COLUMBIA, Md., Oct. 25,
2012 /PRNewswire/ -- MICROS Systems, Inc. (NASDAQ:MCRS), a leading
provider of information technology solutions for the hospitality
and retail industries, today announced the results for its fiscal
2013 first quarter ended September
30, 2012.
FINANCIAL
HIGHLIGHTS
- Revenue for the quarter was $299.9
million, an increase of $43.3
million, or 16.9%, over the same period last year.
- GAAP net income for the quarter was $41.1 million, an increase of $3.8 million, or 10.3%, over the same period last
year.
- GAAP diluted earnings per share (EPS) for the quarter was
$0.50 per share, an increase of
$0.05, or 11.1% over the same period
last year.
- Non-GAAP financial results for the quarter, excluding the
effect of charges for stock options, amortization of Torex
intangibles and restructuring for Torex are as follows:
- Non-GAAP net income for the quarter was $46.4 million, an increase of $7.1 million, or 18.1%, over the same period last
year.
- Non-GAAP diluted EPS for the quarter was $0.57 per share an increase of $0.09, or 18.8%, over the same period last
year.
The financial results were records for a first fiscal quarter
and exceeded consensus expectations.
Tom Giannopoulos, MICROS's
Chairman and CEO, stated: "Given the current global economic
climate, we are pleased with the strong start for our first quarter
of fiscal 2013."
MICROS's financial guidance for fiscal 2013 remains the same as
previously provided in August 2012
with revenue between $1.3 Billion and $1.325
Billion and Non-GAAP EPS between $2.40 and $2.44.
MICROS's stock is traded through NASDAQ under the symbol
MCRS. 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 October 25, 2012. 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.
About MICROS Systems, Inc.
MICROS Systems, Inc.
provides enterprise applications for the hospitality and retail
industries worldwide. Over 330,000 MICROS systems are currently
installed in table and quick service restaurants, hotels, motels,
casinos, leisure and entertainment, and retail operations in more
than 180 countries, and on all seven continents. In addition,
MICROS provides property management systems, central reservation
and customer information solutions under the brand MICROS-Fidelio
for more than 29,000 hotels worldwide, as well as point-of-sale,
loss prevention, and cross-channel functionality through its
MICROS-Retail division for more than 100,000 retail stores
worldwide. MICROS stock is traded through NASDAQ under the symbol
MCRS.
MICROS
SYSTEMS, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(Unaudited - in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
September 30,
|
|
|
|
2012
|
|
2011
|
|
Revenue:
|
|
|
|
|
|
Hardware
|
$
63,759
|
|
$
48,409
|
|
|
Software
|
30,778
|
|
33,273
|
|
|
Service
|
205,314
|
|
174,876
|
|
Total
revenue
|
299,851
|
|
256,558
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Hardware
|
43,057
|
|
30,163
|
|
|
Software
|
5,365
|
|
4,859
|
|
|
Service
|
98,096
|
|
77,083
|
|
|
Stock
option expense
|
73
|
|
37
|
|
Total cost
of sales
|
146,591
|
|
112,142
|
|
|
|
|
|
|
|
Gross
margin
|
153,260
|
|
144,416
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses
|
72,648
|
|
72,751
|
|
|
Research
and development expenses
|
16,366
|
|
11,026
|
|
|
Depreciation and amortization
|
4,117
|
|
4,236
|
|
|
Stock
option expense
|
4,137
|
|
2,968
|
|
|
Torex
amortization expense
|
1,408
|
|
0
|
|
|
Torex
restructuring charge
|
1,397
|
|
0
|
|
Total
operating expenses
|
100,073
|
|
90,981
|
|
|
|
|
|
|
|
Income
from operations
|
53,187
|
|
53,435
|
|
Non-operating income (expense):
|
|
|
|
|
|
Interest
income, net
|
1,176
|
|
1,815
|
|
|
Other
non-operating (expense) income, net
|
(329)
|
|
547
|
|
Total
non-operating income, net
|
847
|
|
2,362
|
|
|
|
|
|
|
|
Income
before taxes
|
54,034
|
|
55,797
|
|
Income tax
provision
|
12,968
|
|
18,414
|
|
Net
income
|
41,066
|
|
37,383
|
|
Less: Net income attributable to noncontrolling
interest
|
(2)
|
|
(151)
|
|
|
|
|
|
|
|
Net
Income attributable to MICROS Systems, Inc. (GAAP)
|
$
41,064
|
|
$
37,232
|
|
|
|
|
|
|
|
Net Income
per diluted common share attributable to
MICROS Systems, Inc.
|
$
0.50
|
|
$
0.45
|
|
Weighted-average number of shares outstanding -
diluted
|
81,969
|
|
82,410
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Income and EPS
attributable to MICROS Systems, Inc. to
Non-GAAP Net Income and EPS attributable to MICROS Systems,
Inc.
|
|
Net Income
attributable to MICROS Systems, Inc.
|
$
41,064
|
|
$
37,232
|
|
Add
back:
|
|
|
|
|
|
Stock
option expense
|
|
|
|
|
|
Selling, general and
administrative expenses
|
3,700
|
|
2,659
|
|
|
Research and development
expenses
|
437
|
|
309
|
|
|
Cost of sales
|
73
|
|
37
|
|
|
|
4,210
|
|
3,005
|
|
|
Torex
amortization expense
|
1,408
|
|
-
|
|
|
Torex
restructuring charge
|
1,397
|
|
-
|
|
|
Total
add back
|
7,015
|
|
3,005
|
|
|
|
|
|
|
|
Subtract tax effect on:
|
|
|
|
|
|
Stock
option expense
|
1,264
|
|
943
|
|
|
Torex
amortization expense
|
59
|
|
-
|
|
|
Torex
restructuring charge
|
349
|
|
-
|
|
Non-GAAP
Net Income attributable to MICROS Systems, Inc.
|
$
46,407
|
|
$
39,294
|
|
|
|
|
|
|
|
Non-GAAP
Net Income per Diluted Common Share attributable to MICROS Systems,
Inc.
|
$
0.57
|
|
$
0.48
|
|
|
|
|
|
|
|
|
|
We believe
the inclusion of the above non-GAAP measure will be useful to
investors because it will enhance the comparability of our
current period results to prior periods' results
without comparable charges. 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
typically forecast excluding
the effect of share-based payment charge and above one time
charges, 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-GAAP items can
have a significant impact on reported GAAP net income and diluted
net income per share.
- 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)
|
|
|
|
|
|
|
|
September 30,
2012
|
|
June
30,
2012
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash equivalents
and short-term investments
|
|
$
581,168
|
|
$
582,038
|
Accounts receivable,
net
|
|
243,997
|
|
235,433
|
Inventory
|
|
48,859
|
|
44,278
|
Deferred income
taxes
|
|
14,001
|
|
17,004
|
Prepaid expenses and other
current assets
|
|
57,302
|
|
37,343
|
Total current assets
|
|
945,327
|
|
916,096
|
|
|
|
|
|
Long-term
investments
|
|
34,458
|
|
34,456
|
Property,
plant and equipment, net
|
|
36,381
|
|
35,435
|
Deferred
income taxes, non-current
|
|
52,881
|
|
50,326
|
Goodwill
|
|
450,926
|
|
444,117
|
Intangible
assets, net
|
|
43,426
|
|
45,024
|
Purchased
and internally developed software costs, net
|
|
34,511
|
|
33,980
|
Other
assets
|
|
6,803
|
|
6,586
|
Total
Assets
|
|
$
1,604,713
|
|
$
1,566,020
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
|
$
63,451
|
|
$
69,978
|
Accrued expenses and other
current liabilities
|
|
145,660
|
|
174,214
|
Income taxes
payable
|
|
6,107
|
|
1,788
|
Deferred revenue
|
|
191,348
|
|
169,989
|
Total current liabilities
|
|
406,566
|
|
415,969
|
|
|
|
|
|
Income
taxes payable, non-current
|
|
31,092
|
|
34,722
|
Deferred
income taxes, non-current
|
|
929
|
|
2,554
|
Other
non-current liabilities
|
|
17,241
|
|
16,644
|
Total liabilities
|
|
455,828
|
|
469,889
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
MICROS Systems, Inc. shareholders' equity:
|
|
|
|
|
Common stock
|
|
2,006
|
|
2,008
|
Capital in excess of
par
|
|
104,480
|
|
107,662
|
Retained earnings
|
|
1,041,886
|
|
1,000,822
|
Accumulated other
comprehensive loss
|
|
(3,023)
|
|
(17,847)
|
Total MICROS Systems, Inc. shareholders' equity
|
|
1,145,349
|
|
1,092,645
|
Noncontrolling interest
|
|
3,536
|
|
3,486
|
Total
Equity
|
|
1,148,885
|
|
1,096,131
|
|
|
|
|
|
Total
Liabilities and Equity
|
|
$
1,604,713
|
|
$
1,566,020
|
|
|
|
|
|
Contact:
|
Peter
J. Rogers, Jr.
|
|
Executive Vice President, Investor
Relations
|
|
443-285-8059
|
|
progers@micros.com
|
SOURCE MICROS Systems, Inc.