COLUMBIA, Md., Aug. 28 /PRNewswire-FirstCall/ -- MICROS Systems,
Inc. (NASDAQ:MCRS), a leading supplier of information systems to
the hospitality and retail industries, today announced the results
for its fiscal 2008 fourth quarter and fiscal year ending June 30,
2008. FINANCIAL HIGHLIGHTS -- Revenue for the quarter was $256.6
million, an increase of $35.0 million, or 15.8%, over the same
period last year. -- Revenue for the fiscal year was $954.2
million, an increase of $168.5 million, or 21.4% over the same
period last year. -- GAAP net income for the quarter was $30.7
million, an increase of $3.3 million, or 12.2% over the same period
last year. -- GAAP net income for the fiscal year was $101.3
million, an increase of $21.3 million, or 26.6% over the same
period last year. -- GAAP diluted earnings per share (EPS) for the
quarter was $0.37 per share, an increase of $0.04 per share, or
12.1% over the same period last year. -- GAAP diluted EPS for the
fiscal year was $1.21 per share, an increase of $0.24 per share, or
24.7% over the same period last year. -- Non-GAAP financial
results, excluding the effect of Financial Accounting Standard
(FAS) No. 123 (R), which requires us to record the share- based
payment charge, are as follows: -- Non-GAAP net income for the
quarter was $33.8 million, an increase of $2.5 million, or 8.1%
over the year ago period. -- Non-GAAP net income for the fiscal
year was $114.4 million, an increase of $23.3 million, or 25.6%
over the year ago period. -- Non-GAAP diluted EPS for the quarter
was $0.41 per share, an increase of $0.03 per share, or 7.9% over
year ago period. -- Non-GAAP diluted EPS for the fiscal year was
$1.37 per share, an increase of $0.27, or 24.5% over the year ago
period. -- MICROS's financial results were Company records for both
a fiscal quarter and a fiscal year. Tom Giannopoulos, MICROS's
Chairman and CEO, stated, "We are extremely pleased with the record
results of the 2008 fourth quarter and fiscal year. As we now enter
fiscal year 2009, we believe we have the right people,
infrastructure and products in place which will allow us to
continue to grow our company and expand our customer base."
Guidance for the fiscal 2009 year ending June 30, 2009 is for
revenue between $1,075.0 million and $1,100.0 million and non-GAAP
net income, excluding the currently projected share-based payment
charge for the fiscal year, between $128.5 million and $137.5
million, or non-GAAP earnings per diluted share between $1.53 and
$1.64. Guidance for GAAP net income is between $117.0 million and
$126.0 million, or earnings per diluted share of $1.39 to $1.50.
MICROS's stock is traded through NASDAQ under the symbol MCRS. Some
of the statements contained herein not based on historic facts are
forward- looking statements that involve risks and uncertainties.
An example of a forward looking statement includes the statements
in the paragraphs where MICROS provides guidance for its fiscal
2009 year ending June 30, 2009, and Mr. Giannopoulos's quote.
MICROS is subject to, among others, the following uncertainties and
risks: product demand and market acceptance; impact of competitive
products and pricing on margins; product development delays and
technological difficulties; controlling expenses as MICROS
continues to expand; the ability to obtain on acceptable terms the
right to incorporate in MICROS's products and services technology
patented by others; the risk that there are actual or perceived
security vulnerabilities in MICROS's products; adverse results in
legal disputes resulting in liabilities that exceed reserves;
unanticipated tax liabilities; the effects of terrorist activity
and armed conflict; the effects of major environmental disasters;
weakening in general economic conditions that adversely affect
demand for computer hardware or software; and currency
fluctuations. All information in this release is as of August 28,
2008. MICROS undertakes no duty to update any forward-looking
statement to conform the statement to actual results or changes in
MICROS's expectations. For further information regarding risks and
uncertainties associated with MICROS's business, please refer to
the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and "Business and Investment Risks"
sections of MICROS's SEC filings, including, but not limited to,
its annual report on Form 10-K and quarterly reports on Form 10-Q,
copies of which may be obtained by contacting MICROS's investor
relations department at 443-285-8059 or at MICROS's website at
http://www.micros.com/. MICROS SYSTEMS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per
share amounts) Fourth quarter ended Twelve months ended June 30,
June 30, 2008 2007 2008 2007 Revenue: Hardware $68,581 $65,694
$265,965 $233,838 Software 45,421 38,280 158,699 132,820 Service
142,562 117,620 529,520 419,069 Total revenue 256,564 221,594
954,184 785,727 Cost of sales: Hardware 44,674 41,104 171,779
149,085 Software 7,581 7,938 33,252 29,531 Service 67,171 53,579
247,954 195,600 Total cost of sales 119,426 102,621 452,985 374,216
Gross margin 137,138 118,973 501,199 411,511 Selling, general and
administrative expenses 76,463 63,302 290,411 241,075 Research and
development expenses 10,438 9,720 39,113 33,131 Depreciation and
amortization 4,388 3,599 15,143 12,721 Stock option expense (*)
3,785 4,723 17,229 13,996 Total operating expenses 95,074 81,344
361,896 300,923 Income from operations 42,064 37,629 139,303
110,588 Non-operating income, net 4,532 3,709 15,036 11,066 Income
before taxes, minority interests, and equity in net earnings of
affiliates 46,596 41,338 154,339 121,654 Income tax provision
16,304 13,861 52,167 40,754 Income before minority interests and
equity in net earnings of affiliates 30,292 27,477 102,172 80,900
Minority interests and equity in net earnings of affiliates 454
(67) (888) (912) Net income $30,746 $27,410 $101,284 $79,988 Net
income per common share - diluted $0.37 $0.33 $1.21 $0.97
Weighted-average number of shares outstanding - diluted 82,766
83,171 83,346 82,581 Reconciliation of GAAP Net Income and EPS, and
Net Income and EPS before share-based payment charge, i.e. stock
option expense Net income $30,746 $27,410 $101,284 $79,988 Add
back: Stock option expense (*) Selling, general and administrative
expenses 3,568 4,392 16,213 13,243 Research and development
expenses 217 331 1,016 753 Total stock option expense 3,785 4,723
17,229 13,996 Subtract: Total tax effect on stock option expense
769 902 4,083 2,883 Net income (before share-based payment charge)
$33,762 $31,231 $114,430 $91,101 Net income per common
share-diluted (before share-based payment charge): $0.41 $0.38
$1.37 $1.10 We believe the inclusion of the above non-GAAP measure,
excluding the effect of share-based payment charge, will be useful
to investors because it will enhance the comparability of our
results in recent periods to results in periods prior to our
adoption of FAS 123(R). We also believe inclusion of this measure
will enhance comparability of our results to results of our
competitors, particularly those who did not adopt FAS 123(R) during
one or more periods included in their public filings, and to the
analysts' forecasts because the analysts continue to forecast
excluding the effect of share-based payment charge, the non-GAAP
measure. In addition, our management uses this measure to evaluate
our operating performance and compare our results to our
competitors. Management also uses this measure as a metric to
measure performance under our executive compensation program. The
Company notes that non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles. Instead, they
are based on subjective determinations by management designed to
supplement our GAAP financial measures. They are subject to a
number of important limitations and should be considered only in
conjunction with our consolidated financial statements prepared in
accordance with GAAP. Among the limitations on the use of the
non-GAAP measure are the following: -- The exclusion of non-cash
share-based payment charges can have a significant impact on
reported GAAP net income and diluted net income per share. -- Other
companies may utilize non-cash share-based payments to a
significantly greater or lesser degree in relation to overall
compensation than MICROS. -- Other companies may calculate non-GAAP
net income and non-GAAP net income per share differently than
MICROS does, limiting the usefulness of those measures for
comparative purposes. MICROS SYSTEMS, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited - in thousands) June 30, June 30, 2008
2007 ASSETS Current assets: Cash and cash equivalents $381,964
$242,702 Short-term investments 0 86,950 Accounts receivable, net
192,445 180,203 Inventory, net 64,575 47,790 Deferred income taxes
18,724 16,683 Prepaid expenses and other current assets 29,737
27,650 Total current assets 687,445 601,978 Investment, non-current
65,216 0 Property, plant and equipment, net 29,165 27,955 Deferred
income taxes, non-current 7,108 23,145 Goodwill 159,722 138,332
Intangible assets, net 16,168 14,509 Purchased and internally
developed software costs, net 30,846 36,296 Other assets 7,336
4,541 Total assets $1,003,006 $846,756 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Bank lines of credit $989
$2,308 Accounts payable 46,843 43,126 Accrued expenses and other
current liabilities 124,913 117,142 Income taxes payable 6,363
8,094 Deferred revenue 115,398 86,742 Total current liabilities
294,506 257,412 Income taxes payable, non-current 18,302 0 Deferred
income taxes, non-current 2,181 15,934 Other non-current
liabilities 8,103 17,554 Total liabilities 323,092 290,900 Minority
interests and minority ownership put arrangement 6,898 4,723
Commitments and contingencies Shareholders' equity: Common stock
506 507 Capital in excess of par 131,517 149,089 Retained earnings
480,777 382,785 Accumulated other comprehensive income 60,216
18,752 Total shareholders' equity 673,016 551,133 Total liabilities
and shareholders' equity $1,003,006 $846,756 DATASOURCE: MICROS
Systems, Inc. CONTACT: Peter J. Rogers, Jr., Executive Vice
President, Investor Relations, of MICROS Systems, Inc.,
+1-443-285-8059, Web site: http://www.micros.com/
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