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MICROS Reports Record Revenue; Exceeds FY2002 Fourth Quarter Revenue and Earnings Expectations
28 August 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 fourth quarter and fiscal year ended June 30, 2002. Revenue for the quarter was $100.4 million, an increase of $10.0 million, or 11.0%, over the same period last year. Net income for the quarter was $5.2 million, an increase of $4.1 million, or 367.6%, over the year ago fourth quarter net income of $1.1 million. Earnings per share, on a diluted basis, were $0.29 per share, an increase of $0.23 per share over the year ago earnings per share of $0.06.
For the fiscal year ended June 30, 2002, MICROS's revenue was $367.2 million, an increase of $40.4 million, or 12.4%, over the same period last year. MICROS's FY2002 revenue is a Company record. Net income for the fiscal year was $12.2 million, an increase of $12.9 million over the year ago loss of $0.7 million. Earnings per share, on a diluted basis, were $0.69, an increase of $0.73 per share versus the year ago loss of $0.04 per share. The revenue, net income and earnings per share results for the fourth quarter and fiscal year exceeded consensus expectations.
Tom Giannopoulos, MICROS's Chairman and CEO stated: "We are extremely pleased with the quarterly results and our fiscal year achievements. The fact that we achieved double-digit revenue growth, a record revenue year, and significant profitability during a period of economic and political uncertainty demonstrates the strength of our product lines, service offerings and distribution channels."
MICROS's management guidance for the 2003 fiscal year ending June 30, 2003, is for revenue between $380 million and $385 million, and net income between $20.5 million and $23.0 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
(In thousands, except per share amounts)
Fourth Quarter Twelve Months
Ended June 30, Ended June 30,
2002 2001 2002 2001
Revenue:
Hardware and software $54,382 $46,276 $194,606 $171,930
Service 45,993 44,147 172,557 154,846
Total revenue 100,375 90,423 367,163 326,776
Cost of sales:
Hardware and software 29,557 22,260 108,032 84,374
Service 20,665 21,328 81,994 78,374
Total cost of sales 50,222 43,588 190,026 162,748
Gross margin 50,153 46,835 177,137 164,028
Selling, general and
administrative expenses 33,279 32,424 123,011 126,013
Research and development
expenses 5,172 5,298 19,320 19,697
Depreciation and amortization 4,186 3,937 16,042 14,319
Total operating expenses 42,637 41,659 158,373 160,029
Income (loss) from operations 7,516 5,176 18,764 3,999
Non-operating income (expense),
net 394 (2,389) 581 (3,765)
Income (loss) before taxes,
minority interest, and equity
in net earnings of affiliates 7,910 2,787 19,345 234
Income tax provision (benefit) 2,581 1,717 6,577 683
Income (loss) before minority
interest and equity in net
earnings of affiliates 5,329 1,070 12,768 (449)
Minority interest and equity
in net earnings of affiliates (139) 40 (529) (255)
Net income (loss) $5,190 $1,110 $12,239 ($704)
Net income (loss) per
common share:
Basic $0.30 $0.06 $0.70 ($0.04)
Diluted $0.29 $0.06 $0.69 ($0.04)
Weighted-average number of
shares outstanding:
Basic 17,526 17,441 17,510 17,377
Diluted 18,046 17,621 17,850 17,377
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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