-----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, D8W2XFyAqiRv1BW59Z6uAKQSpX56uL3f6wQwF0HSWCyIIy3+LEgRq9UR1B6dTS89 2l6sqlxzWf9QLb/okDa3Tg== 0000950133-99-002295.txt : 19990629 0000950133-99-002295.hdr.sgml : 19990629 ACCESSION NUMBER: 0000950133-99-002295 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROS SYSTEMS INC CENTRAL INDEX KEY: 0000320345 STANDARD INDUSTRIAL CLASSIFICATION: CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578] IRS NUMBER: 521101488 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-09993 FILM NUMBER: 99653601 BUSINESS ADDRESS: STREET 1: 12000 BALTIMORE AVE CITY: BELTSVILLE STATE: MD ZIP: 20705 BUSINESS PHONE: 3012016000 MAIL ADDRESS: STREET 1: 12000 BALTIMORE AVE CITY: BELTSVILLE STATE: MD ZIP: 20705-1291 11-K 1 FORM 11-K 1 This Exhibit Index is on page 3 As filed with the Securities and Exchange Commission on June 28, 1999 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------ FORM 11-K ------------ MICROS SYSTEMS, INC. (Exact name of issuer as specified in its charter) (Mark One) (X) ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 1998. OR ( ) TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 0-9993
MARYLAND 52-1101488 -------- ---------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 12000 Baltimore Avenue Beltsville, Maryland 20705-1291 (Address of principal executive offices) (Zip Code)
MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN ------------------------------------------- (Full title of plan) (Name, address and telephone (Copies to:) number of agent for service) A.L. GIANNOPOULOS ANTHONY H. RICKERT, ESQUIRE 12000 BALTIMORE AVENUE PIPER & MARBURY L.L.P. BELTSVILLE, MARYLAND 20705-1291 1200 NINETEENTH STREET, N.W. (301) 210-6000 SEVENTH FLOOR WASHINGTON, D.C. 20036 - i - 2 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K REQUIRED INFORMATION (a) Financial Statements. Filed as part of this Report on Form 11-K are the financial statements and the schedules thereto of the MICROS Systems, Inc. 401(k) Retirement Plan as required by Form 11-K together with the report thereon of PricewaterhouseCoopers LLP, independent auditors, dated June 23, 1999. (b) Exhibits: A consent of PricewaterhouseCoopers LLP is being filed as Exhibit 23 to this Report. - ii - 3 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION - --------------------------------------------------------------------------------
PAGE(s) ------- FINANCIAL STATEMENTS - -------------------- Report of Independent Accountants............................................................................ 1 Statement of Net Assets Available for Benefits with Fund Information as of December 31, 1998............................................................... 2-3 Statement of Net Assets Available for Benefits with Fund Information as of December 31, 1997............................................................... 4-5 Statement of Changes in Net Assets Available for Benefits with Fund Information for the Year Ended December 31, 1998.................................................. 6-7 Statement of Changes in Net Assets Available for Benefits with Fund Information for the Year Ended December 31, 1997.................................................. 8-9 Notes to Financial Statements................................................................................ 10-15 ADDITIONAL INFORMATION* - ----------------------- Schedule I - Schedule of Assets Held for Investment Purposes - December 31, 1998............................. 16 Schedule II - Schedule of Reportable Transactions - Year Ended December 31, 1998............................. 17
* Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. - iii - 4 REPORT OF INDEPENDENT ACCOUNTANTS June 23, 1999 To the Participants and Administrator of MICROS Systems, Inc. 401(K) Retirement Plan In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the MICROS Systems, Inc. 401(K) Retirement Plan (the "Plan") at December 31, 1998 and 1997, and its changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of Assets Held for Investment Purposes and Reportable Transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for benefits of each fund. These supplemental schedules and fund information are the responsibility of the Plan's management. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. By: s/ PricewaterhouseCoopers LLP - 1 - 5 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1998 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED -------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH CAPITAL READY ASSET PHOENIX BASIC VALUE FUND TRUST FUND FUND ---- ----- ---- ---- ASSETS Uninvested cash Investments Mutual funds Equity securities Participant notes --------- --------- --------- -------- Total investments Receivables Employer's contributions Participants' contributions --------- --------- --------- -------- Total receivables --------- --------- --------- -------- Total assets Liabilities Net assets available for benefits $ - $ - $ - $ - ========= ========= ========= ========
PARTICIPANT DIRECTED ------------------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH PUTNAM NEW PUTNAM OTC & FEDERAL SECURITIES GLOBAL ALLOCATION OPPORTUNITIES EMERGING GROWTH TRUST FUND FUND FUND ----- ---- ---- ---- ASSETS Uninvested cash Investments Mutual funds $ 1,674,101 $ 2,496,608 Equity securities Participant notes --------- --------- ------------- --------------- Total investments 1,674,101 2,496,608 Receivables Employer's contributions Participants' contributions --------- --------- ------------- --------------- Total receivables --------- --------- ------------- --------------- Total assets 1,674,101 2,496,608 Liabilities Net assets available for benefits $ - $ - $ 1,674,101 $ 2,496,608 ========= ========= ============= ===============
--------------------- AIM INTERNATIONAL EQUITY FUND ---- ASSETS Uninvested cash Investments Mutual funds $ 2,020,368 Equity securities Participant notes --------------- Total investments 2,020,368 Receivables Employer's contributions Participants' contributions --------------- Total receivables --------------- Total assets 2,020,368 Liabilities Net assets available for benefits $ 2,020,368 ===============
The accompanying notes are an integral part of these financial statments. - 2 - 6 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1998 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------------- PUTNAM AIM AIM PUTNAM VOYAGER II VALUE CHARTER INCOME FUND FUND FUND FUND ---- ---- ---- ---- ASSETS Uninvested cash Investments Mutual funds $ 860,543 $ 2,816,265 $ 2,513,399 $ 688,900 Equity securities Participant notes ------------ --------------- --------------- ------------- Total investments 860,543 2,816,265 2,513,399 688,900 Receivables Employer's contributions Participants' contributions ------------ --------------- --------------- ------------- Total receivables ------------ --------------- --------------- ------------- Total assets 860,543 2,816,265 2,513,399 688,900 Liabilities Net assets available for benefits $ 860,543 $ 2,816,265 $ 2,513,399 $ 688,900 ============ =============== =============== =============
PARTICIPANT DIRECTED ----------------------------------------- PUTNAM MICROS MONEY MARKET COMMON STOCK PARTICIPANT UNINVESTED FUND FUND NOTES CASH ---- ---- ----- ---- ASSETS Uninvested cash $ 20,340 $ 3,960 Investments Mutual funds $ 664,206 Equity securities 1,308,228 Participant notes $ 559,392 ------------ --------------- ------------ ----------- Total investments 664,206 1,328,568 559,392 3,960 Receivables Employer's contributions Participants' contributions ------------ --------------- ------------ ----------- Total receivables ------------ --------------- ------------ ----------- Total assets 664,206 1,328,568 559,392 3,960 Liabilities Net assets available for benefits $ 664,206 $ 1,328,568 $ 559,392 $ 3,960 ============ =============== ============ ===========
TOTAL ----- ASSETS Uninvested cash $ 24,300 Investments Mutual funds 13,734,390 Equity securities 1,308,228 Participant notes 559,392 ----------------- Total investments 15,626,310 Receivables Employer's contributions Participants' contributions ----------------- Total receivables ----------------- Total assets 15,626,310 Liabilities Net assets available for benefits $ 15,626,310 =================
The accompanying notes are an integral part of these financial statements. - 3 - 7 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1997 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED --------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH CAPITAL READY ASSET PHOENIX BASIC VALUE FUND TRUST FUND FUND ---- ----- ---- ---- ASSETS Uninvested cash Investments Mutual funds Equity securities Participant notes --------- --------- --------- -------- Total investments Receivables Employer's contributions Participants' contributions --------- --------- --------- -------- Total receivables --------- --------- --------- -------- Total assets Liabilities Net assets available for benefits $ - $ - $ - $ - ========= ========= ========= ========
PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH PUTNAM NEW PUTNAM OTC & FEDERAL SECURITIES GLOBAL ALLOCATION OPPORTUNITIES EMERGING GROWTH TRUST FUND FUND FUND ----- ---- ---- ---- ASSETS Uninvested cash Investments Mutual funds $ 959,136 $ 2,108,532 Equity securities Participant notes ---------- --------- ------------- --------------- Total investments 959,136 2,108,532 Receivables Employer's contributions Participants' contributions ---------- --------- ------------- --------------- Total receivables ---------- --------- ------------- --------------- Total assets 959,136 2,108,532 Liabilities Net assets available for benefits $ - $ - $ 959,136 $ 2,108,532 ========= ========= ============= ===============
PARTICIPANT DIRECTED ------------------------ AIM INTERNATIONAL EQUITY FUND ---- ASSETS Uninvested cash Investments Mutual funds $ 1,577,775 Equity securities Participant notes --------------- Total investments 1,577,775 Receivables Employer's contributions Participants' contributions --------------- Total receivables --------------- Total assets 1,577,775 Liabilities Net assets available for benefits $ 1,577,775 ===============
The accompanying notes are an integral part of these financial statements. - 4 - 8 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1997 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED ------------------------------------------------------------------------------------------- PUTNAM AIM AIM PUTNAM VOYAGER II VALUE CHARTER INCOME FUND FUND FUND FUND ---- ---- ---- ---- ASSETS Uninvested cash Investments Mutual funds $ 407,464 $ 2,181,055 $ 2,000,686 $ 570,945 Equity securities Participant notes ------------ --------------- --------------- ------------- Total investments 407,464 2,181,055 2,000,686 570,945 Receivables Employer's contributions Participants' contributions ------------ --------------- --------------- ------------- Total receivables ------------ --------------- --------------- ------------- Total assets 407,464 2,181,055 2,000,686 570,945 Liabilities ------------ --------------- --------------- ------------- Net assets available for benefits $ 407,464 $ 2,181,055 $ 2,000,686 $ 570,945 ============ =============== =============== =============
PARTICIPANT DIRECTED -------------------------------------------- PUTNAM MICROS MONEY MARKET COMMON STOCK PARTICIPANT UNINVESTED FUND FUND NOTES CASH ---- ---- ----- ---- ASSETS Uninvested cash $ 10,227 $ 17,276 Investments Mutual funds $ 548,689 Equity securities 587,655 Participant notes $ 493,600 ------------ ------------ ------------ ----------- Total investments 548,689 597,882 493,600 17,276 Receivables Employer's contributions Participants' contributions ------------ ------------ ------------ ----------- Total receivables ------------ ------------ ------------ ----------- Total assets 548,689 597,882 493,600 17,276 Liabilities ------------ ------------ ------------ ----------- Net assets available for benefits $ 548,689 $ 597,882 $ 493,600 $ 17,276 ============ ============ ============ ===========
TOTAL ----- ASSETS Uninvested cash $ 27,503 Investments Mutual funds 10,354,282 Equity securities 587,655 Participant notes 493,600 --------------- Total investments 11,463,040 Receivables Employer's contributions Participants' contributions --------------- Total receivables --------------- Total assets 11,463,040 Liabilities --------------- Net assets available for benefits $ 11,463,040 ===============
The accompanying notes are an integral part of these financial statements. - 5 - 9 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1998 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH CAPITAL READY ASSET PHOENIX BASIC VALUE FUND TRUST FUND FUND ---- ----- ---- ---- Additions to net assets attributed to: Investment income Interest and dividends Net appreciation (depreciation) in fair value of investments --------------- ------------- --------------- --------------- --------------- ------------- --------------- --------------- Contributions Employer's Participants' --------------- ------------- --------------- --------------- --------------- ------------- --------------- --------------- Total additions Deductions from net assets attributed to: Benefits paid to participants --------------- ------------- --------------- --------------- Net increase prior to interfund transfers Interfund transfers --------------- ------------- --------------- --------------- Net increase (decrease) Net assets available for benefits Beginning of year --------------- ------------- --------------- --------------- End of year $ - $ - $ - $ - =============== ============= =============== ===============
PARTICIPANT DIRECTED ----------------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH PUTNAM NEW PUTNAM OTC & FEDERAL SECURITIES GLOBAL ALLOCATION OPPORTUNITIES EMERGING GROWTH TRUST FUND FUND FUND ----- ---- ---- ---- Additions to net assets attributed to: Investment income Interest and dividends $ 50,900 $ 78,182 Net appreciation (depreciation) in fair value of investments 246,808 168,831 -------------- --------------- -------------- --------------- 297,708 247,013 -------------- --------------- -------------- --------------- Contributions Employer's 130,952 110,457 Participants' 548,158 438,346 -------------- --------------- -------------- --------------- 679,110 548,803 -------------- --------------- -------------- --------------- Total additions 976,818 795,816 Deductions from net assets attributed to: Benefits paid to participants 152,834 243,841 -------------- --------------- -------------- --------------- Net increase prior to interfund transfers 823,984 551,975 Interfund transfers (109,019) (163,899) -------------- --------------- -------------- --------------- Net increase (decrease) 714,965 388,076 Net assets available for benefits Beginning of year 959,136 2,108,532 -------------- --------------- -------------- --------------- End of year $ - $ - $ 1,674,101 $ 2,496,608 ============== =============== ============== ===============
PARTICIPANT DIRECTED ------------------------ AIM INTERNATIONAL EQUITY FUND ---- Additions to net assets attributed to: Investment income Interest and dividends $ 33,538 Net appreciation (depreciation) in fair value of investments 179,775 --------------- 213,313 --------------- Contributions Employer's 81,815 Participants' 322,159 --------------- 403,974 --------------- Total additions 617,287 Deductions from net assets attribute to: Benefits paid to participants 147,188 --------------- Net increase prior to interfund transfers 470,099 Interfund transfers (27,506) --------------- Net increase (decrease) 442,593 Net assets available for benefits Beginning of year 1,577,775 --------------- End of year $ 2,020,368 ===============
The accompanying notes are an integral part of these financial statements. - 6 - 10 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1998 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED ----------------------------------------------------------------------------------- PUTNAM AIM AIM PUTNAM VOYAGER II VALUE CHARTER INCOME FUND FUND FUND FUND ---- ---- ---- ---- Additions to net assets attributed to: Investment income Interest and dividends $ 29,686 $ 176,260 $ 106,085 $ 38,505 Net appreciation (depreciation) in fair value of investments 120,263 525,252 433,910 (16,459) ------------ --------------- --------------- ------------ 149,949 701,512 539,995 22,046 ------------ --------------- --------------- ------------ Contributions Employer's 67,985 79,099 51,283 36,107 Participants' 266,447 333,053 205,348 139,184 ------------ --------------- --------------- ------------ 334,432 412,152 256,631 175,291 ------------ --------------- --------------- ------------ Total additions 484,381 1,113,664 796,626 197,337 Deductions from net assets attributed to: Benefits paid to participants 77,071 302,433 191,204 104,402 ------------ --------------- --------------- ------------ Net increase (decrease) prior to interfund transfers 407,310 811,231 605,422 92,935 Interfund transfers 45,769 (176,021) (92,709) 25,020 ------------ --------------- --------------- ------------ Net increase (decrease) 453,079 635,210 512,713 117,955 Net assets available for benefits Beginning of year 407,464 2,181,055 2,000,686 570,945 ------------ --------------- --------------- ------------ End of year $ 860,543 $ 2,816,265 $ 2,513,399 $ 688,900 ============ =============== =============== ============
PARTICIPANT DIRECTED ------------------------------------------------ PUTNAM MICROS MONEY MARKET COMMON STOCK PARTICIPANT FUND FUND NOTES ---- ---- ----- Additions to net assets attributed to: Investment income Interest and dividends $ 33,670 $ 754 $ 47,165 Net appreciation (depreciation) in fair value of investments 327,997 ------------ --------------- ------------ 33,670 328,751 47,165 ------------ --------------- ------------ Contributions Employer's (34,533) 58,159 Participants' 133,968 249,607 ------------ --------------- ------------ 99,435 307,766 ------------ --------------- ------------ Total additions 133,105 636,517 47,165 Deductions from net assets attributed to: Benefits paid to participants 282,777 103,927 29,769 ------------ --------------- ------------ Net increase (decrease) prior to interfund transfers (149,672) 532,590 17,396 Interfund transfers 265,189 198,096 48,396 ------------ --------------- ------------ Net increase (decrease) 115,517 730,686 65,792 Net assets available for benefits Beginning of year 548,689 597,882 493,600 ------------ --------------- ------------ End of year $ 664,206 $ 1,328,568 $ 559,392 ============ =============== ============
UNINVESTED CASH TOTAL ---- ----- Additions to net assets attributed to: Investment income Interest and dividends $ 594,745 Net appreciation (depreciation) in fair value of investments 1,986,377 ----------- --------------- 2,581,122 ----------- --------------- Contributions Employer's 581,324 Participants' 2,636,270 ----------- --------------- 3,217,594 ----------- --------------- Total additions 5,798,716 Deductions from net assets attributed to: Benefits paid to participants 1,635,446 ----------- --------------- Net increase (decrease) prior to interfund transfers 4,163,270 Interfund transfers $ (13,316) ----------- --------------- Net increase (decrease) (13,316) 4,163,270 Net assets available for benefits Beginning of year 17,276 11,463,040 ----------- --------------- End of year $ 3,960 $ 15,626,310 =========== ===============
The accompanying notes are an integral part of these financial statements. - 7 - 11 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1997 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED ----------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH MERRILL LYNCH CAPITAL READY ASSET PHOENIX BASIC VALUE FUND TRUST FUND FUND ---- ----- ---- ---- Additions to net assets attributed to: Investment income Interest and dividends $ 3,471 Net appreciation (depreciation) in fair value of investments $ 8,743 31,986 $ 9,478 $ 46,563 --------------- ------------- --------------- --------------- 8,743 35,457 9,478 46,563 --------------- ------------- --------------- --------------- Contributions Employer's Participants' 10,124 33,553 38,155 30,265 --------------- ------------- --------------- --------------- 10,124 33,553 38,155 30,265 --------------- ------------- --------------- --------------- Total additions 18,867 69,010 47,633 76,828 Deductions from net assets attributed to: Benefits paid to participants --------------- ------------- --------------- --------------- Net increase prior to interfund transfers 18,867 69,010 47,633 76,828 Interfund transfers (1,697,550) (547,330) (1,768,092) (1,683,231) --------------- ------------- --------------- --------------- Net increase (decrease) (1,678,683) (478,320) (1,720,459) (1,606,403) Net assets available for benefits Beginning of year 1,678,683 478,320 1,720,459 1,606,403 --------------- ------------- --------------- --------------- End of year $ - $ - $ - $ - =============== ============= =============== ===============
PARTICIPANT DIRECTED ----------------------------------------------------------------------------------------------- MERRILL LYNCH MERRILL LYNCH PUTNAM NEW PUTNAM OTC & FEDERAL SECURITIES GLOBAL ALLOCATION OPPORTUNITIES EMERGING GROWTH TRUST FUND FUND FUND ----- ---- ---- ---- Additions to net assets attributed to: Investment income Interest and dividends $ 19,968 Net appreciation (depreciation) in fair value of investments $ 393 $ 15,275 90,866 $ 189,231 -------------- --------------- -------------- --------------- 393 15,275 110,834 189,231 -------------- --------------- -------------- --------------- Contributions Employer's 118,460 109,566 Participants' 13,142 535,264 481,552 -------------- --------------- -------------- --------------- 13,142 653,724 591,118 -------------- --------------- -------------- --------------- Total additions 393 28,417 764,558 780,349 Deductions from net assets attributed to: Benefits paid to participants 26,153 272,255 -------------- --------------- -------------- --------------- Net increase prior to interfund transfers 393 28,417 738,405 508,094 Interfund transfers (350,856) (1,349,921) 220,731 1,600,438 -------------- --------------- -------------- --------------- Net increase (decrease) (350,463) (1,321,504) 959,136 2,108,532 Net assets available for benefits Beginning of year 350,463 1,321,504 -------------- --------------- -------------- --------------- End of year $ - $ - $ 959,136 $ 2,108,532 ============== =============== ============== ===============
PARTICIPANT DIRECTED ------------------------ AIM INTERNATIONAL EQUITY FUND ---- Additions to net assets attributed to: Investment income Interest and dividends $ 5,836 Net appreciation (depreciation) in fair value of investments 88,167 --------------- 94,003 --------------- Contributions Employer's 73,382 Participants' 324,546 --------------- 397,928 --------------- Total additions 491,931 Deductions from net assets attributed to: Benefits paid to participants 185,233 --------------- Net increase prior to interfund transfers 306,698 Interfund transfers 1,271,077 --------------- Net increase (decrease) 1,577,775 Net assets available for benefits Beginning of year --------------- End of year $ 1,577,775 ===============
The accompanying notes are an integral part of these financial statements. - 8 - 12 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1997 - --------------------------------------------------------------------------------
PARTICIPANT DIRECTED -------------------------------------------------------------------------------------- PUTNAM AIM AIM PUTNAM VOYAGER II VALUE CHARTER INCOME FUND FUND FUND FUND ---- ---- ---- ---- Additions to net assets attributed to: Investment income Interest and dividends $ 645 $ 219,458 $ 212,766 $ 28,141 Net appreciation (depreciation) in fair value of investments 48,816 141,298 97,132 6,069 ------------ --------------- --------------- ------------ 49,461 360,756 309,898 34,210 ------------ --------------- --------------- ------------ Contributions Employer's 58,567 56,165 40,314 27,446 Participants' 247,612 266,577 200,375 195,952 ------------ --------------- --------------- ------------ 306,179 322,742 240,689 223,398 ------------ --------------- --------------- ------------ Total additions 355,640 683,498 550,587 257,608 Deductions from net assets attributed to: Benefits paid to participants 20,560 169,551 174,317 36,849 ------------ --------------- --------------- ------------ Net increase (decrease) prior to interfund transfers 335,080 513,947 376,270 220,759 Interfund transfers 72,384 1,667,108 1,624,416 350,186 ------------ --------------- --------------- ------------ Net increase (decrease) 407,464 2,181,055 2,000,686 570,945 Net assets available for benefits Beginning of year ------------ --------------- --------------- ------------ End of year $ 407,464 $ 2,181,055 $ 2,000,686 $ 570,945 ============ =============== =============== ============
PARTICIPANT DIRECTED ---------------------------------------------- PUTNAM MICROS MONEY MARKET COMMON STOCK PARTICIPANT UNINVESTED FUND FUND NOTES CASH ---- ---- ----- ---- Additions to net assets attributed to: Investment income Interest and dividends $ 27,337 $ 613 $ 34,491 Net appreciation (depreciation) in fair value of investments 188,700 ------------ ------------ ------------ ----------- 27,337 189,313 34,491 ------------ ------------ ------------ ----------- Contributions Employer's (89,782) 37,959 Participants' 103,696 185,538 ------------ ------------ ------------ ----------- 13,914 223,497 ------------ ------------ ------------ ----------- Total additions 41,251 412,810 34,491 Deductions from net assets attributed to: Benefits paid to participants 97,820 12,126 699 ------------ ------------ ------------ ----------- Net increase (decrease) prior to interfund transfers (56,569) 400,684 33,792 Interfund transfers 605,258 (110,738) 78,844 $ 17,276 ------------ ------------ ------------ ----------- Net increase (decrease) 548,689 289,946 112,636 17,276 Net assets available for benefits Beginning of year 307,936 380,964 ------------ ------------ ------------ ----------- End of year $ 548,689 $ 597,882 $ 493,600 $ 17,276 ============ ============ ============ ===========
TOTAL ----- Additions to net assets attributed to: Investment income Interest and dividends $ 552,726 Net appreciation (depreciation) in fair value of investments 962,717 --------------- 1,515,443 --------------- Contributions Employer's 432,077 Participants' 2,666,351 --------------- 3,098,428 --------------- Total additions 4,613,871 Deductions from net assets attributed to: Benefits paid to participants 995,563 --------------- Net increase (decrease) prior to interfund transfers 3,618,308 Interfund transfers --------------- Net increase (decrease) 3,618,308 Net assets available for benefits Beginning of year 7,844,732 --------------- End of year $ 11,463,040 ===============
The accompanying notes are an integral part of these financial statements. - 9 - 13 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 1 - DESCRIPTION OF THE PLAN The following description of the MICROS Systems, Inc. 401(K) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. A. GENERAL The Plan is a defined contribution plan, sponsored by MICROS Systems, Inc. (the Company), covering all employees of the Company who have completed three consecutive months of service and are age twenty-one or older. Eligible employees may enroll in the Plan on the first day of the plan year quarter coincident with or next following the date on which eligibility criteria are met. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). B. CONTRIBUTIONS Participants may contribute 1% to 15% of their compensation to the Plan on a pre-tax basis through salary deductions; however, annual contributions may not exceed the maximum allowed under the Internal Revenue Code in any calendar year ($10,000 and $9,500 per taxpayer for the 1998 and 1997 calendar years, respectively). Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. The Company contributes a guaranteed 50% of the first 5% of a participant's contribution. Additionally, at the end of each plan year the Plan provides for the availability of discretionary year-end profit sharing contributions, depending upon profits and Board of Directors approval. C. VESTING Participants are immediately vested in their voluntary contributions plus actual earnings thereon. A participant's interest in the Company's matching and discretionary contribution portion of their accounts plus actual earnings thereon, becomes vested 20% after two years of service and increases 20% each year thereafter until becoming fully vested after six years. Participants immediately vest upon death or disability. D. PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contributions and allocations of the Company's contributions and Plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. E. FORFEITED ACCOUNTS In 1998 and 1997, employer contributions were reduced by $59,733 and $115,394, respectively, from forfeited nonvested accounts. These amounts were applied against employer contributions to the Putnam - 10 - 14 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- Money Market Fund in the respective year. F. INVESTMENT OPTIONS At January 1, 1997, participants had the following investment options: MERRILL LYNCH CAPITAL FUND. This fund is a Merrill Lynch sponsored mutual fund whose investment objective is to achieve the highest total investment return consistent with prudent risk. Fund management may shift emphasis among equity, debt or convertible securities. MERRILL LYNCH READY ASSET TRUST. This fund's objective is to maintain a value of one dollar. Purchases are principally made in investments that have a short-term maturity. MERRILL LYNCH PHOENIX FUND. This fund is designed for investors seeking long-term growth of capital through a diversified portfolio of equity and fixed-income securities that fund management believes are undervalued. MERRILL LYNCH FEDERAL SECURITIES TRUST. This fund seeks to achieve high current return by investing in securities issued or guaranteed by the U.S. government or U.S. government agencies and enterprises. MERRILL LYNCH BASIC VALUE FUND. This fund strives for capital appreciation, then income, by investing in securities, primarily equities, that fund management believes are undervalued. MERRILL LYNCH GLOBAL ALLOCATION FUND. This fund seeks to achieve the highest investment return consistent with prudent risk through a fully managed investment policy utilizing domestic and foreign equity, debt, and money market instruments. Effective January 29, 1997, the Plan discontinued the Merrill Lynch funds as investment options. All monies invested in these funds were transferred into mutual funds offered by AIM and Putnam on January 31, 1997. The transfer took place as follows: TRANSFERRED FROM: TRANSFERRED TO: Merrill Lynch Basic Value Fund AIM Value Fund Merrill Lynch Capital Fund AIM Charter Fund Merrill Lynch Global Allocation Fund AIM International Growth Fund Merrill Lynch Phoenix Fund Putnam OTC & Emerging Growth Fund Merrill Lynch Federal Securities Trust Putnam Income Fund Merrill Lynch Ready Asset Trust Putnam Money Market Fund - 11 - 15 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- After the transfer occurred, participants were also offered the Putnam New Opportunities Fund and the Putnam Voyager II Fund. A brief description of participants' investment options at December 31, 1998 and December 31, 1997 follows: PUTNAM NEW OPPORTUNITIES FUND. This mutual fund has an aggressive growth objective and seeks long-term capital appreciation. This fund normally invests in common stocks in these sectors: personal communications, media/entertainment and environmental services. PUTNAM OTC & EMERGING GROWTH FUND. This mutual fund typically invests in small to mid-size companies whose sales and earnings are growing at very strong rates. The portfolio may include common stocks that are traded in the over-the-counter (OTC) market and stocks of emerging growth companies used on securities exchanges. AIM INTERNATIONAL EQUITY FUND. This fund seeks to provide long-term growth of capital by investing in a diversified portfolio of international equity securities with strong earnings momentum. PUTNAM VOYAGER II FUND. This mutual fund seeks long-term growth of capital. The fund invests primarily in common stocks issued by companies that the fund's management believes have potential for above-average capital appreciation relative to the market. AIM VALUE FUND. This mutual fund seeks long-term growth of capital, then income. The fund invests primarily in equity securities of companies that fund management believes are undervalued. AIM CHARTER FUND. This mutual fund seeks capital growth and current income. It invests primarily in dividend-paying common stocks. PUTNAM INCOME FUND. This mutual fund seeks high current income consistent with prudent risk. It invests in a wide range of bonds issued by U.S. and foreign corporations and government agencies. PUTNAM MONEY MARKET FUND. The fund's objective is to maintain a value of one dollar. Purchases are principally made in investments that have a short-term maturity. At December 31, 1998 and December 31, 1997, participants also had the option to invest in the MICROS Common Stock Fund. This fund consists of shares of MICROS Systems, Inc. common stock and cash. - 12 - 16 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- G. PAYMENT OF BENEFITS Each participant is entitled to the market value of their vested benefits calculated as of the valuation date following retirement, death, disability or termination of employment. These benefits will be distributed in a single lump sum payment, or in installments to the participant or another qualified plan as designated by the participant if the account balance exceeds $3,500. For termination of service due to other reasons, a participant may receive the value of the vested interest in his or her account as a lump sum distribution. H. PARTICIPANT NOTES Upon approval by the Plan Trustee/Sponsors, participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of the vested portion of their total account balance, including both employee and Company contributions. These transactions are treated as transfers to (from) the investment fund from (to) the Participant Notes fund. Notes are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan Trustee/Sponsors, and approximate fair value. Interest rates on notes outstanding at December 31, 1998 range from 6.0% to 9.5%. Principal and interest are paid ratably through bi-weekly payroll deductions over a period not extending beyond five years from the date of the note. Loans may extend past five years if it is determined at the time of the loan that the funds will be used to acquire the principal residence of the participant. I. ADMINISTRATIVE EXPENSES The Company pays Emjay Corporation directly for certain normal Plan administrative expenses. Company personnel also perform various administrative services for the Plan, including maintenance of participant records on a noncompensatory basis. NOTE 2 - SUMMARY OF ACCOUNTING POLICIES A. BASIS OF ACCOUNTING The Plan's financial statements are prepared on the accrual basis of accounting. B. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ. - 13 - 17 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- C. INVESTMENT VALUATION AND INCOME RECOGNITION The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Company stock is valued at its quoted market price. Participant notes receivable are valued at cost plus accrued interest, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. D. CONTRIBUTIONS Employee contributions are recorded in the period during which the Company makes payroll deductions from the Plan participants' earnings. Company contributions are recorded in the same period. E. PAYMENT OF BENEFITS Benefits are recorded when paid. F. RECLASSIFICATIONS Certain prior year amounts in the accompanying financial statements have been reclassified to conform to the current year presentation. NOTE 3 - PLAN AMENDMENT Effective January 29, 1997, the Company amended the Plan in its entirety by adopting the Emjay Corporation Regional Prototype Non-Standardized 401(k) Plan. At this time, the Plan also changed its participant-directed investment options from a combination of Merrill Lynch mutual funds and MICROS common stock to AIM and Putnam mutual funds and MICROS common stock. NOTE 4 - PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of the Plan termination, participants will become 100 percent vested in their accounts. - 14 - 18 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 5 - TAX STATUS The Plan, as amended effective January 29, 1997, is a non-standardized prototype plan sponsored by Emjay Corporation who has represented that it has received a favorable determination letter from the Internal Revenue Service (IRS). In addition, the Company filed a request for determination with the IRS and received a favorable determination letter dated October 10, 1995. Management has represented that the Plan is designed and is currently being operated in compliance with all applicable provisions of the Internal Revenue Code and ERISA. Therefore, no provision for income taxes has been included in the Plan's financial statements. - 15 - 19 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- Schedule I - Schedule of Assets Held for Investment Purposes - December 31, 1998
CURRENT IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT UNITS COST VALUE - ----------------- ------------------------- ----- ---- ----- Putnam Investments: New Opportunities Fund Class A shares, $58.43 per share 28,651.386 $ 1,389,954 $ 1,674,101 OTC & Emerging Growth Fund Class A shares, $17.25 per share 144,730.915 2,198,456 2,496,608 Voyager II Fund Class A shares, $22.70 per share 37,909.363 718,172 860,543 Income Fund Class A shares, $6.92 per share 99,552.088 699,912 688,900 Money Market Fund Class A shares, $1.00 per share 664,206.450 664,206 664,206 AIM Family of Funds: International Equity Fund Class A shares, $18.61 per share 108,563.550 1,808,587 2,020,368 Value Fund Class A shares, $40.19 per share 70,073.784 2,260,983 2,816,265 Charter Fund Class A shares, $14.91 per share 168,571.333 2,057,427 2,513,399 MICROS Common Stock Common Stock $32.88 per share 39,794.000 949,300 1,308,228 ------------------ ------------------ 12,737,997 15,042,618 ------------------ ------------------ Participant Notes (6.0% - 9.5%) 559,392 ------------------ ------------------ $ 12,737,997 $ 15,602,010 ================== ==================
- 16 - 20 SCHEDULE II - SCHEDULE OF REPORTABLE TRANSACTIONS - YEAR ENDED DECEMBER 31, 1998*
PURCHASES SALES --------- -------------------------------------- COST OF CURRENT GAIN/ IDENTITY OF ISSUE PURCHASES COST VALUE (LOSS) - ----------------- --------- ---- ------- ------ Putnam New Opportunities Fund $828,087 $312,091 $359,931 $ 47,840 Putnam OTC & Emerging Growth Fund 720,742 464,008 501,497 37,489 Putnam Money Market Fund 788,055 672,537 672,537 - AIM International Equity Fund 602,807 316,512 339,990 23,478 AIM Value Fund 663,314 488,889 553,356 64,467 MICROS Common Stock Fund 630,714 181,587 238,139 56,552
* Transactions or series of transactions in excess of five percent of the current value of the Plan's assets as of December 31, 1997, as defined in Section 2520.103-6 of the Department of Labor's Rules and Regulations for Reporting and Disclosure Under ERISA. - 17 - 21 MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN FORM 11-K SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. MICROS SYSTEMS, INC. 401(K) RETIREMENT PLAN Date: June 28, 1999 By: ------------------------ Plan Sponsor - 18 - EX-23 2 CONSENT OF INDEPENDENT ACCOUNTANTS 1 EXHIBIT 23 - CONSENT OF INDEPENDENT ACCOUNTANTS CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-07347) of MICROS Systems, Inc. of our report dated June 23, 1999 relating to the financial statements of MICROS Systems, Inc. 401(k) Retirement Plan, which appears in this Form 11-K. PricewaterhouseCoopers LLP Baltimore, Maryland June 23, 1999 - 19 - -----END PRIVACY-ENHANCED MESSAGE-----