EX-99 2 v326674_ex99.htm EXHIBIT 99

Exhibit 99

 

News Release

 

   

 

 

Release Date: October 25, 2012 Contact: Peter J. Rogers, Jr.
    Executive Vice President, Investor Relations
    443-285-8059
    progers@micros.com


MICROS REPORTS FISCAL 2013 FIRST QUARTER RESULTS

RECORD FIRST FISCAL QUARTER REVENUE, NET INCOME AND EPS;

RESULTS EXCEED EXPECTATIONS

 

Columbia, MD– October 25, 2012—MICROS Systems, Inc. (NASDAQ:MCRS), a leading provider of information technology solutions for the hospitality and retail industries, today announced the results for its fiscal 2013 first quarter ended September 30, 2012.

 

FINANCIAL HIGHLIGHTS

 

-Revenue for the quarter was $299.9 million, an increase of $43.3 million, or 16.9%, over the same period last year.

 

-GAAP net income for the quarter was $41.1 million, an increase of $3.8 million, or 10.3%, over the same period last year.

 

-GAAP diluted earnings per share (EPS) for the quarter was $0.50 per share, an increase of $0.05, or 11.1% over the same period last year.

 

-Non-GAAP financial results for the quarter, excluding the effect of charges for stock options, amortization of Torex intangibles and restructuring for Torex are as follows:
-Non-GAAP net income for the quarter was $46.4 million, an increase of $7.1 million, or 18.1%, over the same period last year.

 

-Non-GAAP diluted EPS for the quarter was $0.57 per share an increase of $0.09, or 18.8%, over the same period last year.

 

The financial results were records for a first fiscal quarter and exceeded consensus expectations.

 

Tom Giannopoulos, MICROS’s Chairman and CEO, stated: “Given the current global economic climate, we are pleased with the strong start for our first quarter of fiscal 2013.“

 

MICROS’s financial guidance for fiscal 2013 remains the same as previously provided in August 2012 with revenue between $1.3 Billion and $1.325 Billion and Non-GAAP EPS between $2.40 and $2.44.

 

 

 
 

 

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.

 

All information in this release is as of October 25, 2012. 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.

 

 

 

About MICROS Systems, Inc.
MICROS Systems, Inc. provides enterprise applications for the hospitality and retail industries worldwide. Over 330,000 MICROS systems are currently installed in table and quick service restaurants, hotels, motels, casinos, leisure and entertainment, and retail operations in more than 180 countries, and on all seven continents. In addition, MICROS provides property management systems, central reservation and customer information solutions under the brand MICROS-Fidelio for more than 29,000 hotels worldwide, as well as point-of-sale, loss prevention, and cross-channel functionality through its MICROS-Retail division for more than 100,000 retail stores worldwide. MICROS stock is traded through NASDAQ under the symbol MCRS.

 

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News  
Release Date: October 25, 2012 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 
   September 30, 
   2012   2011 
Revenue:          
Hardware  $63,759   $48,409 
Software   30,778    33,273 
Service   205,314    174,876 
Total revenue   299,851    256,558 
           
Cost of sales:          
Hardware   43,057    30,163 
Software   5,365    4,859 
Service   98,096    77,083 
Stock option expense   73    37 
Total cost of sales   146,591    112,142 
           
Gross margin   153,260    144,416 
           
Selling, general and administrative expenses   72,648    72,751 
Research and development expenses   16,366    11,026 
Depreciation and amortization   4,117    4,236 
Stock option expense   4,137    2,968 
Torex amortization expense   1,408    0 
Torex restructuring charge   1,397    0 
Total operating expenses   100,073    90,981 
           
Income from operations   53,187    53,435 
Non-operating income (expense):          
Interest income, net   1,176    1,815 
Other non-operating (expense) income, net   (329)   547 
Total non-operating income, net   847    2,362 
           
Income before taxes   54,034    55,797 
Income tax provision   12,968    18,414 
Net income   41,066    37,383 
Less:  Net income attributable to noncontrolling interest   (2)   (151)
           
Net Income attributable to MICROS Systems, Inc. (GAAP)  $41,064   $37,232 
           
Net Income per diluted common share attributable to
MICROS Systems, Inc.
  $0.50   $0.45 
Weighted-average number of shares outstanding - diluted   81,969    82,410 
           
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.  $41,064   $37,232 
  Add back:          
  Stock option expense          
     Selling, general and administrative expenses   3,700    2,659 
     Research and development expenses   437    309 
     Cost of sales   73    37 
      4,210    3,005 
  Torex amortization expense   1,408    - 
  Torex restructuring charge   1,397    - 
  Total add back   7,015    3,005 
             
  Subtract tax effect on:          
  Stock option expense   1,264    943 
  Torex amortization expense   59    - 
  Torex restructuring charge   349    - 
  Non-GAAP Net Income attributable to MICROS Systems, Inc.  $46,407   $39,294 
             
  Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.  $0.57   $0.48 

 

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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: October 25, 2012 Contact:    Peter J. Rogers, Jr
   EVP, Investor Relations
     443-285-8059  

 

MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands)
         
    September 30,
2012
    June 30,
2012
 
ASSETS          
Current assets:          
    Cash and cash equivalents and short-term investments  $581,168   $582,038 
    Accounts receivable, net   243,997    235,433 
    Inventory   48,859    44,278 
    Deferred income taxes   14,001    17,004 
    Prepaid expenses and other current assets   57,302    37,343 
          Total current assets   945,327    916,096 
           
Long-term investments   34,458    34,456 
Property, plant and equipment, net   36,381    35,435 
Deferred income taxes, non-current   52,881    50,326 
Goodwill   450,926    444,117 
Intangible assets, net   43,426    45,024 
Purchased and internally developed software costs, net   34,511    33,980 
Other assets   6,803    6,586 
Total Assets  $1,604,713   $1,566,020 
           
LIABILITIES AND EQUITY          
Current liabilities:          
    Accounts payable  $63,451   $69,978 
    Accrued expenses and other current liabilities   145,660    174,214 
    Income taxes payable   6,107    1,788 
    Deferred revenue   191,348    169,989 
        Total current liabilities   406,566    415,969 
           
Income taxes payable, non-current   31,092    34,722 
Deferred income taxes, non-current   929    2,554 
Other non-current liabilities   17,241    16,644 
        Total liabilities   455,828    469,889 
           
Commitments and contingencies          
           
Equity:          
 MICROS Systems, Inc. shareholders’ equity:          
    Common stock   2,006    2,008 
    Capital in excess of par   104,480    107,662 
    Retained earnings   1,041,886    1,000,822 
    Accumulated other comprehensive loss   (3,023)   (17,847)
         Total MICROS Systems, Inc. shareholders’ equity   1,145,349    1,092,645 
 Noncontrolling interest   3,536    3,486 
Total Equity   1,148,885    1,096,131 
           
Total Liabilities and Equity  $1,604,713   $1,566,020 

 

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