (16 | ) | $ | (206 | ) | $ | 221 | $ | 115 | ||||||
State | 27 | 160 | 141 | 212 | ||||||||||||
Foreign | 1,087 | 582 | 267 | 757 | ||||||||||||
1,098 | 536 | 629 | 1,084 | |||||||||||||
Deferred income tax: | ||||||||||||||||
Federal | (1,813 | ) | (1,650 | ) | 816 | 2,238 | ||||||||||
State | (65 | ) | (300 | ) | 55 | 372 | ||||||||||
(1,878 | ) | (1,950 | ) | 871 | 2,610 | |||||||||||
Benefit for income taxes | $ | (780 | ) | $ | (1,414 | ) | ||||||||||
Provision for income taxes | $ | 1,500 | $ | 3,694 |
December 31, | ||||||||||||||||
(in thousands) | December 31, (in thousands) | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Software development costs | $ | 5,042 | $ | 3,740 | $ | 1,841 | $ | 4,984 | ||||||||
Acquired intangible assets | 2,088 | 2,350 | ||||||||||||||
Gross deferred tax liabilities | 5,042 | 3,740 | 3,929 | 7,334 | ||||||||||||
Allowances for bad debts and inventory | (3,819 | ) | (3,640 | ) | (4,804 | ) | (4,524 | ) | ||||||||
Capitalized inventory costs | (122 | ) | (125 | ) | (75 | ) | (114 | ) | ||||||||
Intangible assets | (3,223 | ) | (4,119 | ) | (1,747 | ) | (2,100 | ) | ||||||||
Employee benefit accruals | (1,764 | ) | (1,805 | ) | (2,050 | ) | (1,715 | ) | ||||||||
Federal net operating loss carryforward | (10,524 | ) | (8,122 | ) | (6,215 | ) | (9,249 | ) | ||||||||
State net operating loss carryforward | (1,200 | ) | (957 | ) | (1,111 | ) | (1,104 | ) | ||||||||
Tax credit carryforwards | (4,979 | ) | (4,006 | ) | (8,760 | ) | (7,809 | ) | ||||||||
Foreign currency | (33 | ) | (147 | ) | (33 | ) | (33 | ) | ||||||||
Other | (585 | ) | (334 | ) | (334 | ) | (502 | ) | ||||||||
Gross deferred tax assets | (26,249 | ) | (23,255 | ) | (25,129 | ) | (27,150 | ) | ||||||||
Less valuation allowance | 2,377 | 2,198 | 3,421 | 3,947 | ||||||||||||
Net deferred tax assets | $ | (18,830 | ) | $ | (17,317 | ) | $ | (17,779 | ) | $ | (15,869 | ) |
2015 | 2014 | |||||||
Federal statutory tax rate | 34.0 | % | 34.0 | % | ||||
State taxes | 5.8 | 11.5 | ||||||
Non deductible expenses | 1.0 | 4.6 | ||||||
Tax credits | (4.8 | ) | (11.7 | ) | ||||
Repatriation of foreign earnings | 0.0 | 59.8 | ||||||
Foreign income tax rate differential | (1.3 | ) | (43.2 | ) | ||||
Valuation allowance | (9.5 | ) | 41.7 | |||||
Tax return and audit adjustments | 3.8 | 0.0 | ||||||
Other | (1.8 | ) | 1.4 | |||||
27.2 | % | 98.1 | % |
Year ended December 31, | ||||||||
2013 | 2012 | |||||||
Federal statutory tax rate | (34.0 | )% | (34.0 | )% | ||||
State taxes | 1.7 | (6.2 | ) | |||||
Non deductible expenses | 61.3 | 6.2 | ||||||
Tax credits | (378.2 | ) | 0.0 | |||||
Foreign subsidiary liquidation | 0.0 | (6.3 | ) | |||||
Foreign income tax rate differential | (103.0 | ) | (5.1 | ) | ||||
Valuation allowance | 84.8 | 1.3 | ||||||
Other | (2.4 | ) | (0.4 | ) | ||||
(369.8 | )% | (44.5 | )% |
Year ended December 31, | ||||||||||||||||
(in thousands) | Year ended December 31, (in thousands) | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Hospitality | $ | 152,376 | $ | 156,668 | $ | 141,151 | $ | 130,174 | ||||||||
Government | 89,018 | 88,491 | 87,852 | 87,689 | ||||||||||||
Total | $ | 241,394 | $ | 245,159 | $ | 229,003 | $ | 217,863 | ||||||||
Operating income (loss) : | ||||||||||||||||
Hospitality | $ | (5,005 | ) | $ | (8,303 | ) | $ | 1,721 | $ | 323 | ||||||
Government | 5,949 | 4,969 | 5,365 | 4,883 | ||||||||||||
Other | (1,601 | ) | (649 | ) | (457 | ) | (1,790 | ) | ||||||||
(657 | ) | (3,983 | ) | 6,629 | 3,416 | |||||||||||
Other income, net | 506 | 876 | (800 | ) | 485 | |||||||||||
Interest expense | (60 | ) | (69 | ) | (308 | ) | (136 | ) | ||||||||
Loss from continuing operations before provision for income taxes | $ | (211 | ) | $ | (3,176 | ) | ||||||||||
Income from continuing operations before provision for income taxes | $ | 5,521 | $ | 3,765 | ||||||||||||
Identifiable assets: | ||||||||||||||||
Hospitality | $ | 81,386 | $ | 88,298 | $ | 72,948 | $ | 81,269 | ||||||||
Government | 16,936 | 9,012 | 10,052 | 11,221 | ||||||||||||
Other | 19,186 | 26,455 | 32,312 | 22,688 | ||||||||||||
Total | $ | 117,508 | $ | 123,765 | $ | 115,312 | $ | 115,178 | ||||||||
Goodwill: | ||||||||||||||||
Hospitality | $ | 6,116 | $ | 6,116 | $ | 10,315 | $ | 10,315 | ||||||||
Government | 736 | 736 | 736 | 736 | ||||||||||||
Total | $ | 6,852 | $ | 6,852 | $ | 11,051 | $ | 11,051 | ||||||||
Depreciation and amortization: | ||||||||||||||||
Depreciation, amortization and accretion: | ||||||||||||||||
Hospitality | $ | 2,454 | $ | 8,273 | $ | 2,673 | $ | 1,678 | ||||||||
Government | 46 | 78 | 48 | 50 | ||||||||||||
Other | 330 | 372 | 349 | 279 | ||||||||||||
Total | $ | 2,830 | $ | 8,723 | $ | 3,070 | $ | 2,007 | ||||||||
Capital expenditures including software costs: | ||||||||||||||||
Hospitality | $ | 5,523 | $ | 5,247 | $ | 3,645 | $ | 2,181 | ||||||||
Government | 63 | 38 | - | 36 | ||||||||||||
Other | 202 | 46 | 208 | 969 | ||||||||||||
Total | $ | 5,788 | $ | 5,331 | $ | 3,853 | $ | 3,186 |
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
United States | $ | 201,815 | $ | 209,683 | $ | 197,303 | $ | 189,845 | ||||||||
Other Countries | 39,579 | 35,476 | 31,700 | 28,018 | ||||||||||||
Total | $ | 241,394 | $ | 245,159 | $ | 229,003 | $ | 217,863 |
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
United States | $ | 99,937 | $ | 107,149 | $ | 100,021 | $ | 93,825 | ||||||||
Other Countries | 17,571 | 16,616 | 15,291 | 21,353 | ||||||||||||
Total | $ | 117,508 | $ | 123,765 | $ | 115,312 | $ | 115,178 |
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2015 | 2014 | |||||||||||||
Hospitality segment: | ||||||||||||||||
McDonald’s Corporation | 19 | % | 20 | % | 19 | % | 16 | % | ||||||||
Yum! Brands, Inc. | 13 | % | 15 | % | 10 | % | 12 | % | ||||||||
Government segment: | ||||||||||||||||
U.S. Department of Defense | 37 | % | 36 | % | 38 | % | 40 | % | ||||||||
All Others | 31 | % | 29 | % | 33 | % | 32 | % | ||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Level 3 Inputs | ||||
Liabilities | ||||
Balance at December 31, 2014 | $ | 5,040 | ||
New level 3 liability | - | |||
Change in fair value of contingent consideration liability | 90 | |||
Transfers into or out of Level 3 | - | |||
Balance at December 31, 2015 | $ | 5,130 |
PAR TECHNOLOGY CORPORATION | ||
March | /s/ | |
Chief Executive Officer & President |
Signatures | Title | Date | ||
/s/ Karen E. Sammon | ||||
Karen E. Sammon | Chief Executive Officer & President | March 30, 2016 | ||
/s/ Cynthia A. Russo | ||||
Cynthia A. Russo | Director | March 30, 2016 | ||
/s/ Paul D. Eurek | ||||
Paul D. Eurek | Director | March 30, 2016 | ||
/s/ Todd E. Tyler | ||||
Todd E. Tyler | Director | March 30, 2016 | ||
/s/ John W. Sammon | ||||
John W. Sammon | Director | March 30, 2016 | ||
/s/ Ronald J. Casciano | ||||
Ronald J. Casciano | Director | March | ||
/s/ | ||||
Donald H. Foley | Director | March | ||
/s/ | ||||
Controller and | Chief Accounting Officer | March | ||
Exhibit No. | Description of Instrument | ||
Certificate of Incorporation, as amended May 22, 2014. | Filed as Exhibit 3(i) to | ||
By-laws, as | Filed as Exhibit reference. | ||
4 | Specimen Certificate representing the Common Stock. | Filed as Exhibit 4 to Registration Statement on Form S-2 (Registration No. 333-04077) of PAR Technology Corporation incorporated herein by reference. | |
10.1 | Letter of Agreement with Sanmina– SCI | Filed as Exhibit 10.1 to Form S-3/A (Registration No. 333-102197) of PAR Technology Corporation incorporated herein by reference. | |
10.2 | |||
2005 Equity Incentive Plan of PAR Technology | Filed as Exhibit 4.2 to Form S-8 (Registration No. 333-137647) of PAR Technology Corporation and incorporated herein by reference. | ||
2005 Equity Incentive Plan, as | Filed as Exhibit 4.1 to Registration Statement on Form S-8 (Registration No. 333-187246) of PAR Technology Corporation incorporated herein by reference. |
10.4 | |||
Form of Restricted Stock Award Agreement Pursuant to the 2005 Equity Incentive | Filed as Exhibit 10.1 to Form 10-Q as for the quarter ended June 30, 2013 and incorporated by reference. | ||
Pledge and Security Agreement with JP Morgan | Filed as Exhibit 10.2 to Form 8-K dated June 16, 2008 of PAR Technology Corporation and incorporated herein by reference. | ||
June 2011 – Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A; NBT Bank, N.A.; Alliance Bank, N.A. | Filed as an Exhibit 10.1 to Form 8-K dated June 6, 2011 of PAR Technology Corporation and incorporated herein by reference. |
Exhibit No. | Description of Instrument | ||
10.7 | June 2011 - Amendment No. 1 to Pledge and Security Agreement with JPMorgan Chase Bank, N.A. | Filed as an Exhibit 10.2 to Form 8-K dated June 6, 2011 of PAR Technology Corporation and incorporated herein by reference. | |
December 2011 - Asset Purchase and Sale Agreement by and between PAR Technology Corporation, | Filed as an Exhibit 10.13 to Form 10-K dated April 4, 2012 of PAR Technology Corporation and incorporated herein by reference. | ||
10.9 | |||
February 2013 - Amendment No. 2 to Pledge and Security Agreement with JPMorgan Chase Bank, N.A. | Filed as an Exhibit 10.14 to Form 10-K dated March 13, 2013 of PAR Technology Corporation and incorporated herein by reference. | ||
10.10 | Employment Offer Letter dated March 21, 2013 between Registrant and Ronald J. | Filed as an Exhibit 10.1*+ to Form 10-Q for the quarter ended March 31, 2013 and incorporated herein by reference. | |
Employment Offer Letter dated March 21, 2013 between Registrant and Robert P. | Filed as an Exhibit 10.2*+ to Form 10-Q for the quarter ended March 31, 2013 and incorporated herein by reference. | ||
Employment Offer Letter dated March 21, 2013 between Registrant and Karen E. |
Filed as an Exhibit 10.3*+ to Form 10-Q for the quarter ended March 31, 2013 and incorporated herein by reference. | ||||
10.13 | Form of Notice of Equity Award and Agreement Pursuant to the 2005 Equity Incentive | Filed as an Exhibit 10.17 to Form 10-K dated March 14, 2014 of Par Technology Corporation and incorporated herein by reference. | ||
10.14 | June 2014 – Amendment No. 3 to Pledge and Security Agreement with JPMorgan Chase Bank, N.A. | Filed as an Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2014 and incorporated herein by reference. | ||
10.15 *** | Credit Agreement with JPMorgan Chase Bank, N.A. dated as of September 9, 2014. | Filed as an Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by reference. | ||
10.16 | Pledge and Security Agreement with JPMorgan Chase Bank, N.A. dated as of September 9, 2014. | Filed as an Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by reference. |
Exhibit No. | Description of Instrument | ||
10.17 *** | Stock Purchase Agreement by and among Brink Software, Inc., the Shareholders, ParTech, Inc., and PAR Technology Corporation dated as of September 18, 2014. | Filed as an Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by reference. | |
10.18 | Form of Outside Director Notice of Restricted Stock Award and Agreement Pursuant to the 2005 Equity Incentive Plan. | Filed as an Exhibit 10.21 to Form 10-K dated March 31, 2015 of Par Technology Corporation and incorporated herein by reference. | |
10.19 | Form of Notice of Award and Agreement Pursuant to the 2005 Equity Incentive Plan. | Filed as an Exhibit 10.23 to Form 10-K dated March 31, 2015 of Par Technology Corporation and incorporated herein by reference. | |
10.20 *** | Second Amendment to Credit Agreement and Other Loan Documents with JPMorgan Chase Bank, N.A. dated as of March 19, 2015 | Filed as an Exhibit 10.24 to Form 10-K dated March 31, 2015 of Par Technology Corporation and incorporated herein by reference | |
10.21 | Separation Agreement between PAR Technology Corporation and Stephen P. Lynch dated August 31, 2015. | Filed as an Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2015 and incorporated herein by reference. | |
10.22 | 2015 Equity Incentive Plan of PAR Technology Corporation. | Filed as Exhibit 4.2 to Form S-8 (Registration No. 333-208063) of PAR Technology Corporation and incorporated herein by reference. | |
10.23 | Form of Notice of Award Pursuant to the 2015 Equity Incentive Plan | Filed as Exhibit 4.3 to Form S-8 (Registration No. 333-208063) of PAR Technology Corporation and incorporated herein by reference. | |
10.24 | Form of Outside Director Notice of Restricted Stock Award and Agreement Pursuant to the 2015 Equity Incentive Plan | Filed as Exhibit 4.4 to Form S-8 (Registration No. 333-208063) of PAR Technology Corporation and incorporated herein by reference. | |
Employment Offer Letter dated July 13, 2015 between Registrant and Michael Bartusek | |||
November 2015 – Asset Purchase Agreement by and among Gary Jonas Computing Ltd., SMS Software Holdings LLC, Jonas Computing (UK) Ltd., PAR Springer-Miller Systems, Inc., Springer-Miller International, LLC, Springer-Miller Canada, ULC, ParTech, Inc., and Constellation Software Inc. | |||
Employment Offer Letter dated November 16, 2015 between Registrant and Karen Sammon |
Exhibit No. | Description of Instrument | ||
Employment Offer Letter dated December 10, 2015 between Registrant and Matthew Cicchinelli | |||
Fourth Amendment to Credit Agreement with JPMorgan Chase Bank, N.A. dated as of March 24, 2016 | |||
Subsidiaries of the | |||
Consent of Independent Registered Public Accounting | |||
Certification of Chief Executive Officer & President Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification of | |||
Certification of Chief Executive Officer & President | |||
Certification of Controller and Chief Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||
*** |
Portions of this Exhibit were omitted pursuant to a request for confidential treatment. The omitted portions have been separately filed with the Securities and Exchange Commission. |