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MICROS Reports Fiscal 2010 First Quarter Results
PR Newswire
Oct 29, 2009
COLUMBIA, Md., Oct. 29 /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 2010 first quarter ended September 30, 2009.
FINANCIAL HIGHLIGHTS
-- Revenue for the quarter was $212.5 million.
-- GAAP net income for the quarter was $24.8 million.
-- GAAP diluted EPS for the quarter was $0.31 per share.
-- Non-GAAP financial results, excluding the effect of charges for stock
options and impairment on auction rate securities, are as follows:
-- Non-GAAP net income for the quarter was $27.3 million.
-- Non-GAAP diluted EPS for the quarter was $0.34 per share.
The financial results for the first fiscal quarter exceeded consensus expectations.
Tom Giannopoulos, MICROS's Chairman and CEO, stated: "We are pleased with our excellent financial results despite the continuing weak business conditions. The results are truly a credit to our clients and employees worldwide."
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 29, 2009. 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)
Three Months Ended
September 30,
-------------
2009 2008
---- ----
Revenue:
Hardware $43,779 $63,693
Software 24,926 37,576
Service 143,768 142,800
------- -------
Total revenue 212,473 244,069
------- -------
Cost of sales:
Hardware 28,273 43,059
Software 5,550 7,300
Service 62,138 67,766
------ ------
Total cost of sales 95,961 118,125
------ -------
Gross margin 116,512 125,944
Selling, general and administrative expenses 62,378 73,276
Research and development expenses 10,869 10,263
Depreciation and amortization 3,842 4,087
Stock option expense 3,051 3,733
----- -----
Total operating expenses 80,140 91,359
------ ------
Income from operations 36,372 34,585
Non-operating income (expense):
Interest income (expense), net 1,051 3,108
Credit based impairment charge (387) -
Other non-operating income (expense), net (7) 687
--- ---
Total non-operating, net 657 3,795
--- -----
Income before taxes 37,029 38,380
Income tax provision 12,034 13,049
------ ------
Net income 24,995 25,331
Less: Net income attributable to
noncontrolling interest (224) (449)
---- ----
Net Income attributable to MICROS Systems, Inc.
(GAAP) $24,771 $24,882
======= =======
Net Income per Diluted Common Share
attributable to MICROS Systems, Inc.
common shareholder $0.31 $0.30
===== =====
Weighted-average number of shares outstanding
- diluted 81,314 82,196
====== ======
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. $24,771 $24,882
Add back:
Stock option expense
Selling, general and administrative expenses 2,904 3,525
Research and development expenses 147 208
--- ---
3,051 3,733
Credit based impairment charge 387 -
--- ---
3,438 3,733
----- -----
Subtract: Tax effect on Stock option expense 942 841
--- ---
Non-GAAP Net Income attributable to MICROS
Systems, Inc. $27,267 $27,774
======= =======
Non-GAAP Net Income per Diluted Common Share
attributable to MICROS Systems, Inc. $0.34 $0.34
===== =====
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, June 30,
2009 2009
---- ----
ASSETS
Current assets:
Cash and cash equivalents and short-term
investments $467,560 $438,936
Accounts receivable, net 170,412 157,479
Inventory, net 38,615 39,783
Deferred income taxes 19,008 20,283
Prepaid expenses and other current assets 31,913 27,238
------ ------
Total current assets 727,508 683,719
Long-term investments 57,608 57,823
Property, plant and equipment, net 29,572 30,520
Deferred income taxes, non-current 12,843 11,483
Goodwill 191,908 190,739
Intangible assets, net 17,113 17,709
Purchased and internally developed
software costs, net 24,101 25,749
Other assets 6,434 6,344
----- -----
Total Assets $1,067,087 $1,024,086
========== ==========
LIABILITIES AND EQUITY
Current liabilities:
Bank lines of credit $1,170 $1,090
Accounts payable 32,068 36,647
Accrued expenses and other current
liabilities 105,939 104,821
Income taxes payable 4,110 7,999
Deferred revenue 141,770 112,146
------- -------
Total current liabilities 285,057 262,703
Income taxes payable, non-current 20,064 19,611
Deferred income taxes, non-current 906 1,752
Other non-current liabilities 10,496 10,539
------ ------
Total liabilities 316,523 294,605
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders' equity:
Common stock 498 502
Capital in excess of par 107,025 127,146
Retained earnings 604,162 579,331
Accumulated other comprehensive income 32,377 16,468
------ ------
Total MICROS Systems, Inc.
shareholders' equity 744,062 723,447
Noncontrolling interest 6,502 6,034
----- -----
Total Equity 750,564 729,481
------- -------
Total Liabilities and Equity $1,067,087 $1,024,086
SOURCE MICROS Systems, Inc.
Copyright (2009) PR Newswire. All Rights Reserved.
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