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: October 30, 2008

(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

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

The registrant’s press release dated October 30, 2008, regarding its financial results for the three month period ended September 30, 2008, is attached as Exhibit 99.1 to this Form 8-K.

Note:The information in Item 2.02 of this Form 8-K, and Exhibit 99.1, attached, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information and exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

Date: October 30, 2008

MICROS Systems, Inc.

(Registrant)

By: /s/ Gary C. Kaufman

Gary C. Kaufman

Executive Vice-President, Finance and

Administration, and Chief Financial Officer

Exhibit 99.1 - Press Release

EX-99.1

Exhibit 99.1

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Release Date: October 30, 2008	Contact:	Peter J. Rogers, Jr.
		Executive Vice President, Investor Relations
		443-285-8059
		progers@micros.com

MICROS REPORTS FISCAL 2009 FIRST QUARTER RESULTS

RECORD FIRST QUARTER REVENUE, NET INCOME AND EPS

Columbia, Maryland... MICROS Systems, Inc. (Nasdaq:MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2009 first quarter ended September 30, 2008.

FINANCIAL HIGHLIGHTS

· Revenue for the quarter was $244.1 million, an increase of $27.6 million, or 12.7%, over the same period last year.

· GAAP net income for the quarter was $24.9 million, an increase of $3.6 million, or 16.8%, over the same period last year.

· GAAP diluted earnings per share (EPS), was $0.30 per share, an increase of $0.05, or 20.0%, over the same period last year.

· Non-GAAP financial results, excluding the effect of Financial Accounting Standard (FAS) No. 123 (R), which requires us to record the share-based payment charge, are as follows:

- Non-GAAP net income was $27.8 million, an increase of $3.5 million, or 14.3%, over the year ago period.

- Non-GAAP diluted EPS, was $0.34, an increase of $0.05, or 17.2%, over the year ago period.

· MICROS’s financial results were Company records for a first fiscal quarter.

Tom Giannopoulos, MICROS’s Chairman and CEO, stated: “We are pleased with the financial results for our first quarter. We are cognizant of the global economy and the challenges it presents to the markets we serve. With our leading market position and strong balance sheet, we are well positioned to weather the present economic conditions.”

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. 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, such as hurricanes and tsunamis; 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 30, 2008. 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.

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Release Date: October 30, 2008	Contact:	Peter J. Rogers, Jr.
		EVP, Investor Relations
		443-285-8059

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share amounts)

	First quarter ended Sept. 30,
	2008			2007
Revenue:
Hardware	$	63,693		$	64,901
Software		37,576			30,851
Service		142,800			120,730
Total revenue		244,069			216,482
Cost of sales:
Hardware		43,059			39,938
Software		7,300			8,509
Service		67,766			54,793
Total cost of sales		118,125			103,240
Gross margin		125,944			113,242
Selling, general and administrative expenses		73,276			67,353
Research and development expenses		10,263			9,114
Depreciation and amortization		4,087			3,846
Stock option expense (*)		3,733			3,844
Total operating expenses		91,359			84,157
Income from operations		34,585			29,085
Non-operating income, net		3,795			3,322
Income before taxes, minority interests, and equity in net earnings of affiliates		38,380			32,407
Income tax provision		13,049			10,856
Income before minority interests and equity in net earnings of affiliates		25,331			21,551
Minority interests and equity in net earnings of affiliates		(449	)		(247	)
Net income (GAAP)	$	24,882		$	21,304
Net income per diluted common share (GAAP)	$	0.30		$	0.25
Weighted-average number of shares outstanding - diluted		82,196			83,512

Reconciliation of GAAP Net Income and EPS,

and Non-GAAP Net Income and EPS before share-based payment charge, i.e. stock option expense

Net income (GAAP)	$	24,882	$	21,304
Add back:
(*) Stock option expense
Selling, general and administrative expenses		3,525		3,542
Research and development expenses		208		302
Total stock option expense		3,733		3,844
Subtract:
Total tax effect on stock option expense		841		841
Net income, before share-based payment charge (Non-GAAP)	$	27,774	$	24,307
Net income per diluted common share,
before share-based payment charge (Non-GAAP)	$	0.34	$	0.29

We believe the inclusion of the above non-GAAP measure, excluding the effect of share-based payment charge, will be useful to investors because it will enhance the comparability of our results in recent periods to results in periods prior to our adoption of FAS 123(R). 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 continue to forecast excluding the effect of share-based payment charge, 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-cash share-based payment charges can have a significant impact on reported GAAP net income and diluted net income per share.

· Other companies may utilize non-cash share-based payments to a significantly greater or lesser degree in relation to overall compensation than MICROS.

· 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.

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Release Date: October 30, 2008	Contact:	Peter J. Rogers, Jr.
		EVP, Investor Relations
		443-285-8059

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

	Sept 30,		June 30,
	2008		2008
ASSETS
Current assets:
Cash and cash equivalents	$	325,441	$	381,964
Accounts receivable, net		203,153		192,445
Inventory, net		52,795		64,575
Deferred income taxes		17,528		18,724
Prepaid expenses and other current assets		27,417		29,737
Total current assets		626,334		687,445
Investments, non-current		62,662		65,216
Property, plant and equipment, net		31,308		29,165
Deferred income taxes, non-current		8,261		7,108
Goodwill		186,895		159,722
Intangible assets, net		21,568		16,168
Purchased and internally developed software costs, net		32,045		30,846
Other assets		8,249		7,336
Total assets	$	977,322	$	1,003,006
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank lines of credit	$	987	$	989
Accounts payable		41,895		46,843
Accrued expenses and other current liabilities		116,045		124,913
Income taxes payable		4,099		6,363
Deferred revenue		122,059		115,398
Total current liabilities		285,085		294,506
Income taxes payable, non-current		18,438		18,302
Deferred income taxes, non-current		3,382		2,181
Other non-current liabilities		10,183		8,103
Total liabilities		317,088		323,092
Minority interests and minority ownership put arrangement		6,702		6,898
Commitments and contingencies
Shareholders’ equity:
Common stock		504		506
Capital in excess of par		126,347		131,517
Retained earnings		505,468		480,777
Accumulated other comprehensive income		21,213		60,216
Total shareholders’ equity		653,532		673,016
Total liabilities and shareholders’ equity	$	977,322	$	1,003,006