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Release Date: |
August 30, 2005
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Contacts: |
Peter J. Rogers, Jr.
Vice President, Investor Relations
443-285-8059
progers@micros.com
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MICROS REPORTS FISCAL 2005 YEAR RESULTS: RECORD QUARTERLY AND FISCAL YEAR REVENUE, NET INCOME AND EPS; REVENUE, NET INCOME & EPS EXCEED EXPECTATIONS
Columbia, Maryland.... MICROS Systems, Inc. (Nasdaq:MCRS) a leading supplier of information systems to the hospitality and specialty retail industries, today announced the results for its fiscal 2005 fourth quarter and fiscal year ended June 30, 2005. Revenue for the quarter was $172.0 million, an increase of $29.2 million, or 20.5%, over the same period last year. Net income for the quarter was $18.1 million, an increase of $5.6 million, or 45.2%, over the year ago fourth quarter. Earnings per share, on a diluted basis, were $0.45 per share, an increase of $0.13 per share, or 40.6%, over the year ago figure of $0.32. The quarterly revenue, net income and earnings per share are Company records.
For the fiscal year ended June 30, 2005, MICROS's revenue was $597.3 million, an increase of $109.8 million, or 22.5%, over the same period last year. Net income for the fiscal year was $53.7 million, an increase of $20.4 million, or 61.2%, over last year. Earnings per share, on a diluted basis, were $1.35, an increase of $0.48 per share, or 55.2%, over the year ago figure of $0.87. The fiscal year revenue, net income and earnings per share are Company records.
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 our performance this fiscal year. We experienced a tremendous year; one marked by many customer wins, product introductions and major milestones. We are very proud of our achievements worldwide and are well positioned with our products and look for continued growth in all segments of our business."
MICROS's management guidance for the fiscal 2006 first quarter ending September 30, 2005 is for revenue between $146.0 million and $149.0 million and net income between $12.0 million and $12.5 million. Guidance for the fiscal 2006 year ending June 30, 2006 is for revenue between $660.0 million and $670.0 million and net income between $64.0 million and $66.0 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)
(unaudited)
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Fourth Quarter Ended June 30, |
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Twelve Months Ended June 30, |
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2005 |
2004 |
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2005 |
2004 |
| Revenue: |
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| Hardware |
$59,982 |
$47,583 |
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$191,785 |
$151,640 |
| Software |
31,187 |
24,213 |
|
106,370 |
82,486 |
| Service |
80,852 |
71,009 |
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299,109 |
253,317 |
| Total revenue |
172,021 |
142,805 |
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597,264 |
487,443 |
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| Cost of sales: |
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| Hardware |
39,130 |
33,345 |
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127,349 |
105,507 |
| Software |
4,857 |
2,060 |
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22,822 |
16,372 |
| Service |
40,269 |
33,624 |
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145,308 |
116,455 |
| Total cost of sales |
84,256 |
69,029 |
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295,479 |
238,334 |
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| Gross margin |
87,765 |
73,776 |
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301,785 |
249,109 |
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| Selling, general and administrative expenses |
51,000 |
41,170 |
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185,399 |
155,235 |
| Research and development expenses |
6,536 |
7,252 |
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27,399 |
27,209 |
| Depreciation and amortization |
2,485 |
2,753 |
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10,112 |
9,831 |
| Total operating expenses |
60,021 |
51,175 |
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222,910 |
192,275 |
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| Income from operations |
27,744 |
22,601 |
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78,875 |
56,834 |
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| Non-operating income (expense), net |
1,138 |
(869) |
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2,219 |
704 |
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| Income before taxes, minority interests, and equity in net earnings of affiliates |
28,882 |
21,732 |
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81,094 |
57,538 |
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| Income tax provision |
10,732 |
9,091 |
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26,761 |
23,592 |
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| Income before minority interests and equity in net earnings of affiliates |
18,150 |
12,641 |
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54,333 |
33,946 |
| Minority interests and equity in net earnings of affiliates |
(82) |
(196) |
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(673) |
(667) |
| Net income |
$18,068 |
$12,445 |
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$53,660 |
$33,279 |
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| Net income per common share: |
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| Basic |
$0.47 |
$0.34 |
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$1.43 |
$0.91 |
| Diluted |
$0.45 |
$0.32 |
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$1.35 |
$0.87 |
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| Weighted-average number of shares outstanding: |
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| Basic |
38,296 |
36,766 |
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37,514 |
36,489 |
| Diluted |
40,520 |
38,681 |
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39,803 |
38,453 |
MICROS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEET
(In thousands, except per share amounts)
(unaudited)
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June 30, |
June 30, |
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2005 |
2004 |
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$153,521 |
$83,451 |
| Short term investments |
0 |
8,000 |
| Accounts receivable, net |
131,423 |
101,367 |
| Inventories, net |
42,664 |
36,095 |
| Deferred income taxes |
10,883 |
9,396 |
| Prepaid expenses and other current assets |
28,934 |
16,242 |
| Total current assets |
367,425 |
254,551 |
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| Property, plant and equipment, net |
21,308 |
19,550 |
| Deferred income taxes, non-current |
18,195 |
17,704 |
| Goodwill, net |
89,840 |
77,994 |
| Intangible assets, net |
6,696 |
5,476 |
| Purchased and internally developed software costs, net |
40,160 |
41,112 |
| Investments |
404 |
415 |
| Other assets |
1,997 |
2,785 |
| Total assets |
$546,025 |
$419,587 |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Current liabilities: |
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| Bank lines of credit |
$2,387 |
$2,481 |
| Current portion of capital lease obligations |
162 |
139 |
| Accounts payable |
38,253 |
29,681 |
| Accrued expenses and other current liabilities |
75,593 |
58,693 |
| Income taxes payable |
3,261 |
1,409 |
| Deferred income taxes |
362 |
512 |
| Deferred service revenue |
58,021 |
43,019 |
| Total current liabilities |
178,039 |
135,934 |
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| Capital lease obligations, net of current portion |
251 |
166 |
| Deferred income taxes, non-current |
16,105 |
16,371 |
| Other non-current liabilities |
1,481 |
1,401 |
| Commitments and contingencies |
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| Minority interests |
2,807 |
2,742 |
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| Shareholders' equity: |
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| Common stock |
483 |
457 |
| Capital in excess of par |
99,989 |
71,525 |
| Retained earnings |
239,320 |
185,660 |
| Accumulated other comprehensive income |
7,550 |
5,331 |
| Total shareholders' equity |
347,342 |
262,973 |
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| Total liabilities and shareholders' equity |
$546,025 |
$419,587 |
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