EX-99.1 2 ms1916ex991.txt Exhibit 99.1 MICROS REPORTS FISCAL 2005 SECOND QUARTER RESULTS: RECORD SECOND QUARTER REVENUE, NET INCOME AND EPS; REVENUE, NET INCOME AND EPS EXCEED EXPECTATIONS COLUMBIA, Md., Jan. 27 /PRNewswire-FirstCall/ -- MICROS Systems, Inc. (Nasdaq: MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2005 second quarter ended December 31, 2004. Revenue for the quarter was $141.9 million, an increase of $24.7 million, or 21.0%, over the same period last year. Net income for the quarter was $11.8 million, an increase of $3.2 million, or 37.1%, over the year ago second quarter. The quarterly revenue, net income, and earnings per share were Company records for the second fiscal quarter. Earnings per share, on a diluted basis, were $0.59 per share, an increase of $0.14 per share, or 31.1%, over the year ago earnings of $0.45 per share. Revenue, net income and earnings per share results exceeded consensus expectations. The quarterly results do not include any impact from MICROS's acquisition of JTECH Communications, which was concluded on January 5, 2005. For the six-month period ended December 31, 2004, MICROS's revenue was $271.9 million, an increase of $48.2 million, or 21.6%, over the same period last year. Net income for the six-month period was $21.4 million, an increase of $8.1 million, or 60.8%, over the year ago period. Earnings per share, on a diluted basis, were $1.09, an increase of $0.39 per share, or 55.7%, over the year ago earnings of $0.70 per share. On January 5, 2005, MICROS announced a two-for-one stock split effective February 1, 2005. For the fiscal 2005 second quarter ended December 31, 2004, earnings per diluted share, proforma adjusted for the announced two-for-one stock split, were $0.30, an increase of $0.08 per share, or 36.4%, over the year ago earnings of $0.22 per share. For the six-month period ended December 31, 2004, earnings per diluted share, proforma adjusted for the announced two- for-one stock split, were $0.55, an increase of $0.20 per share, or 57.1%, over the year ago earnings of $0.35 per share. Tom Giannopoulos, MICROS's Chairman and CEO, stated: "The excellent quarterly and year-to-date results reflect the continuing acceptance of our products and services worldwide." MICROS's guidance for its fiscal 2005 third quarter ending March 31, 2005, has been increased to revenue between $135.0 million and $140.0 million and net income between $10.0 million and $11.0 million. MICROS's guidance for the fiscal 2005 year ending June 30, 2005, has been increased to revenue between $555.0 million and $563.0 million and net income between $45.0 million and $48.0 million. MICROS's stock is traded through NASDAQ under the symbol MCRS. Some of the statements contained herein not based on historic facts are forward- looking statements that involve risks and uncertainties. Some of those uncertainties are: product demand and market acceptance; adverse economic factors; impact of competitive products and pricing on margins; product development delays and technological difficulties; and aggressively controlling expenses. Other risks are indicated in the MICROS Form 10-K and other filings with the Securities and Exchange Commission. MICROS assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. MICROS SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited - in thousands, except per share amounts)
Second Quarter Ended Six-Months Ended December 31, December 31, ------------------------- ------------------------- 2004 2003 2004 2003 ----------- ----------- ----------- ----------- Revenue: Hardware $ 42,631 $ 34,300 $ 81,933 $ 68,246 Software 23,544 19,975 46,421 36,764 Service 75,755 62,979 143,538 118,661 Total revenue 141,930 117,254 271,892 223,671 Cost of sales: Hardware 29,381 24,717 55,592 48,457 Software 6,092 4,507 11,261 8,840 Service 35,366 26,958 68,814 53,167 Total cost of sales 70,839 56,182 135,667 110,464 Gross margin 71,091 61,072 136,225 113,207 Selling, general and administrative expenses 44,790 38,129 85,858 73,691 Research and development expenses 6,951 7,160 13,662 13,334 Depreciation and amortization 2,544 2,430 4,946 4,747 Total operating expenses 54,285 47,719 104,466 91,772 Income from operations 16,806 13,353 31,759 21,435 Non-operating income, net 905 1,301 1,335 1,456 Income before taxes, minority interests, and equity in net earnings of affiliates 17,711 14,654 33,094 22,891 Income tax provision 5,714 5,935 11,252 9,271 Income before minority interests and equity in net earnings of affiliates 11,997 8,719 21,842 13,620 Minority interests and equity in net earnings of affiliates (244) (148) (428) (302) Net income $ 11,753 $ 8,571 $ 21,414 $ 13,318 Net income per common share: Basic $ 0.63 $ 0.47 $ 1.16 $ 0.74 Diluted $ 0.59 $ 0.45 $ 1.09 $ 0.70 Weighted-average number of shares outstanding: Basic 18,609 18,177 18,471 18,107 Diluted 19,815 19,159 19,593 19,058
MICROS SYSTEMS, INC. CONSOLIDATED BALANCE SHEET (Unaudited - in thousands, except per share amounts)
December 31, June 30, 2004 2004 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 106,681 $ 91,451 Accounts receivable, net 108,692 101,367 Inventories, net 41,965 36,095 Deferred income taxes 10,463 9,396 Prepaid expenses and other current assets 32,861 16,242 Total current assets 300,662 254,551 Property, plant and equipment, net 20,326 19,550 Deferred income taxes, non-current 24,887 24,288 Goodwill, net 71,228 70,715 Intangible assets, net 5,166 5,476 Purchased and internally developed software costs, net 42,151 41,112 Other investments 410 415 Other assets 2,078 2,785 Total assets $ 466,908 $ 418,892 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank lines of credit $ 2,729 $ 2,481 Current portion of capital lease obligations 184 139 Accounts payable 26,481 29,681 Accrued expenses and other current liabilities 55,442 58,693 Income taxes payable 4,826 1,541 Deferred income taxes 1,202 512 Deferred service revenue 44,484 43,019 Total current liabilities 135,348 136,066 Capital lease obligations, net of current portion 142 166 Deferred income taxes, non-current 15,537 15,544 Other non-current liabilities 1,493 1,401 Commitments and contingencies Minority interests 2,865 2,742 Shareholders' equity: Common stock 471 457 Capital in excess of par 87,079 71,525 Retained earnings 207,074 185,660 Accumulated other comprehensive income 16,899 5,331 Total shareholders' equity 311,523 262,973 Total liabilities and shareholders' equity $ 466,908 $ 418,892
SOURCE MICROS Systems, Inc. -0- 01/27/2005 /CONTACT: Peter J. Rogers, Jr., Vice President, Investor Relations of MICROS Systems, Inc., +1-443-285-8059, or progers@micros.com/ /Web site: http://www.micros.com/