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MICROS Reports Double-Digit Revenue Growth and Increased Profitability For Fiscal 2002 Second Quarter
31 January 2002
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COLUMBIA, Md., MICROS Systems, Inc.
[NASDAQ: MCRS]
, a leading supplier of information systems to the hospitality industry, today announced the results for its fiscal 2002 second quarter ended December 31, 2001. Revenue for the quarter was $90.9 million, an increase of $10.5 million, or 13.1%, over the same period last year. Net income for the quarter was $2.5 million, an increase of $3.4 million over the year ago second quarter loss of $1.0 million. Earnings per share, on a diluted basis, were $0.14 per share, an increase of $0.20 per share over the year ago loss of $0.06 per share.
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For the six-month period ending December 31, 2001, MICROS's revenue was $174.4 million, an increase of $19.7 million, or 12.7%, over the same period last year. Net income for the six-month period was $3.4 million, an increase of $5.2 million over the year ago loss of $1.9 million. Earnings per share, on a diluted basis, were $0.19, an increase of $0.30 per share over the year ago loss of $0.11 per share.
Tom Giannopoulos, MICROS's Chairman and CEO stated: "We are pleased with the results for the quarter as revenue and profitability exceeded our expectations. While economic conditions remain unsettled we have been able to achieve double-digit revenue growth due to the strength of our product portfolio and distribution channels."
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 Ended Six Months Ended
December 31, December 31,
2001 2000 2001 2000
Revenue:
Hardware and
software $47,497 $43,108 $90,195 $82,696
Service 43,402 37,294 84,215 72,052
Total revenue 90,899 80,402 174,410 154,748
Cost of sales:
Hardware and software 26,294 20,867 50,547 41,181
Service 21,531 19,200 40,721 37,367
Total cost of sales 47,825 40,067 91,268 78,548
Gross margin 43,074 40,335 83,142 76,200
Selling, general
and administrative
expenses 30,350 32,040 59,030 61,967
Research and
development expenses 4,735 4,793 9,561 8,926
Depreciation and
amortization 4,076 3,441 7,831 6,756
Total operating
expenses 39,161 40,274 76,422 77,649
Income (loss) from
operations 3,913 61 6,720 (1,449)
Non-operating income
(expense), net 276 (1,406) (863) (1,428)
Income (loss) before
taxes, minority
interest, and equity
in net earnings of
affiliates 4,189 (1,345) 5,857 (2,877)
Income tax provision
(benefit) 1,559 (544) 2,226 (1,165)
Income (loss) before
minority interest and
equity in net earnings
of affiliates 2,630 (801) 3,631 (1,712)
Minority interest and
equity in net earnings
of affiliates (145) (163) (267) (171)
Net income (loss) $2,485 ($964) $3,364 ($1,883)
Net income (loss) per
common share:
Basic $0.14 ($0.06) $0.19 ($0.11)
Diluted $0.14 ($0.06) $0.19 ($0.11)
Weighted-average number
of shares outstanding:
Basic 17,502 17,350 17,497 17,347
Diluted 17,757 17,350 17,741 17,347
Contact
Louise J. Casamento
Director Of Marketing
United States - Columbia, Email: lcasamento@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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