PAR Technology Corporation (NYSE:PAR) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05.
Costs Associated with Exit or Disposal Activities.
PAR Technology Corporation (NYSE:PAR) Files An 8-K Costs Associated with Exit or Disposal Activities
On December 11, 2017, PAR Technology Corporation (the “Company”) implemented a 4%reduction in its workforce as part of its Restaurant/Retail segment’s transformation from a hardware and systems integrator to a software drivensolutions company. The Company expects to incur total pre-tax cash restructuring charges relating to severance costs of approximately $413,000 that will be expensed in the fourth quarter of 2017 in the Company’s Restaurant/Retail segment. The Company expects cash payments to be made in the fourth quarter of 2017 through the first quarter of 2018.
Item 2.05 of this Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in these statements, and may relate to, among other things, statements regarding the Company's current expectations relating to the amount and timing of related costs. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
About PAR Technology Corporation (NYSE:PAR)
PAR Technology Corporation (PAR) is a provider of systems and service solutions for the hospitality industry. The Company operates through two segments: Hospitality and Government. The solutions for the restaurant industry integrate software applications, hardware platforms, software delivery, and installation and lifecycle support services. PAR’s software offerings for the Restaurant market include front-of-store point-of-sale (POS) software applications, and enterprise software applications for content management and business intelligence. PAR’s hardware offerings for the restaurant market include POS terminals, kitchen systems utilizing printers and/or video monitors, and a range of food safety monitoring and task management hardware and software solutions. PAR’s Government business provides a range of technical services for the Department of Defense (DoD) and federal agencies. The Government segment focuses on serving intelligence, surveillance and reconnaissance (ISR) customers.
