MARYLAND
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000-09993
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52-1101488
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(State of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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MICROS Systems, Inc.
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(Registrant)
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By:
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/s/ Cynthia A. Russo
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Cynthia A. Russo
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Executive Vice-President, Chief Financial Officer
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News
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Release Date: April 28 2011
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Contact:
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Peter J. Rogers, Jr.
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Executive Vice President, Investor Relations
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443-285-8059
progers@micros.com
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Revenue for the quarter was $253.2 million, an increase of $24.1 million, or 10.5% over the same period last year.
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Revenue for the nine-month period was $733.7 million, an increase of $67.6 million, or 10.2% over the same period last year.
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GAAP net income for the quarter was $38.6 million, an increase of $8.4 million, or 27.8% over the same period last year. GAAP diluted earnings per share (EPS) was $0.47, an increase of $0.10, or 27.0% over the same period last year.
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·
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GAAP net income for the nine-month period was $102.5 million, an increase of $22.1 million, or 27.4% over the same period last year. GAAP diluted EPS was $1.24, an increase of $0.25, or 25.3% over the year ago same period.
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Non-GAAP financial results, excluding the effect of charges for stock options, an impairment charge for auction rate securities and a charge for a lawsuit are as follows:
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Non-GAAP net income for the quarter was $40.3 million, an increase of $8.6 million, or 27.0% over the same period last year.
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Non-GAAP net income for the nine-month period was $110.6 million, an increase of $23.2 million, or 26.5% over the year ago same period.
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Non-GAAP diluted EPS for the quarter was $0.49, an increase of $0.10, or 25.6% over the year ago same period.
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Non-GAAP diluted EPS for the nine-month period was $1.34, an increase of $0.26, or 24.1% over the year ago same period.
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News
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Release Date: April 28, 2011
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Contact:
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Peter J. Rogers, Jr.
EVP Investor Relations
443-285-8059
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MICROS SYSTEMS, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited - in thousands, except per share amounts)
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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2011
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2010
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2011
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2010
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Revenue:
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Hardware
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$ | 49,901 | $ | 47,207 | $ | 142,008 | $ | 136,306 | ||||||||
Software
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31,075 | 29,525 | 92,043 | 84,716 | ||||||||||||
Service
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172,217 | 152,322 | 499,673 | 445,080 | ||||||||||||
Total revenue
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253,193 | 229,054 | 733,724 | 666,102 | ||||||||||||
Cost of sales:
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Hardware
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31,827 | 29,999 | 93,135 | 88,415 | ||||||||||||
Software
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5,288 | 6,102 | 16,034 | 18,534 | ||||||||||||
Service
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74,675 | 68,608 | 219,299 | 193,933 | ||||||||||||
Stock option expense
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25 | 35 | 87 | 105 | ||||||||||||
Total cost of sales
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111,815 | 104,744 | 328,555 | 300,987 | ||||||||||||
Gross margin
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141,378 | 124,310 | 405,169 | 365,115 | ||||||||||||
Selling, general and administrative expenses
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71,739 | 66,085 | 202,282 | 195,496 | ||||||||||||
Research and development expenses
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11,649 | 10,342 | 33,116 | 30,770 | ||||||||||||
Depreciation and amortization
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3,548 | 4,674 | 11,911 | 12,835 | ||||||||||||
Litigation reserve
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0 | 0 | 3,000 | 0 | ||||||||||||
Stock option expense
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2,536 | 2,340 | 9,434 | 9,699 | ||||||||||||
Total operating expenses
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89,472 | 83,441 | 259,743 | 248,800 | ||||||||||||
Income from operations
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51,906 | 40,869 | 145,426 | 116,315 | ||||||||||||
Non-operating income (expense):
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Interest income, net
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1,013 | 847 | 3,465 | 2,722 | ||||||||||||
Interest expense - litigation reserve
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- | - | (360 | ) | - | |||||||||||
Change in credit based impairment, net of realized loss on redemption
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- | - | 19 | (387 | ) | |||||||||||
Other non-operating (expense) income, net
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(337 | ) | 524 | (732 | ) | 90 | ||||||||||
Total non-operating income, net
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676 | 1,371 | 2,392 | 2,425 | ||||||||||||
Income before taxes
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52,582 | 42,240 | 147,818 | 118,740 | ||||||||||||
Income tax provision
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13,724 | 12,123 | 44,766 | 37,593 | ||||||||||||
Net income
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38,858 | 30,117 | 103,052 | 81,147 | ||||||||||||
Less: Net income attributable to noncontrolling interest
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(279 | ) | 81 | (529 | ) | (674 | ) | |||||||||
Net Income attributable to MICROS Systems, Inc. (GAAP)
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$ | 38,579 | $ | 30,198 | $ | 102,523 | $ | 80,473 | ||||||||
Net Income per diluted common share attributable to
MICROS Systems, Inc.
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$ | 0.47 | $ | 0.37 | $ | 1.24 | $ | 0.99 | ||||||||
Weighted-average number of shares outstanding - diluted
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82,913 | 81,338 | 82,562 | 81,299 |
Reconciliation of GAAP Net Income and EPS attributable to MICROS Systems, Inc. to
Non-GAAP Net Income and EPS attributable to MICROS Systems, Inc.
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Net Income attributable to MICROS Systems, Inc.
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$ | 38,579 | $ | 30,198 | $ | 102,523 | $ | 80,473 | ||||||||
Add back:
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Stock option expense
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Selling, general and administrative expenses
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2,419 | 2,232 | 9,066 | 9,300 | ||||||||||||
Research and development expenses
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117 | 108 | 368 | 399 | ||||||||||||
Cost of sales
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25 | 35 | 87 | 105 | ||||||||||||
2,561 | 2,375 | 9,521 | 9,804 | |||||||||||||
Litigation reserve, including accrued interest expense
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- | - | 3,360 | - | ||||||||||||
Change in credit based impairment, net of realized loss on redemption
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- | - | (19 | ) | 387 | |||||||||||
Total add back
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2,561 | 2,375 | 12,862 | 10,191 | ||||||||||||
Subtract tax effect on:
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Stock option expense
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802 | 817 | 3,457 | 3,222 | ||||||||||||
Litigation reserve, including accrued interest expense
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- | - | 1,280 | - | ||||||||||||
Non-GAAP Net Income attributable to MICROS Systems, Inc.
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$ | 40,338 | $ | 31,756 | $ | 110,648 | $ | 87,442 | ||||||||
Non-GAAP Net Income per Diluted Common Share attributable to
MICROS Systems, Inc.
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$ | 0.49 | $ | 0.39 | $ | 1.34 | $ | 1.08 | ||||||||
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: |
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The exclusion of non-GAAP items can have a significant impact on reported GAAP net income and diluted net income per share.
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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
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![]() |
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Release Date: April 28, 2011
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Contact:
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Peter J. Rogers, Jr.
EVP Investor Relations
443-285-8059
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MICROS SYSTEMS, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(Unaudited - in thousands)
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March 31,
2011
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June 30,
2010
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ASSETS
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Current assets:
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Cash and cash equivalents and short-term investments
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$ | 749,182 | $ | 545,298 | ||||
Accounts receivable, net
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175,023 | 153,066 | ||||||
Inventory, net
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35,674 | 35,103 | ||||||
Deferred income taxes
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21,375 | 19,624 | ||||||
Prepaid expenses and other current assets
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30,922 | 27,004 | ||||||
Total current assets
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1,012,176 | 780,095 | ||||||
Long-term investments
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53,564 | 59,884 | ||||||
Property, plant and equipment, net
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27,754 | 27,349 | ||||||
Deferred income taxes, non-current
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20,073 | 13,556 | ||||||
Goodwill
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235,620 | 213,825 | ||||||
Intangible assets, net
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19,297 | 19,590 | ||||||
Purchased and internally developed software costs, net
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19,523 | 17,468 | ||||||
Other assets
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7,273 | 6,524 | ||||||
Total Assets
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$ | 1,395,280 | $ | 1,138,291 | ||||
LIABILITIES AND EQUITY
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Current liabilities:
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Bank lines of credit
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$ | - | $ | 1,442 | ||||
Accounts payable
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46,753 | 44,783 | ||||||
Accrued expenses and other current liabilities
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149,683 | 135,469 | ||||||
Income taxes payable
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5,759 | 5,856 | ||||||
Deferred revenue
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163,206 | 124,498 | ||||||
Total current liabilities
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365,401 | 312,048 | ||||||
Income taxes payable, non-current
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26,009 | 22,737 | ||||||
Deferred income taxes, non-current
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5,985 | 2,590 | ||||||
Other non-current liabilities
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14,408 | 11,304 | ||||||
Total liabilities
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411,803 | 348,679 | ||||||
Commitments and contingencies
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Equity:
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MICROS Systems, Inc. shareholders’ equity:
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Common stock
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2,027 | 2,001 | ||||||
Capital in excess of par
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145,558 | 117,462 | ||||||
Retained earnings
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792,303 | 689,750 | ||||||
Accumulated other comprehensive income (loss)
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37,178 | (25,833 | ) | |||||
Total MICROS Systems, Inc. shareholders’ equity
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977,066 | 783,380 | ||||||
Noncontrolling interest
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6,411 | 6,232 | ||||||
Total Equity
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983,477 | 789,612 | ||||||
Total Liabilities and Equity
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$ | 1,395,280 | $ | 1,138,291 |