For the six-month period ending December 31, 2000, MICROS's revenue was $154.1 million with a net loss of $1.9 million, or a loss of $0.11 per diluted share. Last year's six month revenue was $190.2 million with a net income of $13.7 million, or earnings per share, on a diluted basis, of $0.78.
Tom Giannopoulos, MICROS's President and Chief Executive Officer stated: "We are pleased with the progress we made in the quarter with sequential quarterly revenue growth and positive operating profit. While we anticipate that the current slow-down in information technology purchases will continue through calendar year 2001, we continue to strengthen the company's position through major contract signings and reduced operating costs."
MICROS's management guidance for the third fiscal quarter is for revenue between $87 million and $89 million and net income between $1.2 million to $1.5 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 Six Months
Ended December 31, Ended December 31,
2000 1999 2000 1999
Revenue:
Hardware and
software $42,803 $63,796 $82,054 $117,179
Service 37,294 38,953 72,052 72,997
Total revenue 80,097 102,749 154,106 190,176
Cost of sales:
Hardware and
software 20,758 34,456 40,752 63,901
Service 19,004 18,789 37,154 35,463
Total cost of sales 39,762 53,245 77,906 99,364
Gross margin 40,335 49,504 76,200 90,812
Selling, general and
administrative
expenses 32,040 27,305 61,967 52,174
Research and
development
expenses 4,793 4,411 8,926 8,185
Depreciation and
amortization 3,441 3,039 6,756 5,695
Total operating
expenses 40,274 34,755 77,649 66,054
Income (loss) from
operations 61 14,749 (1,449) 24,758
Non-operating income
(expense), net (1,406) 188 (1,428) (784)
Income (loss) before
taxes, minority
interest, equity
in net earnings
of affiliates (1,345) 14,937 (2,877) 23,974
Income tax provision
(benefit) (544) 6,050 (1,165) 9,706
Income (loss) before
minority interest and
equity in net earnings
of affiliates (801) 8,887 (1,712) 14,268
Minority interest and
equity in net earnings
of affiliates (163) (317) (171) (560)
Net income (loss) ($964) $8,570 ($1,883) $13,708
Net income (loss)
per common share:
Basic ($0.06) $0.52 ($0.11) $0.84
Diluted ($0.06) $0.48 ($0.11) $0.78
Weighted-average number
of shares outstanding:
Basic 17,350 16,535 17,347 16,412
Diluted 17,350 17,912 17,347 17,642
