-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KATxTjK8lqftXxkYN1pGEC7WI+Abyl4BvzHqhUK5PTksu1FcBlLBiA0iOELCfUaf 5lE7EQyhQFhpTJHnspzZtg== 0000891092-04-002128.txt : 20040430 0000891092-04-002128.hdr.sgml : 20040430 20040430110127 ACCESSION NUMBER: 0000891092-04-002128 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040429 ITEM INFORMATION: FILED AS OF DATE: 20040430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROS SYSTEMS INC CENTRAL INDEX KEY: 0000320345 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 521101488 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09993 FILM NUMBER: 04767951 BUSINESS ADDRESS: STREET 1: 7031 COLUMBIA GATEWAY DRIVE CITY: COLUMBIA STATE: MD ZIP: 21046-2289 BUSINESS PHONE: 4432856000 MAIL ADDRESS: STREET 1: 7031 COLUMBIA GATEWAY DRIVE CITY: COLUMBIA STATE: MD ZIP: 21046-2289 8-K 1 e17708_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 29, 2004 (Date of earliest event reported) MICROS SYSTEMS, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) MARYLAND 000-09993 52-1101488 - -------------------------------------------------------------------------------- (State of incorporation) (Commission File Number) (I.R.S. Employer Identification Number) 7031 Columbia Gateway Drive, Columbia, Maryland 21046-2289 ---------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: 443-285-6000 Item 12. Results of Operations and Financial Condition. The registrant's press release dated April 29, 2004, regarding its financial results for the three- and nine-month period ended March 31, 2004, is Exhibit 99.1 of this Form 8-K SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 30, 2004 MICROS Systems, Inc. (Registrant) By: /s/ Gary C. Kaufman ------------------------------------------- Gary C. Kaufman Executive Vice-President, Finance and Administration, and Chief Financial Officer Exhibit Index 99.1 Press Release EX-99.1 2 e17708ex99-1.txt PRESS RELEASE Exhibit 99.1 MICROS Reports Fiscal 2004 Third Quarter Results: Record Third Quarter Revenue; Revenue, Net Income and EPS Exceed Expectations COLUMBIA, Md., April 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 2004 third quarter ended March 31, 2004. Revenue for the quarter was $121.0 million, an increase of $22.1 million, or 22.3%, over the same period last year. The quarterly revenue was a Company record for the third fiscal quarter. Net income for the quarter was $7.5 million, an increase of $2.1 million, or 40.0%, over the year ago third quarter. Earnings per share, on a diluted basis, were $0.39, an increase of $0.08 per share, or 25.8%, over the year ago earnings of $0.31 per share. Revenue, net income and earnings per share results exceeded consensus expectations. For the nine-month period ending March 31, 2004, MICROS's revenue was $344.6 million, an increase of $61.0 million, or 21.5%, over the same period in fiscal 2003. Net income for the nine-month period was $20.8 million, an increase of $7.8 million, or 60.3%, over the same period in fiscal 2003. Earnings per share, on a diluted basis, were $1.09, an increase of $0.35 per share, or 47.3%, over the earnings of $0.74 per share for the same period in fiscal 2003. Tom Giannopoulos, MICROS's Chairman and CEO, stated, "We are extremely pleased with the record revenue and strong financial results for the quarter. The demand for our products and services continues at a high level from both current and new customers. We look forward to a strong fourth quarter and a highly successful fiscal 2004." MICROS's management guidance for the fiscal 2004 fourth quarter ending June 30, 2004 is for revenue between $125.0 million and $130.0 million and net income between $10.6 million and $11.7 million. Management guidance for the fiscal 2004 year ending June 30, 2004 is for revenue between $469.0 million and $474.0 million and net income between $31.4 million and $32.5 million. Some of the statements contained herein are not based on historic facts but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in the release that are forward-looking statements include Mr. Giannopoulos's statements above and our statements about guidance for the fiscal 2004 fourth quarter and fiscal 2004 year ending June 30, 2004. These statements are based upon MICROS's current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of those risks and uncertainties are: product demand and market acceptance; adverse economic factors; impact of competitive products and pricing on margins; product development delays and technological difficulties; and aggressively controlling expenses. Other risks and uncertainties are indicated in the MICROS Annual Report on Form 10-K for the fiscal year ending June 30, 2003 and in other filings made by MICROS with the Securities and Exchange Commission. MICROS assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. MICROS SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited - in thousands, except per share amounts) Third Quarter Ended Nine Months Ended March 31, March 31, 2004 2003 2004 2003 Revenue: Hardware $35,811 $32,477 $104,057 $95,342 Software 21,509 16,510 58,273 45,980 Service 63,647 49,902 182,308 142,366 Total revenue 120,967 98,889 344,638 283,688 Cost of sales: Hardware 23,705 23,302 72,162 68,466 Software 5,471 4,394 14,312 11,343 Service 29,665 23,814 82,831 67,513 Total cost of sales 58,841 51,510 169,305 147,322 Gross margin 62,126 47,379 175,333 136,366 Selling, general and administrative expenses 40,375 31,626 114,065 93,752 Research and development expenses 6,623 4,245 19,957 13,380 Depreciation and amortization 2,330 1,995 7,078 6,170 Total operating expenses 49,328 37,866 141,100 113,302 Income from operations 12,798 9,513 34,233 23,064 Non-operating income (expense), net 117 (439) 1,573 (873) Income before taxes, minority interests, and equity in net earnings of affiliates 12,915 9,074 35,806 22,191 Income tax provision 5,230 3,631 14,501 8,877 Income before minority interests and equity in net earnings of affiliates 7,685 5,443 21,305 13,314 Minority interests and equity in net earnings of affiliates (168) (74) (471) (319) Net income $7,517 $5,369 $20,834 $12,995 Net income per common share: Basic $0.41 $0.31 $1.14 $0.75 Diluted $0.39 $0.31 $1.09 $0.74 Weighted-average number of shares outstanding: Basic 18,385 17,351 18,199 17,408 Diluted 19,439 17,575 19,187 17,663 MICROS SYSTEMS, INC. CONSOLIDATED BALANCE SHEET (Unaudited - in thousands) March 31, June 30, 2004 2003 ASSETS Current assets: Cash and cash equivalents $81,516 $45,682 Accounts receivable, net 99,401 98,700 Inventories, net 35,533 31,864 Deferred income taxes 9,068 7,885 Prepaid expenses and other current assets 18,134 17,860 Total current assets 243,652 201,991 Property, plant and equipment, net 19,378 20,179 Deferred income taxes, non-current 30,313 32,003 Goodwill and intangible assets, net 73,297 74,270 Purchased and internally developed software costs, net 35,993 38,089 Other investments 511 10 Other assets 3,746 3,473 Total assets $406,890 $370,015 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank lines of credit $2,500 $10,185 Current portion of long term debt 0 363 Current portion of capital lease obligations 141 106 Accounts payable 27,610 24,177 Accrued expenses and other current liabilities 49,506 44,240 Income taxes payable 2,875 10,102 Deferred income taxes 574 501 Deferred service revenue 52,337 38,538 Total current liabilities 135,543 128,212 Capital lease obligations, net of current portion 177 198 Deferred income taxes, non-current 11,520 11,495 Other non-current liabilities 1,301 6,510 Commitments and contingencies Minority interests 2,569 2,372 Shareholders' equity: Common stock 460 450 Capital in excess of par 77,463 69,644 Retained earnings 173,215 152,381 Accumulated other comprehensive income (loss) 4,642 (1,247) Total shareholders' equity 255,780 221,228 Total liabilities and shareholders' equity $406,890 $370,015 SOURCE MICROS Systems, Inc. -0- 04/29/2004 /CONTACT: Peter J. Rogers, Jr., Vice President, Investor Relations of MICROS Systems, Inc., +1-443-285-8059, progers@micros.com/ /Web site: http://www.micros.com/ (MCRS) CO: MICROS Systems, Inc. ST: Virginia IN: CPR STW LEI SU: ERN ERP -----END PRIVACY-ENHANCED MESSAGE-----