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: August 25, 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 fiscal 2011 fourth quarter was $274.1 million, an increase of $25.9 million, or 10.4% over the same period last year.
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Revenue for the fiscal year was $1,007.9 million, an increase of $93.5 million, or 10.2%, over the same period last year.
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GAAP net income for the quarter was $41.5 million, an increase of $7.7 million, or 22.6% over the same period last year.
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GAAP net income for the fiscal year was $144.1 million, an increase of $29.7 million, or 26.0%, over the same period last year.
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GAAP diluted earnings per share (EPS) for the quarter was $0.50, an increase of $0.08, or 19%, over the same period last year.
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GAAP diluted EPS for the fiscal year was $1.74, an increase of $0.33, or 23.4%, over the same period last year.
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Non-GAAP financial results, excluding the effect of charges for stock options, the investment impairment, and a charge for a lawsuit incurred in the second fiscal quarter, are as follows:
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Non-GAAP net income for the quarter was $47.7 million, an increase of $8.0 million, or 20%, over the same period last year.
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Non-GAAP net income for the fiscal year was $158.4 million, an increase of $31.2 million, or 24.5%, over the same period last year.
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Non-GAAP diluted EPS for the quarter was $0.58, an increase of $0.09, or 18.4%, over the same period last year.
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Non-GAAP diluted EPS for the fiscal year $1.92, an increase of $0.35, or 22.3%, over the same period last year.
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News
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Release Date: August 25, 2011
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Contact:
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Peter J. Rogers, Jr.
EVP Investor Relations
443-285-8059
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MICROS SYSTEMS, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited - in thousands, except per share amounts)
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Three Months Ended
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Fiscal Year Ended
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June 30,
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June 30,
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2011
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2010
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2011
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2010
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Revenue:
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Hardware
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$ | 56,995 | $ | 52,027 | $ | 199,003 | $ | 188,333 | ||||||||
Software
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35,080 | 34,072 | 127,123 | 118,788 | ||||||||||||
Service
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182,060 | 162,118 | 681,733 | 607,198 | ||||||||||||
Total revenue
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274,135 | 248,217 | 1,007,859 | 914,319 | ||||||||||||
Cost of sales:
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Hardware
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33,532 | 31,074 | 126,667 | 119,489 | ||||||||||||
Software
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5,166 | 7,197 | 21,200 | 25,731 | ||||||||||||
Service
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80,519 | 73,548 | 299,818 | 267,481 | ||||||||||||
Stock option expense
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18 | 32 | 105 | 137 | ||||||||||||
Total cost of sales
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119,235 | 111,851 | 447,790 | 412,838 | ||||||||||||
Gross margin
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154,900 | 136,366 | 560,069 | 501,481 | ||||||||||||
Selling, general and administrative expenses
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69,948 | 66,755 | 272,229 | 262,251 | ||||||||||||
Research and development expenses
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12,131 | 10,947 | 45,248 | 41,718 | ||||||||||||
Depreciation and amortization
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4,880 | 4,476 | 16,790 | 17,311 | ||||||||||||
Litigation reserve
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- | - | 3,000 | - | ||||||||||||
Stock option expense
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2,908 | 2,529 | 12,343 | 12,228 | ||||||||||||
Total operating expenses
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89,867 | 84,707 | 349,610 | 333,508 | ||||||||||||
Income from operations
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65,033 | 51,659 | 210,459 | 167,973 | ||||||||||||
Non-operating income (expense):
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Interest income, net
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1,558 | 1,094 | 5,023 | 3,817 | ||||||||||||
Interest expense - litigation reserve
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- | - | (360 | ) | - | |||||||||||
Change in credit based impairment, net of realized gain on redemption
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(4,236 | ) | (4,396 | ) | (4,217 | ) | (4,783 | ) | ||||||||
Other non-operating (expense) income, net
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(561 | ) | 1,028 | (1,293 | ) | 1,118 | ||||||||||
Total non-operating income, net
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(3,239 | ) | (2,274 | ) | (847 | ) | 152 | |||||||||
Income before taxes
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61,794 | 49,385 | 209,612 | 168,125 | ||||||||||||
Income tax provision
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20,233 | 15,152 | 64,999 | 52,745 | ||||||||||||
Net income
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41,561 | 34,233 | 144,613 | 115,380 | ||||||||||||
Less: Net income attributable to noncontrolling interest
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(25 | ) | (353 | ) | (554 | ) | (1,027 | ) | ||||||||
Net Income attributable to MICROS Systems, Inc. (GAAP)
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$ | 41,536 | $ | 33,880 | $ | 144,059 | $ | 114,353 | ||||||||
Net Income per diluted common share attributable to
MICROS Systems, Inc.
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$ | 0.50 | $ | 0.42 | $ | 1.74 | $ | 1.41 | ||||||||
Weighted-average number of shares outstanding - diluted
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82,952 | 81,871 | 82,672 | 81,448 |
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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$ | 41,536 | $ | 33,880 | $ | 144,059 | $ | 114,353 | ||||||||
Add back:
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Stock option expense
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Selling, general and administrative expenses
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2,680 | 2,417 | 11,747 | 11,717 | ||||||||||||
Research and development expenses
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228 | 112 | 596 | 511 | ||||||||||||
Cost of sales
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18 | 32 | 105 | 137 | ||||||||||||
2,926 | 2,561 | 12,448 | 12,365 | |||||||||||||
Litigation reserve, including accrued interest expense
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- | - | 3,360 | - | ||||||||||||
Credit based impairment charge, net of realized gain on redemption
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4,236 | 4,396 | 4,217 | 4,783 | ||||||||||||
Total add back
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7,162 | 6,957 | 20,025 | 17,148 | ||||||||||||
Subtract tax effect on:
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Stock option expense
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969 | 1,061 | 4,426 | 4,283 | ||||||||||||
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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$ | 47,729 | $ | 39,776 | $ | 158,378 | $ | 127,218 | ||||||||
Non-GAAP Net Income per Diluted Common Share attributable to
MICROS Systems, Inc.
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$ | 0.58 | $ | 0.49 | $ | 1.92 | $ | 1.57 | ||||||||
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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, limiting the usefulness of those measures for comparative purposes.
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News
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![]() |
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Release Date: August 25, 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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June 30,
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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$ | 780,265 | $ | 545,298 | ||||
Accounts receivable, net
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181,833 | 153,066 | ||||||
Inventory, net
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38,119 | 35,103 | ||||||
Deferred income taxes
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21,036 | 19,624 | ||||||
Prepaid expenses and other current assets
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30,454 | 27,004 | ||||||
Total current assets
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1,051,707 | 780,095 | ||||||
Long-term investments
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46,226 | 59,884 | ||||||
Property, plant and equipment, net
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28,145 | 27,349 | ||||||
Deferred income taxes, non-current
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20,798 | 13,556 | ||||||
Goodwill
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242,319 | 213,825 | ||||||
Intangible assets, net
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19,293 | 19,590 | ||||||
Purchased and internally developed software costs, net
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18,710 | 17,468 | ||||||
Other assets
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5,820 | 6,524 | ||||||
Total Assets
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$ | 1,433,018 | $ | 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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54,851 | 44,783 | ||||||
Accrued expenses and other current liabilities
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148,901 | 135,469 | ||||||
Income taxes payable
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7,705 | 5,856 | ||||||
Deferred revenue
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143,238 | 124,498 | ||||||
Total current liabilities
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354,695 | 312,048 | ||||||
Income taxes payable, non-current
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32,309 | 22,737 | ||||||
Deferred income taxes, non-current
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8,261 | 2,590 | ||||||
Other non-current liabilities
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14,502 | 11,304 | ||||||
Total liabilities
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409,767 | 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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2,020 | 2,001 | ||||||
Capital in excess of par
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132,529 | 117,462 | ||||||
Retained earnings
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833,839 | 689,750 | ||||||
Accumulated other comprehensive income (loss)
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48,323 | (25,833 | ) | |||||
Total MICROS Systems, Inc. shareholders’ equity
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1,016,711 | 783,380 | ||||||
Noncontrolling interest
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6,540 | 6,232 | ||||||
Total Equity
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1,023,251 | 789,612 | ||||||
Total Liabilities and Equity
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$ | 1,433,018 | $ | 1,138,291 |