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MICROS Reports Strong Fiscal 2002 Third Quarter Revenue and Earnings, Announces Stock Buyback
25 April 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 third quarter ended March 31, 2002. Revenue for the quarter was $92.4 million, an increase of $10.8 million, or 13.2%, over the same period last year. Net income for the quarter was $3.7 million, an increase of $3.6 million over the year ago third quarter net income of $0.1 million. Earnings per share, on a diluted basis, were $0.21 per share, an increase of $0.21 per share over the year ago breakeven earnings per share.
For the nine-month period ending March 31, 2002, MICROS's revenue was $266.8 million, an increase of $30.4 million, or 12.9%, over the same period last year. Net income for the nine-month period was $7.0 million, an increase of $8.9 million over the year ago loss of $1.8 million. Earnings per share, on a diluted basis, were $0.40, an increase of $0.50 per share versus the year ago loss of $0.10 per share.
MICROS also announced that its Board of Directors approved the repurchase of up to 1,000,000 shares of its common stock over the next three years. Shares will be repurchased from time to time in the open market as business conditions warrant.
Tom Giannopoulos, MICROS's Chairman and CEO stated: "We are very pleased with the quarterly results, especially with the continued strong revenue growth this fiscal year and the significant increase in net income from last year. Notwithstanding the unsettled market conditions, we are encouraged by the increased buying demand for our products across all distribution channels. We are also pleased that our substantially improving cash flow allows us to continue selective acquisitions and the repurchase of our common stock."
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 Ended Nine Months Ended
March 31, March 31,
2002 2001 2002 2001
Revenue:
Hardware and software $50,028 $42,958 $140,223 $125,654
Service 42,350 38,646 126,565 110,698
Total revenue 92,378 81,604 266,788 236,352
Cost of sales:
Hardware and software 27,720 20,932 78,475 62,113
Service 20,816 19,679 61,329 57,046
Total cost of sales 48,536 40,611 139,804 119,159
Gross margin 43,842 40,993 126,984 117,193
Selling, general and
administrative
expenses 30,702 31,622 89,732 93,589
Research and development
expenses 4,587 5,473 14,148 14,399
Depreciation and
amortization 4,025 3,626 11,856 10,382
Total operating
expenses 39,314 40,721 115,736 118,370
Income (loss) from
operations 4,528 272 11,248 (1,177)
Non-operating income
(expense), net 1,050 52 187 (1,376)
Income (loss) before
taxes, minority interest,
and equity in net
earnings of affiliates 5,578 324 11,435 (2,553)
Income tax provision
(benefit) 1,770 131 3,996 (1,034)
Income (loss) before
minority interest and
equity in net earnings
of affiliates 3,808 193 7,439 (1,519)
Minority interest and
equity in net earnings
of affiliates (123) (124) (390) (295)
Net income (loss) $3,685 $69 $7,049 ($1,814)
Net income (loss) per
common share:
Basic $0.21 $0.00 $0.40 ($0.10)
Diluted $0.21 $0.00 $0.40 ($0.10)
Weighted-average number
of shares outstanding:
Basic 17,516 17,373 17,504 17,356
Diluted 17,888 17,497 17,785 17,356
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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