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 28, 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 October 28, 2010, regarding its financial results for the three month period ended September 30, 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: October 28, 2010

MICROS Systems, Inc.
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: October 28, 2010	Contact:	Peter J. Rogers, Jr.
		Executive Vice President, Investor Relations
		443-285-8059 progers@micros.com

MICROS REPORTS FISCAL 2011 FIRST QUARTER RESULTS

REVENUE, NET INCOME 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 2011 first quarter ended September 30, 2010. 

FINANCIAL HIGHLIGHTS

-   Revenue for the quarter was $233.4 million, an increase of $22.0 million, or 10.4%, over the same period last year.

-   GAAP net income for the quarter was $31.6 million, an increase of $7.5 million, or 30.9%, over the same period last year.

-   GAAP diluted earnings per share (EPS) for the quarter was $0.39 per share, an increase of $0.09, or 30% over the same period last year.

-   Non-GAAP financial results for the quarter, excluding the effect of charges for stock options and the redemption of one of our auction rate securities, are as follows:

-   Non-GAAP net income for the quarter was $33.4 million, an increase of $6.7 million, or 25.3%, over the same period last year.

-   Non-GAAP diluted EPS for the quarter was $0.41 per share an increase of $0.08, or 24.2%, over the same period last year.

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

Tom Giannopoulos, MICROS’s Chairman and CEO, stated: “We are very pleased with the results for our fiscal quarter, which included record operating income, net income and EPS for a first fiscal quarter.”

MICROS’s financial guidance for fiscal 2011 remains the same as previously provided in August 2010 with revenue between $1.0 billion and $1.005 billion and net income between $140 million and $142 million. 

MICROS’s stock is traded through NASDAQ under the symbol MCRS.  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; weakening in general economic conditions that adversely affect demand for computer hardware or software; and currency fluctuations.

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All information in this release is as of October 28, 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 443-285-8059 or at MICROS’s website at http://www.micros.com.

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News
	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
Sept. 30,
	2010			2009
Revenue:
Hardware	$	44,266		$	43,307
Software		27,889			24,692
Service		161,259			143,402
Total revenue		233,414			211,401
Cost of sales:
Hardware		29,955			28,052
Software		5,826			5,387
Service		71,178			62,136
Stock option expense		35			0
Total cost of sales		106,994			95,575
Gross margin		126,420			115,826
Selling, general and administrative expenses		62,191			62,217
Research and development expenses		10,661			10,869
Depreciation and amortization		4,118			3,842
Stock option expense		2,610			3,051
Total operating expenses		79,580			79,979
Income from operations		46,840			35,847
Non-operating income (expense):
Interest income, net		1,056			1,051
Change in credit based impairment, net of realized loss on redemption		92			(387	)
Other non-operating expense, net		(900	)		(7	)
Total non-operating income, net		248			657
Income before taxes		47,088			36,504
Income tax provision		15,393			12,133
Net income		31,695			24,371
Less:  Net income attributable to noncontrolling interest		(78	)		(224	)
Net Income attributable to MICROS Systems, Inc. (GAAP)	$	31,617		$	24,147
Net Income per diluted common share attributable to MICROS Systems, Inc.	$	0.39		$	0.30
Weighted-average number of shares outstanding - diluted		82,023			81,314

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.	$	31,617		$	24,147
Add back:
Stock option expense
Selling, general and administrative expenses		2,484			2,904
Research and development expenses		126			147
Cost of sales		35			-
		2,645			3,051
Change in credit based impairment, net of realized loss on redemption		(92	)		387
Total Add back		2,553			3,438
Subtract tax effect on stock option expense		789			942
Non-GAAP Net Income attributable to MICROS Systems, Inc.	$	33,381		$	26,643
Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.	$	0.41		$	0.33

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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. subject to a number of important limitations and should be considered only in conjunction with our consolidated financial statements Instead, they are based on subjective determinations by management designed to supplement our GAAP financial measures.  They are 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, limitingthe usefulness of those measures for comparative purposes.

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News
	Contact:	Peter J. Rogers, Jr. EVP Investor Relations 443-285-8059

MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands)
	Sept. 30, 2010		June 30, 2010
ASSETS
Current assets:
Cash and cash equivalents and short-term investments	$	617,879	$	545,298
Accounts receivable, net		156,704		153,066
Inventory, net		35,609		35,103
Deferred income taxes		20,092		19,624
Prepaid expenses and other current assets		33,641		27,004
Total current assets		863,925		780,095
Long-term investments		63,014		59,884
Property, plant and equipment, net		28,424		27,349
Deferred income taxes, non-current		13,612		13,556
Goodwill		217,721		213,825
Intangible assets, net		18,899		19,590
Purchased and internally developed software costs, net		17,783		17,468
Other assets		6,960		6,524
Total Assets	$	1,230,338	$	1,138,291
LIABILITIES AND EQUITY
Current liabilities:
Bank lines of credit	$	-	$	1,442
Accounts payable		45,306		44,783
Accrued expenses and other current liabilities		119,425		135,469
Income taxes payable		3,468		5,856
Deferred revenue		147,910		124,498
Total current liabilities		316,109		312,048
Income taxes payable, non-current		23,439		22,737
Deferred income taxes, non-current		2,808		2,590
Other non-current liabilities		10,482		11,304
Total liabilities		352,838		348,679
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders’ equity:
Common stock		2,014		2,001
Capital in excess of par		130,926		117,462
Retained earnings		721,397		689,750
Accumulated other comprehensive income		16,498		(25,833	)
Total MICROS Systems, Inc. shareholders’ equity		870,835		783,380
Noncontrolling interest		6,665		6,232
Total Equity		877,500		789,612
Total Liabilities and Equity	$	1,230,338	$	1,138,291

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