Exhibit 99

 

News Release

 

Release Date: April 25, 2013	Contact:	Peter J. Rogers, Jr.
		Executive Vice President, Investor Relations
		443-285-8059
		progers@micros.com

 

 

MICROS REPORTS FISCAL 2013 THIRD QUARTER RESULTS

RECORD THIRD QUARTER REVENUE, NET INCOME AND EPS

NEW STOCK BUYBACK PLAN APPROVED

 

 

Columbia, MD – April 25, 2013—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 third quarter ended March 31, 2013.

 

FINANCIAL HIGHLIGHTS

 

·

Revenue for the quarter was $315.1 million, an increase of $37.1 million, or 13.3%, over the same period last year.

 

·

Revenue for the nine-month period was $939.5 million, an increase of $134.5 million, or 16.7%, over the same period last year.

 

·

GAAP net income for the quarter was $44.3 million, an increase of $1.0 million, or 2.4%, over the same period last year.

 

·

GAAP net income for the nine-month period was $129.4 million, an increase of $10.7 million, or 9.0%, over the same period last year.

 

·

GAAP diluted earnings per share (EPS) for the quarter was $0.55 per share, an increase of $0.02, or 3.8%, over the same period last year.

 

·

GAAP diluted EPS for the nine-month period was $1.59, an increase of $0.14, or 9.7%, over the same period last year.

 

·

Non-GAAP financial results, excluding the effect of charges for stock options, amortization of Torex intangibles, restructuring of Torex, and a one-time gain on the sale of auction rate securities are as follows:

 

-

Non-GAAP net income for the quarter was $49.6 million, an increase of $4.0 million, or 8.9%, over the same period last year.

 

-

Non-GAAP net income for the nine-month period was $143.0 million, an increase of $16.0 million, or 12.6%, over the same period last year.

 

-

Non-GAAP diluted EPS for the quarter was $0.62, an increase of $0.06, or 10.7%, over the same period last year.

 

-

Non-GAAP diluted EPS for the nine-month period was $1.76, an increase of $0.21, or 13.5%, over the same period last year.

 

 

·

MICROS’s revenue, net income and EPS results were Company records for a third fiscal quarter.

 

Peter A. Altabef, MICROS’s President and CEO, stated, “ We continue to execute in a difficult environment and I am confident in our ability to meet not just the challenges but the opportunities which lie ahead.“

 

MICROS’s financial guidance for fiscal 2013 is now for revenue between $1.256 billion and $1.272 billion and Non-GAAP EPS between $2.37 and $2.39. Fiscal fourth quarter guidance is for revenue between $317.0 million and $333.0 million and Non-GAAP EPS between $0.61 and $0.63.

 

NEW STOCK BUYBACK APPROVED

 

On April 23, 2013, our Board of Directors approved the purchase of $225.0 million of our common stock. The new plan will take effect once the current two million share buyback plan of January 2013 is completed, of which approximately 1.4 million shares remain for repurchase. Under the new plan, shares will be purchased from time to time in the open market as business conditions warrant.

 

 

 

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 25, 2013. 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
	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								Nine Months Ended
		March 31,								March 31,
		2013				2012				2013				2012
Revenue:
Hardware		$	64,523			$	63,045			$	195,527			$	168,881
Software			36,821				37,577				106,346				105,402
Service			213,761				177,422				637,603				530,722
Total revenue			315,105				278,044				939,476				805,005
Cost of sales:
Hardware			41,514				40,187				127,867				106,988
Software			5,813				5,838				16,434				14,991
Service			102,201				79,426				304,064				233,611
Stock option expense			89				58				244				143
Total cost of sales			149,617				125,509				448,609				355,733
Gross margin			165,488				152,535				490,867				449,272
Selling, general and administrative expenses			78,254				75,938				230,854				225,241
Research and development expenses			17,970				13,417				51,860				36,616
Depreciation and amortization			4,008				3,523				12,332				11,383
Stock option expense			4,651				3,710				16,022				12,406
Amortization expense - Torex acquisition			1,694				0				4,416				0
Restructuring charge			760				0				2,453				0
Total operating expenses			107,337				96,588				317,937				285,646
Income from operations			58,151				55,947				172,930				163,626
Non-operating income (expense):
Interest income, net			919				1,605				3,223				5,185
Realized gain on sale of auction rate securities			0				0				3,494				0
Other non-operating expense, net			645				6				(319	)			203
Total non-operating income, net			1,564				1,611				6,398				5,388
Income before taxes			59,715				57,558				179,328				169,014
Income tax provision			15,370				14,102				49,627				49,992
Net income			44,345				43,456				129,701				119,022
Less:  Net income attributable to noncontrolling interest			(81	)			(209	)			(287	)			(258	)
Net Income attributable to MICROS Systems, Inc. (GAAP)		$	44,264			$	43,247			$	129,414			$	118,764
Net Income per diluted common share attributable to MICROS Systems, Inc.		$	0.55			$	0.53			$	1.59			$	1.45
Weighted-average number of shares outstanding - diluted			80,502				82,008				81,272				82,127

 

 

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.		$	44,264			$	43,247			$	129,414			$	118,764
Add back:
Stock option expense
Selling, general and administrative expenses			4,161				3,446				14,766				11,528
Research and development expenses			490				264				1,256				878
Cost of sales			89				58				244				143
			4,740				3,768				16,266				12,549
Realized gain on sale of auction rate securities			0				0				(3,494	)			0
Torex amortization expense			1,694				0				4,416				0
Restructuring charge			760				0				2,453				0
Total add back			7,194				3,768				19,641				12,549
Subtract tax effect on:
Stock option expense			1,570				1,441				5,225				4,344
Torex amortization expense			59				0				177				0
Restructuring charge			208				0				641				0
Non-GAAP Net Income attributable to MICROS Systems, Inc.		$	49,621			$	45,574			$	143,012			$	126,969
Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.		$	0.62			$	0.56			$	1.76			$	1.55

 

 

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

 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

 

		March 31, 2013				June 30, 2012
ASSETS
Current assets:
Cash and cash equivalents and short-term investments		$	669,352			$	582,038
Accounts receivable, net			238,728				235,433
Inventory			54,522				44,278
Deferred income taxes			14,549				17,004
Prepaid expenses and other current assets			54,595				37,343
Total current assets			1,031,746				916,096
Long-term investments			0				34,456
Property, plant and equipment, net			40,768				35,435
Deferred income taxes, non-current			50,029				50,326
Goodwill			436,984				444,117
Intangible assets, net			39,694				45,024
Purchased and internally developed software costs, net			33,188				33,980
Other assets			6,845				6,586
Total Assets		$	1,639,254			$	1,566,020
LIABILITIES AND EQUITY
Current liabilities:
Bank lines of credit		$	3,981			$	-
Accounts payable			64,763				69,978
Accrued expenses and other current liabilities			147,271				174,214
Income taxes payable			10,725				1,788
Deferred revenue			201,452				169,989
Total current liabilities			428,192				415,969
Income taxes payable, non-current			33,443				34,722
Deferred income taxes, non-current			2,645				2,554
Other non-current liabilities			15,586				16,644
Total liabilities			479,866				469,889
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders’ equity:
Common stock			1,966				2,008
Capital in excess of par			43,336				107,662
Retained earnings			1,130,236				1,000,822
Accumulated other comprehensive loss			(19,290	)			(17,847	)
Total MICROS Systems, Inc. shareholders’ equity			1,156,248				1,092,645
Noncontrolling interest			3,140				3,486
Total Equity			1,159,388				1,096,131
Total Liabilities and Equity		$	1,639,254			$	1,566,020

 

 

 

News
	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

 

		Nine Months Ended
		March 31,
		2013				2012
Net cash flows provided by operating activities		$	139,895			$	131,622
Cash flows from investing activities:
Proceeds from maturities of investments			24,685				108,372
Proceeds from sales of auction rate securities			42,119				-
Purchases of investments			(108,423	)			(78,671	)
Purchases of property, plant and equipment			(15,692	)			(13,418	)
Internally developed software costs			(3,398	)			(5,870	)
Net cash paid for acquisitions			(367	)			(593	)
Other			68				(51	)
Net cash flows (used in) provided by investing activities			(61,008	)			9,769
Cash flows from financing activities:
Repurchases of common stock			(90,887	)			(53,652	)
Proceeds from stock option exercises			7,326				12,096
Proceed from advance on line of credit			4,014				-
Realized tax benefits from stock option exercises			3,069				4,884
Cash paid for acquisition of non-controlling interest			(846	)			(4,212	)
Other			(70	)			(93	)
Net cash flows used in financing activities			(77,394	)			(40,977	)
Effect of exchange rate changes on cash and cash equivalents			1,419				(27,025	)
Net increase in cash and cash equivalents			2,912				73,389
Cash and cash equivalents at beginning of period			562,786				661,259
Cash and cash equivalents at end of period		$	565,698			$	734,648