NASDAQ: MCRS 0 (00/00/0000 00:00am)


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MICROS Systems, Inc. FINANCIAL SUMMARY
04.26.2012 ($000 except share amounts)
Income Statement Data FY2012-Q3 FY2012-Q2 FY2012-Q1 FY2011-Q4 FY2011-Q3 FY2011-Q2 FY2011-Q1 FY2010-Q4 FY2010-Q3 FY2010-Q2 FY2010-Q1
Hardware Revenue  $            63,045  $            57,427  $            48,409  $         56,995  $         49,901  $        47,841  $      44,266  $       52,027  $        47,207  $        45,793  $      43,307
Software Revenue  $            37,577  $            34,552  $            33,272  $         35,080  $         31,075  $        33,079  $      27,889  $       34,072  $        29,525  $        30,499  $      24,692
Service Revenue  $          177,422  $         178,424  $         174,876  $       182,060  $       172,217  $      166,197  $    161,259  $     162,118  $     152,322  $      149,355  $    143,402
Total Revenue $278,044 $270,403 $256,557 $274,135 $253,193 $247,117 $233,414 $248,217 $229,054 $225,647 $211,401
                     
Memo Item: Recurring Revenue (In Service)                      
Hosting Revenue  $            19,511  $            18,096  $            17,252  $         16,121  $         13,365  $        13,300  $      12,624  $       11,981  $        11,355  $        11,297  $      10,738
Maint. Revenue   $            89,689  $            89,109  $            87,275  $         87,382  $         84,926  $        84,343  $      80,012  $       77,906  $        78,312  $        77,800  $      75,290
Total Recurring Revenue  $          109,200  $         107,205  $         104,527  $       103,503  $         98,291  $        97,643  $      92,636  $       89,887  $        89,667  $        89,097  $      86,028
                     
Hardware Gross Profit  $            22,858  $            20,790  $            18,246  $         23,463  $         18,074  $        16,488  $      14,311  $       20,953  $        17,208  $        15,429  $      15,255
Hardware Gross Profit % 36.3% 36.2% 37.7% 41.2% 36.2% 34.5% 32.3% 40.3% 36.5% 33.7% 35.2%
Software Gross Profit  $            31,739  $            30,258  $            28,414  $         29,914  $         25,788  $        28,158  $      22,063  $       26,907  $        23,423  $        23,454  $      19,305
Software Gross Profit % 84.5% 87.6% 85.4% 85.3% 83.0% 85.1% 79.1% 79.0% 79.3% 76.9% 78.2%
Service Gross Profit  $            97,938  $         101,273  $            97,756  $       101,523  $         97,517  $        92,724  $      90,046  $       88,506  $        83,679  $        86,096  $      81,266
Service Gross Profit % 55.2% 56.8% 55.9% 55.8% 56.6% 55.8% 55.8% 54.6% 54.9% 57.6% 56.7%
Total Gross Profit $152,535 $152,321 $144,416 $154,900 $141,379 $137,370 $126,420 $136,366 $124,310 $124,979 $115,826
Gross Profit % 54.9% 56.3% 56.3% 56.5% 55.8% 55.6% 54.2% 54.9% 54.3% 55.4% 54.8%
                     
Operating Expenses                      
Selling, General and Administrative  $            75,938  $            76,549  $            72,751  $         69,948  $         71,739  $        68,351  $      62,191  $       66,755  $        66,050  $        67,124  $      62,217
Research and Development  $            13,417  $            12,174  $            11,026  $         12,131  $         11,649  $        10,806  $      10,661  $       10,947  $        10,342  $           9,560  $      10,869
Depreciation and Amortization  $               3,523  $              3,624  $              4,236  $           4,880  $           3,548  $          4,243  $         4,118  $         4,476  $          4,674  $           4,319  $         3,842
Restructuring Costs  $                      -    $                     -    $                     -    $                  -    $                  -    $                 -    $                -    $                -    $                 -    $                  -    $                -  
Litigation Settlement Reserve  $                      -    $                     -    $                     -    $                  -    $                  -    $          3,000          
Stock Option Expense  $               3,710  $              5,729  $              2,968  $           2,908  $           2,536  $          4,289  $         2,610  $         2,529  $          2,375  $           4,378  $         3,051
Total Operating Expenses $96,588 $98,076 $90,981 $89,867 $89,472 $90,689 $79,580 $84,707 $83,441 $85,381 $79,979
Operating Expenses % 34.7% 36.3% 35.5% 32.8% 35.3% 36.7% 34.1% 34.1% 36.4% 37.8% 37.8%
                     
Income From Operations $55,947 $54,245 $53,435 $65,033 $51,907 $46,681 $46,840 $51,659 $40,869 $39,598 $35,847
Income From Operations % 20.1% 20.1% 20.8% 23.7% 20.5% 18.9% 20.1% 20.8% 17.8% 17.5% 17.0%
                     
Non-operating income (expense), net  $               1,611  $              1,415  $              2,362  $          (3,239)  $               676  $          1,469  $            248  $        (2,274)  $          1,371  $              398  $            657
                     
Income Before Taxes $57,558 $55,660 $55,797 $61,794 $52,583 $48,150 $47,088 $49,385 $42,240 $39,996 $36,504
                     
Taxes  $            14,102  $            17,477  $            18,414  $         20,233  $         13,724  $        15,649  $      15,393  $       15,152  $        12,123  $        13,334  $      12,133
Tax Rate % of IBT 24.5% 31.4% 33.0% 32.7% 26.1% 32.5% 32.7% 30.7% 28.7% 33.3% 33.2%
                     
Minority interests and equity in affiliates  $                (209)  $                 102  $                (151)  $               (25)  $             (279)  $            (173)  $             (78)  $           (353)  $                81  $            (532)  $          (224)
                     
Net Income $43,247 $38,285 $37,232 $41,536 $38,579 $32,328 $31,617 $33,880 $30,198 $26,130 $24,147
                     
Net Income % 15.6% 14.2% 14.5% 15.2% 15.2% 13.1% 13.5% 13.6% 13.2% 11.6% 11.4%
                     
Earnings Per Share, diluted  $                 0.53  $                0.47  $                0.45  $              0.50  $              0.47  $             0.39  $           0.39  $            0.42  $            0.37  $             0.32  $           0.30
                     
Cash Dividends - - - - - - - - - - -
                     
Weighted Average # of Shares Outstanding 82,008 81,971 82,410 82,952 82,913 82,717 82,023 81,781 81,338 81,234 81,314
EPS and shares outstanding have been restated for the stock split of Feb. 5. 2008.
MICROS Systems, Inc. FINANCIAL SUMMARY
04.26.2012 ($000 except share amounts)
Reconciliation of GAAP Net Income and EPS to Net Income and EPS before share-based payment charge, i.e stock option expense
FY2012-Q3 FY2012-Q2 FY2012-Q1 FY2011-Q4 FY2011-Q3 FY2011-Q2 FY2011-Q1 FY2010-Q4 FY2010-Q3 FY2010-Q2 FY2010-Q1
Net Income GAAP $43,247 $38,285 $37,232 $41,536 $38,579 $32,328 $31,617 $33,880 $30,198 $26,130 $24,147
Add back:  
 Stock Option Expense  
    Cost of sales  $                    58  $                    48  $                    37  $                 18  $                  -    $                27  $              35  $               32  $                 -    $                  -    $                -  
     Selling, Gen. & Admin. Expenses  $               3,446  $              5,424  $              2,659  $           2,680  $           2,561  $          4,164 $2,484 $2,417 $2,267 $4,235 $2,904
     SG&A-non-recurring  $                      -    $                     -    $                     -    $                  -    $                  -    $                 -   $0 $0 $0 $0 $0
     Research and Development Expenses  $                  264  $                 305  $                 309  $               228  $                  -    $              125 $126 $112 $108 $143 $147
    Subtotal $3,768 $5,777 $3,005 $2,926 $2,561 $4,316 $2,645 $2,561 $2,375 $4,378 $3,051
 Restructuring related cost of sales   $0 $0 $0 $0 $0
 Restructuring charge included in cost of sales   $0 $0 $0 $0 $0
 Litigation Reserve  $                      -    $                     -    $                     -    $                  -    $                  -    $          3,360
 Credit based impairment charge $0 $0 $0 $4,236 $0  $                73 -$92 $4,396 $0 $0 $387
  Total Add back $3,768 $5,777 $3,005 $7,162 $2,561 $7,749 $2,553 $6,957 $2,375 $4,378 $3,438
Subtract: Total tax effect on  
  Stock option expense  $               1,441  $              1,959  $                 943  $               969  $               802  $          1,866 $789 $1,061 $817 $1,464 $942
  Litigation Reserve, including accrued interest  $                      -    $                     -    $                     -    $                  -    $                  -    $          1,280
  Restructuring charge & related cost of sales 0 0 0 0 0  $                 -   $0 $0 $0 $0 $0
    Subtotal $1,441 $1,959 $943 $969 $802 $3,146 $789 $1,061 $817 $1,464 $942
 Non-GAAP Net Income $45,574 $42,103 $39,294 $47,729 $40,338 $36,931 $33,381 $39,776 $31,756 $29,044 $26,643
 Non-GAAP Net Income  EPS $0.56 $0.51 $0.48 $0.58 $0.49 $0.45 $0.41 $0.49 $0.39 $0.36 $0.33
REVENUE BY REGION FY2012-Q3 FY2012-Q2 FY2012-Q1 FY2011-Q4 FY2011-Q3 FY2011-Q2 FY2011-Q1 FY2010-Q4 FY2010-Q3 FY2010-Q2 FY2010-Q1
INTERNATIONAL  
 Hardware  $            32,286  $            31,056  $            26,908  $         28,746  $         24,519  $        24,982  $      21,994  $       24,494  $        21,022  $        23,914  $      22,343
 Software  $            22,570  $            23,038  $            21,245  $         23,788  $         19,423  $        18,098  $      19,203  $       20,506  $        19,084  $        17,878  $      15,356
 Service  $          103,803  $            99,934  $            94,259  $       100,189  $         92,019  $        86,657  $      76,376  $       78,782  $        77,458  $        80,321  $      73,370
  Total  $          158,659  $         154,028  $         142,412  $       152,723  $       135,961  $      129,737  $    117,573  $     123,782  $     117,564  $      122,113  $    111,069
 
UNITED STATES  
  Hardware  $            30,759  $            26,371  $            21,501  $         28,249  $         25,382  $        22,859  $      22,272  $       27,532  $        26,185  $        21,879  $      20,964
  Software  $            15,007  $            11,514  $            12,027  $         11,292  $         11,652  $        14,981  $         8,686  $       13,566  $        10,441  $        12,621  $         9,336
  Service  $            73,619  $            78,490  $            80,617  $         81,871  $         80,198  $        79,540  $      84,883  $       83,338  $        74,864  $        69,034  $      70,032
  Total  $          119,385  $         116,375  $         114,145  $       121,412  $       117,232  $      117,380  $    115,841  $     124,436  $     111,490  $      103,534  $    100,332
Grand Total  $          278,044  $         270,403  $         256,557  $       274,135  $       253,193  $      247,117  $    233,414  $     248,218  $     229,054  $      225,647  $    211,401
Balance Sheet Data FY2012-Q3 FY2012-Q2 FY2012-Q1 FY2011-Q4 FY2011-Q3 FY2011-Q2 FY2011-Q1 FY2010-Q4 FY2010-Q3 FY2010-Q2 FY2010-Q1
Working Capital  $          746,772  $         686,074  $         678,927  $       697,012  $       646,774  $      586,236  $    547,816  $     468,047  $     445,318  $      427,332  $    436,563
 
Net Cash From Operations  $            68,031  $            43,962  $            19,556  $         46,601  $         70,813  $        46,988  $      34,807  $       44,051  $        71,897  $        44,072  $      41,849
 
Cash and Cash Equivalents & Investments  $          863,540  $         785,030  $         778,907  $       826,491  $       802,746  $      720,342  $    680,893  $     605,182  $     587,344  $      530,817  $    524,653
 
Total Assets  $       1,501,200  $      1,397,430  $      1,383,002  $   1,433,018  $   1,394,806  $  1,266,583  $ 1,230,338  $ 1,138,291  $  1,149,461  $   1,083,192  $ 1,063,564
 
Short-Term Debt  $                      -    $                     -    $                     -    $                  -    $                  -    $                 -    $                -    $         1,442  $          1,364  $           1,370  $         1,170
 
Long-Term Debt & Lease Obligations  $                    84  $                 193  $                 224  $               284  $               158  $              182  $            363  $             420  $             166  $              288  $              96
 
Deferred Service Revenue  $          170,513  $         137,569  $         151,879  $       143,238  $       163,206  $      125,229  $    147,910  $     124,498  $     152,529  $      118,408  $    141,770
 
Total Liabilities  $          426,486  $         393,193  $         388,230  $       409,767  $       418,214  $      352,961  $    352,838  $     348,679  $     364,772  $      313,882  $    324,904
 
Shareholders Equity  $       1,074,714  $      1,004,237  $         994,772  $   1,023,251  $       976,592  $      913,622  $    877,500  $     789,612  $     784,689  $      769,310  $    738,660
 
Supplemental Items:  
Software Amortization Expense  $               1,534  $              1,548  $              1,640  $           2,735  $           1,850  $          1,839  $         1,853  $         3,098  $          2,123  $           2,302  $         2,158
 
Capitalized Software  $               1,921  $              2,124  $              1,825  $           1,413  $           1,410  $          1,361  $         1,396  $             591  $             920  $              733  $            200
 
Capital Spending  $               4,958  $              4,381  $              4,079  $           3,359  $           2,536  $          2,156  $         3,201  $         3,015  $          1,918  $           2,401  $         1,710
MICROS Systems, Inc. FINANCIAL SUMMARY
04.26.2012 ($000 except share amounts)
SHARE REPURCHASE SUMMARY
Shares Repurchased Plan #6 2010 FY2012-Q2 FY2012-Q1 FY2011-Q4 FY2011-Q3 FY2011-Q2 FY2011-Q1 FY2010-Q4 FY2010-Q3 FY2010-Q2 FY2010-Q1
Shares Repurchased               101,900              147,830
Cost of Shares Repurchased ($000)  $               5,207  $              6,860
Weighted Average Price Per Share $51.10 $46.40
Shares Repurchased Plan #6 2010
Shares Repurchased               249,730 $147,830
Cost of Shares Repurchased ($000)  $            12,067 $6,860
Weighted Average Price Per Share $48.32 $46.40
Shares Repurchased Plan #5 2010
Shares Repurchased               352,170              576,171           444,074           118,836          144,879                    -           350,000            13,870
Cost of Shares Repurchased ($000)  $            16,165  $            25,426  $         21,549  $           5,480               6,403  $                -    $       11,744  $             374
Weighted Average Price Per Share $45.90 $44.13 $48.53 $46.11 $44.20 $0.00 $33.55 $27.00
Shares Repurchased Plan #5 2010
Shares Repurchased           2,000,000          1,647,830        1,071,659           627,585          508,749        363,870         363,870            13,870
Cost of Shares Repurchased ($000)  $            87,141  $            70,976  $         45,550  $         24,001            18,521  $      12,118  $       12,118  $             374
Weighted Average Price Per Share $43.57 $43.07 $42.50 $38.24 $36.40 $33.30 $33.30 $27.00
Shares Repurchased Plan #4 2008
Shares Repurchased             20,650          160,350     1,101,200
Cost of Shares Repurchased ($000)  $             558  $           4,636  $      30,380
Weighted Average Price Per Share $27.00 $28.91 $27.59
Cumulative  Share Repurchase Plan #4
Shares Repurchased       2,000,000       1,979,350     1,819,000
Cost of Shares Repurchased ($000)  $        53,776  $        53,218  $      48,582
Weighted Average Price Per Share $26.89 $26.89 $26.71