Exhibit 99

 

News Release

 

 

Release Date: August 23, 2012	Contact:	Peter J. Rogers, Jr.
		Executive Vice President, Investor Relations
		443-285-8059
		progers@micros.com

 

 

MICROS REPORTS FISCAL 2012 RESULTS

RECORD REVENUE, OPERATING INCOME, NET INCOME AND EPS:

REVENUE, NET INCOME AND EPS EXCEED EXPECTATIONS

 

 

Columbia, Maryland ... MICROS Systems, Inc. (Nasdaq:MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2012 fourth quarter and fiscal year ending June 30, 2012.  

 

FINANCIAL HIGHLIGHTS

     

·

Revenue for the fiscal 2012 fourth quarter was $302.5 million, an increase of $28.4 million, or 10.4%, over the same period last year.

 

·

Revenue for the fiscal year was $1,107.5 million, an increase of $99.7 million, or 9.9%, over the same period last year.

 

·

GAAP net income for the quarter was $48.2 million, an increase of $6.7 million, or 16.1%, over the same period last year.

 

·

GAAP net income for the fiscal year was $167.0 million, an increase of $22.9 million, or 15.9%, over the same period last year.

 

·

GAAP diluted earnings per share (EPS) for the quarter was $0.59, an increase of $0.09, or 18.0%, over the same period last year.

 

·

GAAP diluted EPS for the fiscal year was $2.03, an increase of $0.29, or 16.7%, over the same period last year.

 

During the fourth quarter, we recorded an impairment charge of $4.0 million related to our investments in auction rate securities.

 

·

Non-GAAP financial results, excluding the effect of charges for stock options, amortization of intangibles for Torex Retail and the investment impairment, are as follows:

 

-

Non-GAAP net income for the quarter was $55.7 million, an increase of $8.0 million, or 16.7%, over the same period last year.

 

-

Non-GAAP net income for the fiscal year was $182.7 million, an increase of $24.3 million, or 15.3%, over the same period last year.

 

-

Non-GAAP diluted EPS for the quarter was $0.68, an increase of $0.10, or 17.2%, over the same period last year.

 

-

Non-GAAP diluted EPS for the fiscal year $2.22, an increase of $0.30, or 15.6%, over the same period last year.

 

 

 

The financial results for the fourth fiscal quarter exceeded consensus expectations. The revenue, operating income, net income and EPS for the quarter and fiscal year were records for MICROS.

 

Tom Giannopoulos, MICROS’s Chairman and CEO, stated, “We are pleased to achieve yet another year of record revenue, operating income, net income, and earnings per share amid the uncertain global economy. We look forward to another year of profitable growth.“

 

MICROS’s financial guidance for fiscal 2013 is for revenue of $1.3 to $1.325 billion and Non-GAAP EPS of $2.40 to $2.44.

 

 

 

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 August 23, 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.

 

 

 

 

 

News
Release Date: August 24, 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								Twelve Months Ended
		June 30,								June 30,
		2012				2011				2012				2011
Revenue:
Hardware		$	69,039			$	56,995			$	237,920			$	199,003
Software			37,216				35,080				142,617				127,123
Service			196,271				182,060				726,994				681,733
Total revenue			302,526				274,135				1,107,531				1,007,859
Cost of sales:
Hardware			45,254				33,532				152,242				126,667
Software			5,788				5,166				20,779				21,200
Service			86,094				80,519				319,705				299,818
Stock option expense			52				18				195				105
Total cost of sales			137,188				119,235				492,921				447,790
Gross margin			165,338				154,900				614,610				560,069
Selling, general and administrative expenses			71,574				69,948				296,815				272,229
Research and development expenses			14,176				12,131				50,792				45,248
Depreciation and amortization			4,465				4,880				15,848				16,790
Stock option expense			3,900				2,908				16,306				12,343
Amortization expense - Torex acquisition			329				0				329				0
Litigation reserve			0				0				0				3,000
Total operating expenses			94,444				89,867				380,090				349,610
Income from operations			70,894				65,033				234,520				210,459
Non-operating income (expense):
Interest income, net			1,603				1,558				6,788				5,023
Interest expense - litigation reserve			-				-				-				(360	)
Change in credit based impairment, net of realized gain on redemption			(4,000	)			(4,236	)			(4,000	)			(4,217	)
Other non-operating expense, net			(320	)			(561	)			(117	)			(1,293	)
Total non-operating (loss) income, net			(2,717	)			(3,239	)			2,671				(847	)
Income before taxes			68,177				61,794				237,191				209,612
Income tax provision			20,098				20,233				70,090				64,999
Net income			48,079				41,561				167,101				144,613
Less:  Net loss (income) attributable to noncontrolling interest			139				(25	)			(118	)			(554	)
Net Income attributable to MICROS Systems, Inc. (GAAP)		$	48,218			$	41,536			$	166,983			$	144,059
Net Income per diluted common share attributable to MICROS Systems, Inc.		$	0.59			$	0.50			$	2.03			$	1.74
Weighted-average number of shares outstanding - diluted			82,283				82,952				82,238				82,672

 

 

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.		$	48,218			$	41,536			$	166,983			$	144,059
Add back:
Stock option expense
Selling, general and administrative expenses			3,539				2,680				15,067				11,747
Research and development expenses			361				228				1,239				596
Cost of sales			52				18				195				105
			3,952				2,926				16,501				12,448
Credit based impairment charge, net of realized gain on redemption			4,000				4,236				4,000				4,217
Torex amortization expense			329				-				329				-
Litigation reserve, including accrued interest expense			-				-				-				3,360
Total add back			8,281				7,162				20,830				20,025
Subtract tax effect on:
Stock option expense			819				969				5,163				4,426
Litigation reserve, including accrued interest expense			-				-				-				1,280
Non-GAAP Net Income attributable to MICROS Systems, Inc.		$	55,680			$	47,729			$	182,650			$	158,378
Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.		$	0.68			$	0.58			$	2.22			$	1.92

 

 

 

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.

 

 

 

 

 

 

 

 

 

News
Release Date: August 24, 2012	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

 

 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

 

		June 30, 2012				June 30, 2011
ASSETS
Current assets:
Cash and cash equivalents and short-term investments		$	582,038			$	780,265
Accounts receivable, net			235,433				181,833
Inventory			44,278				38,119
Deferred income taxes			17,004				21,036
Prepaid expenses and other current assets			37,343				30,454
Total current assets			916,096				1,051,707
Long-term investments			34,456				46,226
Property, plant and equipment, net			35,435				28,145
Deferred income taxes, non-current			50,326				20,798
Goodwill			444,117				242,319
Intangible assets, net			45,024				19,293
Purchased and internally developed software costs, net			33,980				18,710
Other assets			6,586				5,820
Total Assets		$	1,566,020			$	1,433,018
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	69,978			$	54,851
Accrued expenses and other current liabilities			174,214				148,901
Income taxes payable			1,788				7,705
Deferred revenue			169,989				143,238
Total current liabilities			415,969				354,695
Income taxes payable, non-current			34,722				32,309
Deferred income taxes, non-current			2,554				8,261
Other non-current liabilities			16,644				14,502
Total liabilities			469,889				409,767
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders’ equity:
Common stock			2,008				2,020
Capital in excess of par			107,662				132,529
Retained earnings			1,000,822				833,839
Accumulated other comprehensive income			(17,847	)			48,323
Total MICROS Systems, Inc. shareholders’ equity			1,092,645				1,016,711
Noncontrolling interest			3,486				6,540
Total Equity			1,096,131				1,023,251
Total Liabilities and Equity		$	1,566,020			$	1,433,018