COLUMBIA, Md. | MICROS Systems, Inc. (Nasdaq: MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2007 first quarter ended September 30, 2006.
COLUMBIA, Md. | MICROS Systems, Inc. (Nasdaq: MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2007 first quarter ended September 30, 2006.
FINANCIAL HIGHLIGHTS
Tom Giannopoulos, MICROS's Chairman and CEO, stated: "We are pleased with the results for our first quarter and the excellent start of our fiscal year."
MICROS's guidance for its fiscal 2007 second quarter ending December 31, 2006 is for revenue between $186.0 million and $189.0 million, and GAAP net income between $16.7 million and $17.7 million, or GAAP earnings per share between $0.41 and $0.43. Guidance for net income, excluding the currently projected share-based payment charge for the second fiscal quarter, is between $19.0 million and $20.0 million, or non-GAAP earnings per share between $0.46 and $0.49.
Guidance for the fiscal 2007 year ending June 30, 2007 remains the same at revenue between $778.0 million and $781.0 million; non-GAAP net income, excluding the currently projected share-based payment charge for the fiscal year, between $86.5 million and $88.7 million, or non-GAAP earnings per diluted share between $2.10 and $2.14; and GAAP net income between $78.3 million and $80.3 million, or earnings per diluted share of $1.90 to $1.94.
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. An example of a forward-looking statement includes the statements in the paragraphs above where MICROS provides guidance for its fiscal 2007 second quarter ending December 31, 2006, and its fiscal 2007 year ending June 30, 2007. MICROS is subject to, among others, the following uncertainties and risks: product demand and market acceptance; impact of competitive products and pricing on margins; product development delays and technological difficulties; controlling expenses as MICROS continues to expand; the ability to obtain on acceptable terms the right to incorporate in MICROS's products and services technology patented by others; the risk that there are actual or perceived security vulnerabilities in MICROS's products; adverse results in legal disputes resulting in liabilities that exceed reserves; unanticipated tax liabilities; the effects of terrorist activity and armed conflict; the effects of major environmental disasters, such as hurricanes and tsunamis; weakening in general economic conditions that adversely affect demand for computer hardware or software; and currency fluctuations.
All information in this release is as of October 26, 2006. MICROS undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in MICROS's expectations.
For further information regarding risks and uncertainties associated with MICROS's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business and Investment Risks" sections of MICROS's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting MICROS's investor relations department at 443-285-8059 or at MICROS's website at
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share amounts)
First Quarter Ended
Sept. 30,
2006 2005
Revenue:
Hardware $54,142 $44,053
Software 27,757 27,879
Service 91,802 80,072
Total revenue 173,701 152,004
Cost of sales:
Hardware 33,966 29,582
Software 7,360 5,801
Service 43,706 38,460
Total cost of sales 85,032 73,843
Gross margin 88,669 78,161
Selling, general and administrative expenses 55,589 49,359
Research and development expenses 6,793 6,340
Depreciation and amortization 2,823 2,497
Stock option expense (*) 2,815 1,913
Total operating expenses 68,020 60,109
Income from operations 20,649 18,052
Non-operating income, net 2,231 357
Income before taxes, minority interests and
equity in net earnings of affiliates 22,880 18,409
Income tax provision 7,665 5,983
Income before minority interests and equity
in net earnings of affiliates 15,215 12,426
Minority interests and equity in net earnings
of affiliates (104) (73)
Net income (GAAP) $15,111 $12,353
Net income per common share - diluted (GAAP) $0.37 $0.30
Weighted-average number of shares outstanding --
diluted 40,651 40,575
Reconciliation of GAAP Net Income and EPS, and Net
Income and EPS before share-based payment charge,
i.e. stock option expense
Net income (GAAP) $15,111 $12,353
Add back:
(*) Stock option expense:
Selling, general and administrative expenses 2,692 1,875
Research and development expenses 123 38
Total stock option expense 2,815 1,913
Subtract:
Total tax effect on stock option expense 571 622
Net income (before share-based payment charge) $17,355 $13,644
Net income per common share -- diluted (before
share-based payment charge) $0.43 $0.34
MICROS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands)
September 30, June 30,
2006 2006
ASSETS
Current assets:
Cash and cash equivalents $262,169 $237,222
Accounts receivable, net 142,111 141,159
Inventories, net 45,979 46,637
Deferred income taxes 20,427 16,649
Prepaid expenses and other current assets 21,535 15,485
Total current assets 492,221 457,152
Property, plant and equipment, net 23,863 23,794
Deferred income taxes, non-current 16,249 16,192
Goodwill, net 105,774 98,581
Intangible assets, net 11,677 10,427
Purchased and internally developed software
costs, net 36,984 38,328
Other assets 3,748 3,383
Total assets $690,516 $647,857
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank lines of credit $ 3,978 $ 2,134
Accounts payable 37,428 36,022
Accrued expenses and other current liabilities 83,597 84,897
Current portion of capital lease obligations 200 89
Income taxes payable 10,163 12,416
Deferred income taxes 0 227
Deferred service revenue 82,448 68,246
Total current liabilities 217,814 204,031
Capital lease obligations, net of current portion 326 424
Deferred income taxes, non-current 15,747 14,998
Other non-current liabilities 8,604 8,146
Commitments and contingencies
Minority interests 3,527 3,142
Shareholders' equity:
Common stock 492 487
Capital in excess of par 114,048 100,723
Retained earnings 317,959 302,848
Accumulated other comprehensive income 11,999 13,058
Total shareholders' equity 444,498 417,116
Total liabilities and shareholders' equity $690,516 $647,857
>
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
Recent News
 Oracle Approved by IHG Hotels & Resorts as a Property Management Provider |
|
PPHE Hotel Group Implements Oracle OPERA Cloud to Improve Operations and Drive Innovation |
|
Oracle Named a Leader in IDC MarketScape Worldwide Hospitality Property Management Systems 2025 Vendor Assessment |
