MICROS' 4Q Beats Estimates - Analyst Blog
August 24 2012 - 5:15AM
Zacks
MICROS Systems
Inc.’s (MCRS) non -GAAP diluted earnings per share for the
fourth quarter of fiscal 2012 came in at 68 cents compared with 58
cents in the prior-year quarter and 56 cents in the previous
quarter. This substantially surpassed the Zacks Consensus Estimate
of 55 cents.
On a GAAP basis, earnings came in
at 59 cents per share, versus 50 cents in the year-ago quarter and
53 cents in the prior quarter.
In fiscal 2012, non-GAAP diluted
earnings per share were $2.22 compared with $1.92 in fiscal 2011.
The results beat the Zacks Consensus Estimate of $2.00 per
share.
Revenues
Revenues were $302.5 million, up
10.4% year over year and 8.8% sequentially. The record revenue was
due to the company’s overall impressive performance in all its
business segments across all regions.
On a segment basis, Service
revenues came in at $196.3 million, rising 7.8% from $182.1 million
in the previous year quarter. Hardware revenues came in at $69
million, increasing 21.1% from the year-ago quarter. Software
revenues came in at $37.2 million, up 6.1% year over year.
In fiscal 2012, total revenue came
to $1.1 billion, rising 9.9%, annually. Segment-wise, Service
revenues amounted to $727 million, increasing 6.6% annually,
Hardware revenues were $238 million, rising 19.6% year over year
and Software revenues came in at $142.6 million, up 12.2%
annually.
Income and
Expenses
Gross margin came in at 54.7%
compared with 56.5% in the year-ago quarter and 54.9% in the last
quarter. Operating margin came in at 23.4% versus 23.7% in the
previous year period and 20.1% in the previous quarter.
In the quarter, selling, general
and administrative expenses came in at $71.6 million, increased
2.3% from the year-earlier quarter. Research and development
expenses amounted to $14.2 million, up 16.9% annually.
In the fiscal year 2012, gross
margin was 55.5% compared to 55.6% in the fiscal 2011, whereas
operating margin came in at 21.2% in fiscal 2012 versus 20.9% in
fiscal 2011.
Balance Sheet
MICROS ended the year with cash and
cash equivalents and short-term investments of $582.0 million, down
from $816.0 million at the end of the previous quarter. Net
accounts receivable were $235.4 million at the end of the year
compared with $208.3 million at the end of the prior quarter. As of
June 30, 2012, inventory was $44.3 million versus $36.7 million at
the end of the previous quarter.
Share
Repurchase
In fiscal 2012, the company
repurchased nearly 1.3 million shares out of which 110,000 shares
were bought back in the fourth quarter of fiscal 2012.
Guidance
For fiscal 2013, the company
expects that revenue will be within the range of $1.3 to $1.325
billion. MICROS projects that non-GAAP earnings per share will be
within $2.40 to $2.44. The capital expenditure is also likely to be
nearly $20 million in fiscal 2013.
Our Take
The company currently retains a
Zacks #3 Rank, which translates into a short-term ‘Hold’ rating. We
also maintain a long-term ‘Neutral’ recommendation on the
stock.
MICROS SYS (MCRS): Free Stock Analysis Report
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