COLUMBIA, Md. -- MICROS Systems, Inc. [NASDAQ: MCRS] , a leading supplier of information systems to the hospitality industry, today announced the results for its fiscal 2000 third quarter ended March 31, 2000.
COLUMBIA, Md. -- MICROS Systems, Inc.
[NASDAQ: MCRS]
, a leading supplier of information systems to the hospitality industry, today announced the results for its fiscal 2000 third quarter ended March 31, 2000.
Revenue for the quarter was $92.0 million, an increase of $6.8 million, or 8.0%, over the same period last year. Net income for the quarter was $10.2 million, an increase of $2.5 million, or 33.0%, over the year ago third quarter. Earnings per share, on a diluted basis, were $0.56, an increase of $0.11, or 24.4%, over the year ago result of $0.45. The revenue, net income and earnings per share are record results for MICROS's third fiscal quarter. For the nine-month period ending March 31, 2000, MICROS's revenue was $282.1 million, an increase of $49.8 million, or 21.4%, over the same period last year. Net income for the nine-month period was $23.9 million, an increase of $6.5 million, or 37.5%, over the year ago period. Earnings per share, on a diluted basis, were $1.34, an increase of $0.31, or 30.1%, over the year ago result of $1.03. Tom Giannopoulos, MICROS's President and Chief Executive Officer, stated, "While revenue was lower than expected (mainly the result of delays in purchasing decisions in the quarter by major restaurant chains), we are pleased with the overall performance of the other distribution channels, increased software sales, and the increased negotiation activity with our major account customers." 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)
Third Quarter Nine Months
Ended Ended
March 31, March 31,
-----------------
2000 1999 2000 1999
---- ---- ----
Revenue:
Hardware and
software $ 55,711 $ 54,962 $ 172,890 $ 147,517
Service 36,242 30,159 109,239 84,837
--------- --------- ---------
Total revenue 91,953 85,121 282,129 232,354
--------- --------- ---------
Cost of sales:
Hardware and
software 20,265 27,986 84,166 75,277
Service 19,726 13,913 55,189 40,915
--------- --------- ---------
Total cost of
sales 39,991 41,899 139,355 116,192
--------- --------- ---------
Gross margin 51,962 43,222 142,774 116,162
--------- --------- ---------
Selling, general
and
administrative
expenses 27,325 24,082 79,499 66,184
Research and
development
expenses 4,491 3,591 12,676 10,899
Office closure
costs -- -- -- 427
Depreciation and
amortization 3,167 2,456 8,862 7,275
--------- --------- ---------
Total operating
expenses 34,983 30,129 101,037 84,785
--------- --------- ---------
Income from
operations 16,979 13,093 41,737 31,377
Non-operating
income (expense),
net 507 167 (277) (1,424)
--------- --------- ---------
Income before
taxes, minority
interest, and
equity in
net
earnings of
affiliates 17,486 13,260 41,460 29,953
Income taxes 7,081 5,303 16,787 11,980
--------- --------- ---------
Income before
minority interest
and equity in net
earnings
of affiliates 10,405 7,957 24,673 17,973
Minority interest
and equity in
net earnings of (181) (269) (741) (564)
affiliates
Net income $ 10,224 $ 7,688 $ 23,932 $ 17,409
========= ========= ========= =========
Net income per
common share:
Basic $ 0.60 $ 0.48 $ 1.44 $ 1.08
========= ========= ========= =========
Diluted $ 0.56 $ 0.45 $ 1.34 $ 1.03
========= ========= ========= =========
Weighted-average
number of shares
outstanding:
Basic 17,080 16,141 16,635 16,127
Diluted 18,356 17,044 17,880 16,982
Contact
Peter J. Rogers
Phone: 301/210-8059
Email: progers@micros.com
Organization
Oracle Hospitality
https://www.oracle.com/industries/hospitality/index.html
7031 Columbia Gateway Drive
USA
- Columbia, MD 21046-2289
Tollfree: (866) 287-4736
Email: oraclehosp_ww@oracle.com
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