EX-99.1 3 j0125_ex99d1.htm EX-99.1

Exhibit 99.1

 

News

micros ®

 

 

MICROS Systems, Inc.

 

 

7031 Columbia Gateway Drive

 

 

Columbia, Maryland 21046-2289

 

 

 

 

Release Date:     April 30, 2003

Contact:  Peter J. Rogers, Jr.

 

 

Vice President, Investor Relations

 

 

(443) 285-8059

 

 

MICROS REPORTS FISCAL 2003 THIRD QUARTER RESULTS:
RECORD REVENUE FOR THIRD QUARTER; NET INCOME AND EPS
EXCEED EXPECTATIONS

 

Columbia, Maryland… MICROS Systems, Inc.  (Nasdaq:MCRS), a leading supplier of information systems to the hospitality industry, today announced the results for its fiscal 2003 third quarter ended March 31, 2003.  Revenue for the quarter was $97.6 million, an increase of  $5.2 million, or 5.6%, over the same period last year.  The quarterly revenue was a record for MICROS’s fiscal third quarter.  Net income for the quarter was $5.4 million, an increase of $1.7 million, or 45.7%, over the year ago third quarter.  Earnings per share, on a diluted basis, were $0.31 per share, an increase of $0.10 per share, or 47.6%, over the year ago earnings of $0.21 per share.

 

For the nine-month period ending March 31, 2003, MICROS’s revenue was $279.6 million, an increase of  $12.9 million, or 4.8%, over the same period last year.  Net income for the nine-month period was $13.0 million, an increase of $5.9 million, or 84.4%, over the year ago period.  Earnings per share, on a diluted basis, were $0.74, an increase of  $0.34 per share, or 85.0%, over the year ago earnings of $0.40 per share.

 

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 third quarter was $0.08 per diluted share and $0.22 per diluted share on a nine-month basis.

 

Tom Giannopoulos, MICROS’s Chairman and CEO stated: “We are pleased with the record quarterly revenue and improved profitability. The significant number of new contracts in the quarter is testament to the growing acceptance of both the Opera suite of products and the latest restaurant applications, including RES 3000 and ‘mymicros.net’.  It is our belief that we remain well-positioned with our broad and advanced portfolio of products as the economy improves.”

 

MICROS’s management guidance for the fiscal 2003 fourth quarter ending June 30, 2003 is for revenue between  $100 million and $105 million and net income between $6.2 million and $7.7 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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MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited – in thousands, except per share amounts)

 

 

 

Third Quarter Ended March 31,

 

Nine Months Ended March 31,

 

 

 

2003

 

2002

 

2003

 

2002

 

Revenue:

 

 

 

 

 

 

 

 

 

Hardware and software

 

$

49,825

 

$

50,028

 

$

143,996

 

$

140,223

 

Service

 

47,765

 

42,350

 

135,653

 

126,565

 

Total revenue

 

97,590

 

92,378

 

279,649

 

266,788

 

 

 

 

 

 

 

 

 

 

 

Cost of sales:

 

 

 

 

 

 

 

 

 

Hardware and software

 

28,149

 

27,720

 

81,120

 

78,475

 

Service

 

22,062

 

20,816

 

62,163

 

61,329

 

Total cost of sales

 

50,211

 

48,536

 

143,283

 

139,804

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

47,379

 

43,842

 

136,366

 

126,984

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

31,626

 

30,702

 

93,752

 

89,732

 

Research and development expenses

 

4,245

 

4,587

 

13,380

 

14,148

 

Depreciation and amortization

 

1,995

 

4,025

 

6,170

 

11,856

 

Total operating expenses

 

37,866

 

39,314

 

113,302

 

115,736

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

9,513

 

4,528

 

23,064

 

11,248

 

 

 

 

 

 

 

 

 

 

 

Non-operating (expense) income, net

 

(439

)

1,050

 

(873

)

187

 

 

 

 

 

 

 

 

 

 

 

Income before taxes, minority interest, and equity in net earnings of affiliates

 

9,074

 

5,578

 

22,191

 

11,435

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

3,631

 

1,770

 

8,877

 

3,996

 

 

 

 

 

 

 

 

 

 

 

Income before minority interest and equity in net earnings of affiliates

 

5,443

 

3,808

 

13,314

 

7,439

 

 

 

 

 

 

 

 

 

 

 

Minority interest and equity in net earnings of affiliates

 

(74

)

(123

)

(319

)

(390

)

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5,369

 

$

3,685

 

$

12,995

 

$

7,049

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.31

 

$

0.21

 

$

0.75

 

$

0.40

 

Diluted

 

$

0.31

 

$

0.21

 

$

0.74

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

17,351

 

17,516

 

17,408

 

17,504

 

Diluted

 

17,575

 

17,888

 

17,663

 

17,785

 

 

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MICROS SYSTEMS, INC.

CONSOLIDATED BALANCE SHEET

(Unaudited - in thousands)

 

 

 

March 31,
2003

 

June 30,
2002

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

56,531

 

$

66,638

 

Accounts receivable, net

 

91,439

 

86,918

 

Inventories, net

 

33,832

 

31,211

 

Deferred income taxes

 

7,103

 

7,008

 

Prepaid expenses and other current assets

 

15,403

 

12,756

 

Total current assets

 

204,308

 

204,531

 

 

 

 

 

 

 

Property, plant and equipment, net

 

19,562

 

21,467

 

Deferred income taxes, non-current

 

20,307

 

20,707

 

Goodwill and intangible assets, net

 

30,237

 

32,055

 

Purchased and internally developed software costs, net

 

32,092

 

30,303

 

Other assets

 

3,207

 

3,767

 

Total assets

 

$

309,713

 

$

312,830

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Bank lines of credit

 

$

4,131

 

$

18,699

 

Current portion of capital lease obligations

 

131

 

147

 

Accounts payable

 

20,338

 

25,955

 

Accrued expenses and other current liabilities

 

33,391

 

34,554

 

Income taxes payable

 

3,497

 

7,303

 

Deferred income taxes

 

797

 

547

 

Deferred service revenue

 

41,935

 

33,841

 

Total current liabilities

 

104,220

 

121,046

 

 

 

 

 

 

 

Capital lease obligations, net of current portion

 

284

 

279

 

Deferred income taxes, non-current

 

9,716

 

9,933

 

Other non-current liabilities

 

1,441

 

1,232

 

Commitments and contingencies

 

 

 

 

 

Minority interests

 

2,326

 

1,978

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

433

 

438

 

Capital in excess of par

 

52,140

 

56,867

 

Retained earnings

 

143,594

 

130,599

 

Accumulated other comprehensive loss

 

(4,441

)

(9,542

)

Total shareholders’ equity

 

191,726

 

178,362

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

309,713

 

$

312,830

 

 

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