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: August 27, 2003
(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 August 27, 2003, regarding its financial results for the three- and twelve-month periods ended June 30, 2003, 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:	August 28, 2003
		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 3 w89638exv99w1.htm EXHIBIT 99.1

Exhibit 99.1

News	micros ®   MICROS Systems, Inc. 7031 Columbia Gateway Drive Columbia, Maryland 21046-2289
Release Date:      August 27, 2003	Contact: Peter J. Rogers, Jr. Vice President, Investor Relations (443) 285-8059 progers@micros.com

MICROS REPORTS FISCAL 2003 YEAR RESULTS:
RECORD FOURTH QUARTER AND FISCAL YEAR REVENUE;
REVENUE, NET INCOME & EPS EXCEED EXPECTATIONS

Columbia, Maryland... MICROS Systems, Inc. (Nasdaq:MCRS), a leading supplier of information systems to the hospitality and specialty retail industries, today announced the results for its fiscal 2003 fourth quarter and fiscal year ended June 30, 2003. Revenue for the quarter was $120.5 million, an increase of $20.2 million, or 20.1%, over the same period last year. The quarterly revenue is a company record. Net income for the quarter was $8.8 million, an increase of $3.6 million, or 69.3%, over the year ago fourth quarter. Earnings per share, on a diluted basis, were $0.48 per share, an increase of $0.19 per share, or 65.5%, over the year ago figure of $0.29.

For the fiscal year ended June 30, 2003, MICROS’s revenue was $400.2 million, an increase of $33.0 million, or 9.0%, over the same period last year. The fiscal year revenue is a company record. Net income for the fiscal year was $21.8 million, an increase of $9.5 million, or 78.0%, over last year. Earnings per share, on a diluted basis, were $1.22, an increase of $0.53 per share, or 76.8%, over the year ago figure of $0.69.

The revenue, net income and earnings per share results for the fourth quarter and fiscal year exceeded consensus expectations.

In the first quarter of fiscal 2003, MICROS adopted Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.” Under this Statement, the Company is not recording goodwill amortization expense for fiscal 2003. For comparison purposes, the effect of goodwill amortization for the fiscal 2002 fourth quarter was $0.08 per diluted share and $0.30 per diluted share on a fiscal year basis.

Tom Giannopoulos, MICROS’s Chairman and CEO stated: “We are extremely pleased with the final quarter of our fiscal year and the year in total. To achieve these results despite the global uncertainties and generally difficult business environment is a testament to the strength of our products, distribution partners, service infrastructure and, most importantly, our employees.”

MICROS’s management guidance for the fiscal 2004 first quarter ending September 30, 2003 is for revenue between $97.0 million and $102.0 million and net income between $3.5 million and $4.5 million. Guidance for the fiscal 2004 year ending June 30, 2004 is for revenue between $440.0 million and $450.0 million and net income between $26.5 million and $29.5 million.

MICROS’s stock is traded through NASDAQ under the symbol MCRS. Some of the statements contained herein not based on historic facts are forward-looking statements that involve risks and uncertainties. Some of those 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 are indicated in the MICROS Form 10-K and other filings with the Securities and Exchange Commission. MICROS assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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News	micros ®   MICROS Systems, Inc. 7031 Columbia Gateway Drive Columbia, Maryland 21046-2289
Release Date:      August 27, 2003	Contact: Peter J. Rogers, Jr. Vice President, Investor Relations (443) 285-8059 progers@micros.com

MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

		Fourth Quarter Ended June 30,						Twelve Months Ended June 30,
		2003			2002			2003			2002
Revenue:
	Hardware and software	$	64,268		$	54,382		$	208,264		$	194,606
	Service		56,274			45,993			191,927			172,557
Total revenue			120,542			100,375			400,191			367,163
Cost of sales:
	Hardware and software		34,123			29,557			115,244			108,032
	Service		24,226			20,665			86,388			81,994
Total cost of sales			58,349			50,222			201,632			190,026
Gross margin			62,193			50,153			198,559			177,137
Selling, general and administrative expenses			38,848			33,279			132,601			123,011
Research and development expenses			5,369			5,172			18,748			19,320
Depreciation and amortization			2,718			4,186			8,888			16,042
Total operating expenses			46,935			42,637			160,237			158,373
Income from operations			15,258			7,516			38,322			18,764
Non-operating (expense), income net			(254	)		394			(1,127	)		581
Income before taxes, minority interests, and equity in net earnings of affiliates			15,004			7,910			37,195			19,345
Income tax provision			6,201			2,581			15,078			6,577
Income before minority interests and equity in net earnings of affiliates			8,803			5,329			22,117			12,768
Minority interests and equity in net earnings of affiliates			(17	)		(139	)		(335	)		(529	)
Net income		$	8,786		$	5,190		$	21,782		$	12,239
Net income per common share:
	Basic	$	0.49		$	0.30		$	1.24		$	0.70
	Diluted	$	0.48		$	0.29		$	1.22		$	0.69
Weighted-average number of shares outstanding:
	Basic		17,786			17,526			17,502			17,510
	Diluted		18,401			18,046			17,838			17,850

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News	micros ®   MICROS Systems, Inc. 7031 Columbia Gateway Drive Columbia, Maryland 21046-2289
Release Date:      August 27, 2003	Contact: Peter J. Rogers, Jr. Vice President, Investor Relations (443) 285-8059 progers@micros.com

MICROS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEET

(In thousands)

			June 30,			June 30,
			2003			2002
ASSETS
Current assets:
	Cash and cash equivalents		$	45,682		$	66,638
	Accounts receivable, net			98,700			86,918
	Inventories, net			31,864			31,211
	Deferred income taxes			7,885			7,008
	Prepaid expenses and other current assets			17,860			12,756
		Total current assets		201,991			204,531
Property, plant and equipment, net				20,179			21,467
Deferred income taxes, non-current				32,003			20,707
Goodwill and intangible assets, net				74,270			32,055
Purchased and internally developed software costs, net				38,089			30,303
Other assets				3,483			3,767
Total assets			$	370,015		$	312,830
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
	Bank lines of credit		$	10,185		$	18,699
	Current portion of long term debt			363			0
	Current portion of capital lease obligations			106			147
	Accounts payable			24,177			25,955
	Accrued expenses and other current liabilities			44,240			34,554
	Income taxes payable			10,102			7,303
	Deferred income taxes			501			547
	Deferred service revenue			38,538			33,841
		Total current liabilities		128,212			121,046
Capital lease obligations, net of current portion				198			279
Deferred income taxes, non-current				11,495			9,933
Other non-current liabilities				6,510			1,232
Commitments and contingencies Minority interests				2,372			1,978
Shareholders’ equity:
	Common stock			450			438
	Capital in excess of par			69,644			56,867
	Retained earnings			152,381			130,599
	Accumulated other comprehensive loss			(1,247	)		(9,542	)
		Total shareholders’ equity		221,228			178,362
Total liabilities and shareholders’ equity			$	370,015		$	312,830

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EX-99.1

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