Columbia, Maryland ... MICROS Systems, Inc. (Nasdaq:MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2008 fourth quarter and fiscal year ending June 30, 2008.  

 

FINANCIAL HIGHLIGHTS

     

-Revenue for the quarter was $256.6 million, an increase of $35.0 million, or 15.8%, over the same period last year. 

 

-Revenue for the fiscal year was $954.2 million, an increase of $168.5 million, or 21.4% over the same period last year. 

 

-GAAP net income for the quarter was $30.7 million, an increase of $3.3 million, or 12.2% over the same period last year. 

 

-GAAP net income for the fiscal year was $101.3 million, an increase of $21.3 million, or 26.6% over the same period last year. 

 

-GAAP diluted earnings per share (EPS) for the quarter was $0.37 per share, an increase of $0.04 per share, or 12.1% over the same period last year.

 

-GAAP diluted EPS for the fiscal year was $1.21 per share, an increase of $0.24 per share, or 24.7% over the same period last year. 

 

-Non-GAAP financial results, excluding the effect of Financial Accounting Standard (FAS) No. 123 (R), which requires us to record the share-based payment charge, are as follows:

 

         Non-GAAP net income for the quarter was $33.8 million, an increase of $2.5 million, or 8.1% over the year ago period.

 

         Non-GAAP net income for the fiscal year was $114.4 million, an increase of $23.3 million, or 25.6% over the year ago period. 

 

         Non-GAAP diluted EPS for the quarter was $0.41 per share, an increase of $0.03 per share, or 7.9% over year ago period.

 

         Non-GAAP diluted EPS for the fiscal year was $1.37 per share, an increase of $0.27, or 24.5% over the year ago period.

 

-MICROS’s financial results were Company records for both a fiscal quarter and a fiscal year.

 

Tom Giannopoulos, MICROS’s Chairman and CEO, stated, “We are extremely pleased with the record results of the 2008 fourth quarter and fiscal year.  As we now enter fiscal year 2009, we believe we have the right people, infrastructure and products in place which will allow us to continue to grow our company and expand our customer base.”

 

Guidance for the fiscal 2009 year ending June 30, 2009 is for revenue between $1,075.0 million and $1,100.0 million and non-GAAP net income, excluding the currently projected share-based payment charge for the fiscal year, between $128.5 million and $137.5 million, or non-GAAP earnings per diluted share between $1.53 and $1.64.  Guidance for GAAP net income is between $117.0 million and $126.0 million, or earnings per diluted share of $1.39 to $1.50.

 

 

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 where MICROS provides guidance for its fiscal 2009 year ending June 30, 2009, and Mr. Giannopoulos’s quote.  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 August 28, 2008.  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.

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share amounts)

		Fourth quarter ended				Twelve months ended
		June 30,				June 30,
		2008		2007		2008		2007
Revenue:
Hardware		$68,581		$65,694		$265,965		$233,838
Software		45,421		38,280		158,699		132,820
Service		142,562		117,620		529,520		419,069
Total revenue		256,564		221,594		954,184		785,727
Cost of sales:
Hardware		44,674		41,104		171,779		149,085
Software		7,581		7,938		33,252		29,531
Service		67,171		53,579		247,954		195,600
Total cost of sales		119,426		102,621		452,985		374,216
Gross margin		137,138		118,973		501,199		411,511
Selling, general and administrative expenses		76,463		63,302		290,411		241,075
Research and development expenses		10,438		9,720		39,113		33,131
Depreciation and amortization		4,388		3,599		15,143		12,721
Stock option expense (*)		3,785		4,723		17,229		13,996
Total operating expenses		95,074		81,344		361,896		300,923
Income from operations		42,064		37,629		139,303		110,588
Non-operating income, net		4,532		3,709		15,036		11,066
Income before taxes, minority interests, and equity in net earnings of affiliates		46,596		41,338		154,339		121,654
Income tax provision		16,304		13,861		52,167		40,754
Income before minority interests and equity in net earnings of affiliates		30,292		27,477		102,172		80,900
Minority interests and equity in net earnings of affiliates		454		(67)		(888)		(912)
Net income		$30,746		$27,410		$101,284		$79,988
Net income per common share – diluted		$0.37		$0.33