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MICROS Reports Fiscal 2003 First Quarter Results; Revenue, Net Income and EPS Meet Expectations
30 October 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 2003 first quarter ended September 30, 2002. Revenue for the quarter was $86.5 million, an increase of $3.0 million, or 3.6%, over the same period last year. Net income for the quarter was $2.7 million, an increase of $1.8 million, or 206.6%, over the year ago net income of $0.9 million. Earnings per share, on a diluted basis, were $0.15, an increase of $0.10 over the year ago earnings of $0.05 per diluted share. Revenue, net income and earnings per share results met consensus expectations.
In the first quarter of fiscal 2003, MICROS adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets." Under this Statement, the Company did not record goodwill amortization expense for the 2003 first fiscal quarter. For comparison purposes, in the first quarter of fiscal 2002, the effect of goodwill amortization was $0.06 per share on a diluted basis.
Tom Giannopoulos, MICROS's Chairman and CEO, stated: "We are pleased with the start of our new fiscal year as we achieved our first quarter financial targets. While we are challenged by the uncertainties of the hospitality industry, we continue to steadily improve our operations to strengthen our leadership position."
MICROS's management guidance for the second fiscal quarter of 2003 ending December 31, 2002 is for revenue between $90.0 million and $94.0 million and net income between $4.0 million and $5.0 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 OPERATIONS
(Unaudited - in thousands, except per share amounts)
First Quarter Ended September 30,
2002 2001
Revenue:
Hardware and software $43,160 $42,698
Service 43,351 40,813
Total revenue 86,511 83,511
Cost of sales:
Hardware and software 25,276 24,346
Service 19,822 19,097
Total cost of sales 45,098 43,443
Gross margin 41,413 40,068
Selling, general and administrative expenses 29,444 28,680
Research and development expenses 4,887 4,826
Depreciation and amortization 2,046 3,755
Total operating expenses 36,377 37,261
Income from operations 5,036 2,807
Non-operating expense, net (624) (1,139)
Income before taxes, minority interests, and
equity in net earnings of affiliates 4,412 1,668
Income tax provision 1,677 667
Income before minority interests and equity in
net earnings of affiliates 2,735 1,001
Minority interests and equity in net earnings of
affiliates (40) (122)
Net income $2,695 $879
Net income per common share:
Basic $0.15 $0.05
Diluted $0.15 $0.05
Weighted-average number of shares outstanding:
Basic 17,474 17,492
Diluted 17,807 17,722
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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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