Exhibit 99

 

News Release

 

 

Release Date: January 24, 2013	Contact: Peter J. Rogers, Jr.
	Executive Vice President, Investor Relations
	443-285-8059

 

 

MICROS REPORTS FISCAL 2013 SECOND QUARTER RESULTS

RECORD SECOND QUARTER REVENUE, NET INCOME AND EPS

NEW STOCK BUYBACK PLAN APPROVED

 

 

Columbia, MD - January 24, 2013— MICROS Systems, Inc. (Nasdaq:MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2013 second quarter ended December 31, 2012.

 

FINANCIAL HIGHLIGHTS

 

·

Revenue for the quarter was $324.5 million, an increase of $54.1 million, or 20.0%, versus the same period last year.

 

·

Revenue for the six-month period was $624.4 million, an increase of $97.4 million, or 18.5% over the same period last year.

 

·

GAAP net income for the quarter was $44.1 million, an increase of $5.8 million, or 15.2%, over the same period last year.

 

·

GAAP net income for the six-month period was $85.2 million, an increase of $9.6 million, or 12.8%, over the same period last year.

 

·

GAAP diluted earnings per share (EPS) for the quarter was $0.54 per share, an increase of $0.07, or 14.9%, over the same period last year.

 

·

GAAP diluted EPS for the six-month period was $1.04, an increase of $0.12, or 13.0%, over the same period last year.

 

·

Non-GAAP financial results, excluding the effect of charges for stock options, amortization of Torex intangibles, restructuring of Torex, and a one-time gain on the sale of auction rate securities, are as follows:

 

-

Non-GAAP net income for the quarter was $47.0 million, an increase of $4.9 million, or 11.6%, over the year ago period.

 

-

Non-GAAP net income for the six-month period was $93.4 million, an increase of $12.0 million, or 14.7%, over the year ago period.

 

 

-

Non-GAAP diluted EPS for the quarter was $0.58, an increase of $0.07, or 13.7%, over the year ago period.

 

-

Non-GAAP diluted EPS for the six-month period was $1.14, an increase of $0.15, or 15.2%, over the year ago period.

 

MICROS’s revenue, net income and EPS results were Company records for a second fiscal quarter.

 

Peter A. Altabef, MICROS’s President and CEO, stated, “We are pleased with the results of the second fiscal quarter as our business progresses across all regions of the world.“

 

MICROS’s financial guidance for fiscal 2013 remains the same as previously provided in August 2012 with revenue between $1.3 billion and $1.325 billion and Non-GAAP EPS between $2.40 and $2.44.

 

NEW STOCK BUYBACK APPROVED

 

On January 22, 2013, our Board of Directors approved the purchase of an additional two million shares of our common stock. The new plan will take the effect once the current two million share buyback plan of August 2010 is completed. Under the new plan, shares will be purchased from time to time in the open market as business conditions warrant.

 

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 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; 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 January 24, 2013. 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 http://www.micros.com.

 

 

News
	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share amounts)

 

		Three Months Ended								Six Months Ended
		December 31,								December 31,
		2012				2011				2012				2011
Revenue:
Hardware		$	67,245			$	57,427			$	131,004			$	105,837
Software			38,747				34,552				69,525				67,824
Service			218,528				178,424				423,842				353,300
Total revenue			324,520				270,403				624,371				526,961
Cost of sales:
Hardware			43,295				36,637				86,352				66,800
Software			5,257				4,294				10,621				9,153
Service			103,767				77,103				201,864				154,186
Stock option expense			82				48				155				85
Total cost of sales			152,401				118,082				298,992				230,224
Gross margin			172,119				152,321				325,379				296,737
Selling, general and administrative expenses			79,952				76,549				152,600				149,301
Research and development expenses			17,526				12,174				33,891				23,200
Depreciation and amortization			4,207				3,624				8,324				7,860
Stock option expense			7,233				5,729				11,371				8,696
Amortization expense - Torex acquisition			1,314				0				2,722				0
Restructuring charge			296				0				1,693				0
Total operating expenses			110,528				98,076				210,601				189,057
Income from operations			61,591				54,245				114,778				107,680
Non-operating income (expense):
Interest income, net			1,129				1,765				2,305				3,579
Realized gain on sale of auction rate securities			3,494				0				3,494				0
Other non-operating expense, net			(635	)			(350	)			(964	)			198
Total non-operating income, net			3,988				1,415				4,835				3,777
Income before taxes			65,579				55,660				119,613				111,457
Income tax provision			21,289				17,477				34,257				35,891
Net income			44,290				38,183				85,356				75,566
Less: Net (income) loss attributable to noncontrolling interest			(204	)			102				(206	)			(49	)
Net Income attributable to MICROS Systems, Inc. (GAAP)		$	44,086			$	38,285			$	85,150			$	75,517
Net Income per diluted common share attributable to MICROS Systems, Inc.		$	0.54			$	0.47			$	1.04			$	0.92
Weighted-average number of shares outstanding - diluted			81,289				81,971				81,643				82,190

 

 

Reconciliation of GAAP Net Income and EPS attributable to MICROS Systems, Inc. to Non-GAAP Net Income and EPS attributable to MICROS Systems, Inc.

Net Income attributable to MICROS Systems, Inc.		$	44,086			$	38,285			$	85,150			$	75,517
Add back:
Stock option expense
Selling, general and administrative expenses			6,905				5,424				10,605				8,082
Research and development expenses			328				305				766				614
Cost of sales			82				48				155				85
			7,315				5,777				11,526				8,781
Realized gain on sale of auction rate securities			(3,494	)			0				(3,494	)			0
Torex amortization expense			1,314				0				2,722				0
Restructuring charge			296				0				1,693				0
Total add back			5,431				5,777				12,447				8,781
Subtract tax effect on:
Stock option expense			2,391				1,959				3,655				2,902
Torex amortization expense			59				0				118				0
Restructuring charge			83				0				432				0
Non-GAAP Net Income attributable to MICROS Systems, Inc.		$	46,984			$	42,103			$	93,392			$	81,396
Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.		$	0.58			$	0.51			$	1.14			$	0.99

 

 

We believe the inclusion of the above non-GAAP measure will be useful to investors because it will enhance the comparability of our current period results to prior periods' results without comparable charges. We also believe inclusion of this measure will enhance comparability of our results to results of our competitors and to the analysts’ forecasts because the analysts typically forecast excluding the effect of share-based payment charge and above one time charges, the non-GAAP measure. In addition, our management uses this measure to evaluate our operating performance and compare our results to our competitors. Management also uses this measure as a metric to measure performance under our executive compensation program.

 

The Company notes that non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. Instead, they are based on subjective determinations by management designed to supplement our GAAP financial measures. They are subject to a number of important limitations and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Among the limitations on the use of the non-GAAP measure are the following:

 

-

The exclusion of non-GAAP items can have a significant impact on reported GAAP net income and diluted net income per share.

-

Other companies may calculate non-GAAP net income and non-GAAP net income per share differently than MICROS does, limiting the usefulness of those measures for comparative purposes.

 

 

 

 

 

 

News
	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

 

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

 

		December 31, 2012				June 30, 2012
ASSETS
Current assets:
Cash and cash equivalents and short-term investments		$	631,833			$	582,038
Accounts receivable, net			215,549				235,433
Inventory			52,728				44,278
Deferred income taxes			13,313				17,004
Prepaid expenses and other current assets			54,995				37,343
Total current assets			968,418				916,096
Long-term investments			5,579				34,456
Property, plant and equipment, net			39,350				35,435
Deferred income taxes, non-current			54,602				50,326
Goodwill			453,956				444,117
Intangible assets, net			41,441				45,024
Purchased and internally developed software costs, net			34,986				33,980
Other assets			6,837				6,586
Total Assets		$	1,605,169			$	1,566,020
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	63,128			$	69,978
Accrued expenses and other current liabilities			145,124				174,214
Income taxes payable			11,956				1,788
Deferred revenue			164,760				169,989
Total current liabilities			384,968				415,969
Income taxes payable, non-current			33,136				34,722
Deferred income taxes, non-current			866				2,554
Other non-current liabilities			15,988				16,644
Total liabilities			434,958				469,889
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders’ equity:
Common stock			1,984				2,008
Capital in excess of par			71,773				107,662
Retained earnings			1,085,972				1,000,822
Accumulated other comprehensive income (loss)			7,389				(17,847	)
Total MICROS Systems, Inc. shareholders’ equity			1,167,118				1,092,645
Noncontrolling interest			3,093				3,486
Total Equity			1,170,211				1,096,131
Total Liabilities and Equity		$	1,605,169			$	1,566,020