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MICROS Reports Fiscal 2012 Third Quarter Results
Record Third Quarter Revenue, Net Income and EPS

COLUMBIA, Md., April 26, 2012 /PRNewswire/ -- 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 2012 third quarter ended March 31, 2012. 

FINANCIAL HIGHLIGHTS 

  • Revenue for the quarter was $278.0 million, an increase of $24.9 million, or 9.8%, versus the same period last year.
  • Revenue for the nine-month period was $805.0 million, an increase of $71.3 million, or 9.7% over the same period last year.
  • GAAP net income for the quarter was $43.2 million, an increase of $4.7 million, or 12.1%, over the same period last year.
  • GAAP net income for the nine-month period was $118.8 million, an increase of $16.2 million, or 15.8%, over the same period last year.
  • GAAP diluted earnings per share (EPS) for the quarter was $0.53 per share, an increase of $0.06, or 12.8%, over the same period last year.
  • GAAP diluted EPS for the nine-month period was $1.45, an increase of $0.21, or 16.9%, over the same period last year.
  • Non-GAAP financial results, excluding the effect of charges for stock options, are as follows:
    • Non-GAAP net income for the quarter was $45.6 million, an increase of $5.2 million, or 13.0%, over the year ago period.
    • Non-GAAP net income for the nine-month period was $127.0 million, an increase of $16.3 million, or 14.8%, over the year ago period.
    • Non-GAAP diluted EPS for the quarter was $0.56, an increase of $0.07, or 14.3%, over the year ago period.
    • Non-GAAP diluted EPS for the nine-month period was $1.55, an increase of $0.21, or 15.7%, over the year ago period.
  • MICROS's revenue, net income and EPS results were Company records for a third fiscal quarter and exceeded consensus expectations

Tom Giannopoulos, MICROS's Chairman and CEO, stated, "We are very pleased with our record results for the third fiscal quarter amidst a challenging economy.  We continue to execute well with new products and sales initiatives.  We look forward to a successful conclusion to our fiscal year 2012."

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  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 April 26, 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.

The MICROS logo is a registered trademark of MICROS Systems, Inc.
All other product and brand names are the property of their respective owners.

Contact:

Peter J. Rogers, Jr.


Executive Vice President, Investor Relations


443-285-8059


progers@micros.com

 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share amounts)




























Three Months Ended


Nine Months Ended





March 31,


March 31,






2012


2011


2012


2011

Revenue:












Hardware




$    63,045


$    49,901


$   168,881


$   142,008


Software




37,577


31,075


105,402


92,043


Service




177,422


172,217


530,722


499,673

Total revenue




278,044


253,193


805,005


733,724













Cost of sales:












Hardware




40,187


31,827


106,988


93,135


Software




5,838


5,288


14,991


16,034


Service




79,426


74,675


233,611


219,299


Stock option expense




58


25


143


87

Total cost of sales




125,509


111,815


355,733


328,555













Gross margin




152,535


141,378


449,272


405,169














Selling, general and administrative expenses




75,938


71,739


225,241


202,282


Research and development expenses




13,417


11,649


36,616


33,116


Depreciation and amortization




3,523


3,548


11,383


11,911


Litigation reserve




0


0


0


3,000


Stock option expense




3,710


2,536


12,406


9,434

Total operating expenses




96,588


89,472


285,646


259,743













Income from operations




55,947


51,906


163,626


145,426

Non-operating income (expense):












Interest income, net




1,605


1,013


5,185


3,465


Interest expense - litigation reserve




-


-


-


(360)


Change in credit based impairment, net of realized gain on redemption



-


-


-


19


Other non-operating income (expense), net




6


(337)


203


(732)

Total non-operating income, net




1,611


676


5,388


2,392













Income before taxes



57,558


52,582


169,014


147,818

Income tax provision 




14,102


13,724


49,992


44,766

Net income



43,456


38,858


119,022


103,052

Less:  Net income attributable to noncontrolling interest




(209)


(279)


(258)


(529)













Net Income attributable to MICROS Systems, Inc. (GAAP)




$     43,247


$     38,579


$   118,764


$   102,523













Net Income per diluted common share attributable to
MICROS Systems, Inc.



$         0.53


$         0.47


$         1.45


$         1.24

Weighted-average number of shares outstanding - diluted




82,008


82,913


82,127


82,562













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.



$     43,247


$     38,579


$   118,764


$   102,523

Add back:












Stock option expense












    Selling, general and administrative expenses




3,446


2,419


11,528


9,066


    Research and development expenses




264


117


878


368


    Cost of sales




58


25


143


87






3,768


2,561


12,549


9,521


Litigation reserve, including accrued interest expense




-


-


-


3,360


Credit based impairment charge, net of realized gain on redemption


-


-


-


(19)


Total add back




3,768


2,561


12,549


12,862













Subtract tax effect on:












Stock option expense




1,441


802


4,344


3,457


Litigation reserve, including accrued interest expense




-


-


-


1,280

Non-GAAP Net Income attributable to MICROS Systems, Inc.




$     45,574


$     40,338


$   126,969


$   110,648













Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.



$         0.56


$         0.49


$         1.55


$         1.34

























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.























 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)








March 31,
2012


June 30,
2011

ASSETS





Current assets:





     Cash and cash equivalents and short-term investments


$             816,019


$          780,265

     Accounts receivable, net


208,304


181,833

     Inventory


36,715


38,119

     Deferred income taxes


20,602


21,036

     Prepaid expenses and other current assets


40,793


30,454

           Total current assets


1,122,433


1,051,707






Long-term investments


47,521


46,226

Property, plant and equipment, net


32,183


28,145

Deferred income taxes, non-current


23,220


20,798

Goodwill


239,152


242,319

Intangible assets, net


15,519


19,293

Purchased and internally developed software costs, net


19,261


18,710

Other assets


5,482


5,820

Total Assets


$          1,504,771


$       1,433,018






LIABILITIES AND EQUITY





Current liabilities:





     Accounts payable


$               53,684


$             54,851

     Accrued expenses and other current liabilities


149,603


148,901

     Income taxes payable


3,511


7,705

     Deferred revenue


170,513


143,238

         Total current liabilities


377,311


354,695






Income taxes payable, non-current


32,646


32,309

Deferred income taxes, non-current


6,213


8,261

Other non-current liabilities


15,991


14,502

         Total liabilities


432,161


409,767






Commitments and contingencies










Equity:





  MICROS Systems, Inc. shareholders' equity:





     Common stock


2,007


2,020

     Capital in excess of par


106,834


132,529

     Retained earnings


952,603


833,839

     Accumulated other comprehensive income


7,452


48,323

          Total MICROS Systems, Inc. shareholders' equity


1,068,896


1,016,711

  Noncontrolling interest


3,714


6,540

Total Equity


1,072,610


1,023,251






Total Liabilities and Equity


$          1,504,771


$       1,433,018






 

SOURCE MICROS Systems, Inc.

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