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, 2010

(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 April 29, 2010, regarding its financial results for the three- and nine-month periods ended March 31, 2010, 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.

SIGNATURES

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 29, 2010

MICROS Systems, Inc.
(Registrant)
By:	/s/ Cynthia A. Russo
Cynthia A. Russo
Executive Vice-President, Chief Financial Officer

Exhibit 99.1 – Press Release

EX-99.1

Exhibit 99.1

news
Release Date: April 29, 2010	Contact:  Peter J. Rogers, Jr.
	Executive Vice President, Investor Relations
	443-285-8059
	progers@micros.com

MICROS REPORTS FISCAL 2010 THIRD QUARTER RESULTS;

NET INCOME, REVENUE AND EPS EXCEED EXPECTATIONS

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 2010 third quarter ended March 31, 2010.  

FINANCIAL HIGHLIGHTS

· Revenue for the quarter was $229.1 million, an increase of $24.3 million, or 11.9% over the same period last year.

· GAAP net income for the quarter was $30.2 million, an increase of $7.2 million, or 31.6% over the same period last year. GAAP diluted earnings per share (EPS) was $0.37, an increase of $0.09, or 32.1% over the same period last year.

· Revenue for the nine-month period was $666.1 million, a decrease of $18.8 million, or 2.7% below the same period last year.

· GAAP net income for the nine-month period was $80.5 million, an increase of $7.0 million, or 9.6% over the same period last year. GAAP diluted EPS was $0.99, an increase of $0.10 or 11.2% over the year ago same period.

· Non-GAAP financial results, excluding the effect of charges for stock options and impairment on auction rate securities, are as follows:

- Non-GAAP net income for the quarter was $31.8 million, an increase of $6.4 million, or 25.5% over the same period last year.

- Non-GAAP net income for the nine-month period was $87.4 million, an increase of $5.6 million, or 6.9% over the year ago same period.

- Non-GAAP diluted EPS for the quarter was $0.39, an increase of $0.08, or 25.8% over the year ago same period.

- Non-GAAP diluted EPS for the nine-month period was $1.08, an increase of $0.08, or 8.0% over the year ago same period.

The financial results for the third fiscal quarter exceeded consensus expectations.

Tom Giannopoulos, MICROS’s Chairman and CEO, stated: “We are extremely pleased with our performance and this quarter’s double digit revenue and EPS growth.  We remain well positioned as business conditions worldwide show signs of improvement.”

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MICROS’s stock is listed on NASDAQ OMX’s Global Select 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 April 29, 2010.  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 443-285-8112 or at MICROS’s website at http://www.micros.com.

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News
Release Date: April 29, 2010	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)

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2010		2009			2010			2009
Revenue:
Hardware	$	47,207	$	42,757		$	136,306		$	161,875
Software		29,525		27,616			84,716			102,793
Service		152,322		134,370			445,080			420,216
Total revenue		229,054		204,743			666,102			684,884
Cost of sales:
Hardware		29,999		26,284			88,415			103,462
Software		6,102		6,028			18,534			19,764
Service		68,643		61,776			194,038			199,090
Total cost of sales		104,744		94,088			300,987			322,316
Gross margin		124,310		110,655			365,115			362,568
Selling, general and administrative expenses		66,050		61,396			195,391			204,093
Research and development expenses		10,342		10,027			30,770			30,701
Depreciation and amortization		4,674		4,189			12,835			12,567
Stock option expense		2,375		3,186			9,804			11,018
Total operating expenses		83,441		78,798			248,800			258,379
Income from operations		40,869		31,857			116,315			104,189
Non-operating income (expense):
Interest income (expense), net		847		1,161			2,722			6,697
Credit based impairment charge		-		-			(387	)		-
Other non-operating (expense) income, net		524		107			90			527
Total non-operating income, net		1,371		1,268			2,425			7,224
Income before taxes		42,240		33,125			118,740			111,413
Income tax provision		12,123		9,894			37,593			37,024
Net income		30,117		23,231			81,147			74,389
Less:  Net loss (income) attributable to noncontrolling interest		81		(279	)		(674	)		(962	)
Net Income attributable to MICROS Systems, Inc. (GAAP)	$	30,198	$	22,952		$	80,473		$	73,427
Net Income per Diluted Common Share attributable to MICROS Systems, Inc. common shareholder	$	0.37	$	0.28		$	0.99		$	0.89
Weighted-average number of shares outstanding - diluted		81,338		81,047			81,299			81,449

Reconciliation of GAAP Net Income and EPS attributable to MICROS Systems, Inc. to Non-GAAP Net Income and EPS attributable to MICROS Systems, Inc.
Net Income attributable to MICROS Systems, Inc.	$	30,198	$	22,952	$	80,473	$	73,427
Add back:
Stock option expense
Selling, general and administrative expenses		2,267		2,953		9,405		10,364
Research and development expenses		108		233		399		654
		2,375		3,186		9,804		11,018
Credit based impairment charge		-		-		387		-
		2,375		3,186		10,191		11,018
Subtract:  Tax effect on Stock option expense		817		825		3,222		2,644
Non-GAAP Net Income attributable to MICROS Systems, Inc.	$	31,756	$	25,313	$	87,442	$	81,801
Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.	$	0.39	$	0.31	$	1.08	$	1.00

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We believe the inclusion of the above non-GAAP measure will be useful to investors because it will enhance the comparability of our current period results to prior periods' results without comparable charges.  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 typically forecast excluding the effect of share-based payment charge and above one time charges, 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-GAAP items can have a significant impact on reported GAAP net income and diluted net income per share.

-  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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News
Release Date: April 29, 2010	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

	March 31, 2010		June 30, 2009
ASSETS
Current assets:
Cash and cash equivalents and short-term investments	$	520,858	$	438,936
Accounts receivable, net		161,683		155,212
Inventory, net		38,270		39,783
Deferred income taxes		24,138		19,870
Prepaid expenses and other current assets		30,022		27,238
Total current assets		774,971		681,039
Long-term investments		66,486		57,823
Property, plant and equipment, net		28,856		30,520
Deferred income taxes, non-current		16,938		11,456
Goodwill		213,706		190,739
Intangible assets, net		21,514		17,709
Purchased and internally developed software costs, net		20,668		25,749
Other assets		6,322		6,344
Total Assets	$	1,149,461	$	1,021,379
LIABILITIES AND EQUITY
Current liabilities:
Bank lines of credit	$	1,364	$	1,090
Accounts payable		43,054		38,445
Accrued expenses and other current liabilities		120,777		104,821
Income taxes payable		11,929		7,944
Deferred revenue		152,529		112,146
Total current liabilities		329,653		264,446
Income taxes payable, non-current		22,253		19,611
Deferred income taxes, non-current		932		1,752
Other non-current liabilities		11,942		10,539
Total liabilities		364,780		296,348
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders’ equity:
Common stock		499		502
Capital in excess of par		114,526		127,146
Retained earnings		655,764		575,095
Accumulated other comprehensive income		7,536		16,254
Total MICROS Systems, Inc. shareholders’ equity		778,325		718,997
Noncontrolling interest		6,356		6,034
Total Equity		784,681		725,031
Total Liabilities and Equity	$	1,149,461	$	1,021,379

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