Record First Quarter Revenue, Net Income and EPS COLUMBIA, Md.,
Oct. 30 /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 2009 first quarter ended September 30, 2008. FINANCIAL
HIGHLIGHTS -- Revenue for the quarter was $244.1 million, an
increase of $27.6 million, or 12.7%, over the same period last
year. -- GAAP net income for the quarter was $24.9 million, an
increase of $3.6 million, or 16.8%, over the same period last year.
-- GAAP diluted earnings per share (EPS), was $0.30 per share, an
increase of $0.05, or 20.0%, 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 was $27.8 million, an increase of $3.5 million, or 14.3%,
over the year ago period. -- Non-GAAP diluted EPS, was $0.34, an
increase of $0.05, or 17.2%, over the year ago period. -- MICROS's
financial results were Company records for a first fiscal quarter.
Tom Giannopoulos, MICROS's Chairman and CEO, stated: "We are
pleased with the financial results for our first quarter. We are
cognizant of the global economy and the challenges it presents to
the markets we serve. With our leading market position and strong
balance sheet, we are well positioned to weather the present
economic conditions." 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. 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, such as hurricanes and tsunamis;
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 October 30,
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) First quarter ended Sept. 30, 2008 2007 Revenue:
Hardware $63,693 $64,901 Software 37,576 30,851 Service 142,800
120,730 Total revenue 244,069 216,482 Cost of sales: Hardware
43,059 39,938 Software 7,300 8,509 Service 67,766 54,793 Total cost
of sales 118,125 103,240 Gross margin 125,944 113,242 Selling,
general and administrative expenses 73,276 67,353 Research and
development expenses 10,263 9,114 Depreciation and amortization
4,087 3,846 Stock option expense (*) 3,733 3,844 Total operating
expenses 91,359 84,157 Income from operations 34,585 29,085
Non-operating income, net 3,795 3,322 Income before taxes, minority
interests, and equity in net earnings of affiliates 38,380 32,407
Income tax provision 13,049 10,856 Income before minority interests
and equity in net earnings of affiliates 25,331 21,551 Minority
interests and equity in net earnings of affiliates (449) (247) Net
income (GAAP) $24,882 $21,304 Net income per diluted common share
(GAAP) $0.30 $0.25 Weighted-average number of shares outstanding -
diluted 82,196 83,512 Reconciliation of GAAP Net Income and EPS,
and Non-GAAP Net Income and EPS before share-based payment charge,
i.e. stock option expense Net income (GAAP) $24,882 $21,304 Add
back: (*) Stock option expense Selling, general and administrative
expenses 3,525 3,542 Research and development expenses 208 302
Total stock option expense 3,733 3,844 Subtract: Total tax effect
on stock option expense 841 841 Net income, before share-based
payment charge (Non-GAAP) $27,774 $24,307 Net income per diluted
common share, before share-based payment charge (Non-GAAP) $0.34
$0.29 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 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) Sept 30,
June 30, 2008 2008 ASSETS Current assets: Cash and cash equivalents
$325,441 $381,964 Accounts receivable, net 203,153 192,445
Inventory, net 52,795 64,575 Deferred income taxes 17,528 18,724
Prepaid expenses and other current assets 27,417 29,737 Total
current assets 626,334 687,445 Investments, non-current 62,662
65,216 Property, plant and equipment, net 31,308 29,165 Deferred
income taxes, non-current 8,261 7,108 Goodwill 186,895 159,722
Intangible assets, net 21,568 16,168 Purchased and internally
developed software costs, net 32,045 30,846 Other assets 8,249
7,336 Total assets $977,322 $1,003,006 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Bank lines of credit $987
$989 Accounts payable 41,895 46,843 Accrued expenses and other
current liabilities 116,045 124,913 Income taxes payable 4,099
6,363 Deferred revenue 122,059 115,398 Total current liabilities
285,085 294,506 Income taxes payable, non-current 18,438 18,302
Deferred income taxes, non-current 3,382 2,181 Other non-current
liabilities 10,183 8,103 Total liabilities 317,088 323,092 Minority
interests and minority ownership put arrangement 6,702 6,898
Commitments and contingencies Shareholders' equity: Common stock
504 506 Capital in excess of par 126,347 131,517 Retained earnings
505,468 480,777 Accumulated other comprehensive income 21,213
60,216 Total shareholders' equity 653,532 673,016 Total liabilities
and shareholders' equity $977,322 $1,003,006 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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