MICROS Surpasses Estimates - Analyst Blog
January 30 2012 - 6:00AM
Zacks
MICROS Systems,
Inc. (MCRS) reported revenues of $270.4 million in the
second quarter of fiscal 2012, up 9.4% year over year. This was in
line with the Zacks Consensus Estimate.
On a segment basis, Service
revenues came in at $178.4 million, rising 7.3% from the previous
year quarter. Hardware revenues came in at $57.4 million,
increasing 20.1% from the year-ago quarter. Software revenues came
in at $34.6 million, up 4.5% from the year-ago quarter.
Geographically, revenues from
domestic operations were 43% of the total and international
operations accounted for 57% of the total revenue.
Gross margin came in at 56.3%
compared to 55.6% in the previous year quarter, remaining flat
sequentially. Operating margin came in at 20.1%, down from 20.8% in
the previous quarter but up from 18.9% in the year-earlier quarter.
Non-GAAP net income came in at $42.1 million, up 14.0% year over
year.
Non-GAAP earnings per share (EPS)
for the quarter were 51 cents compared to 45 cents in the year-ago
quarter. This beat the Zacks Consensus Estimate of 48 cents per
share. GAAP diluted EPS came in at 47 cents for the quarter rising
from 39 cents in the previous-year quarter.
During the quarter, MICROS
purchased 500,000 shares for $46.05 per share. The company still
has 1.8 million shares left under its current authorization
program.
In the first half of 2012, the
company generated $63.5 million of cash from operating activities
and spent $8.3 million in capital expenditures. Days sales
outstanding were 59.6 days at the end of 2Q12. At the end of the
quarter, inventory amounted to $37.3 million and inventory turns
for the quarter were 9.0 compared to 8.6 a year ago. Deferred
revenue came in at $137.6 million at the end of 2Q12.
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