Exhibit 99.1
| News | micros ® MICROS Systems, Inc. 7031 Columbia Gateway Drive Columbia, Maryland 21046-2289 | |||
| Release Date: August 27, 2003 | Contact: Peter J. Rogers, Jr. Vice President, Investor Relations (443) 285-8059 progers@micros.com |
MICROS REPORTS FISCAL 2003 YEAR RESULTS:
RECORD FOURTH QUARTER AND FISCAL YEAR REVENUE;
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 2003 fourth quarter and fiscal year ended June 30, 2003. Revenue for the quarter was $120.5 million, an increase of $20.2 million, or 20.1%, over the same period last year. The quarterly revenue is a company record. Net income for the quarter was $8.8 million, an increase of $3.6 million, or 69.3%, over the year ago fourth quarter. Earnings per share, on a diluted basis, were $0.48 per share, an increase of $0.19 per share, or 65.5%, over the year ago figure of $0.29.
For the fiscal year ended June 30, 2003, MICROS’s revenue was $400.2 million, an increase of $33.0 million, or 9.0%, over the same period last year. The fiscal year revenue is a company record. Net income for the fiscal year was $21.8 million, an increase of $9.5 million, or 78.0%, over last year. Earnings per share, on a diluted basis, were $1.22, an increase of $0.53 per share, or 76.8%, over the year ago figure of $0.69.
The revenue, net income and earnings per share results for the fourth quarter and fiscal year exceeded consensus expectations.
In the first quarter of fiscal 2003, MICROS adopted Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.” Under this Statement, the Company is not recording goodwill amortization expense for fiscal 2003. For comparison purposes, the effect of goodwill amortization for the fiscal 2002 fourth quarter was $0.08 per diluted share and $0.30 per diluted share on a fiscal year basis.
Tom Giannopoulos, MICROS’s Chairman and CEO stated: “We are extremely pleased with the final quarter of our fiscal year and the year in total. To achieve these results despite the global uncertainties and generally difficult business environment is a testament to the strength of our products, distribution partners, service infrastructure and, most importantly, our employees.”
MICROS’s management guidance for the fiscal 2004 first quarter ending September 30, 2003 is for revenue between $97.0 million and $102.0 million and net income between $3.5 million and $4.5 million. Guidance for the fiscal 2004 year ending June 30, 2004 is for revenue between $440.0 million and $450.0 million and net income between $26.5 million and $29.5 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.
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| News | micros ® MICROS Systems, Inc. 7031 Columbia Gateway Drive Columbia, Maryland 21046-2289 | |||
| Release Date: August 27, 2003 | Contact: Peter J. Rogers, Jr. Vice President, Investor Relations (443) 285-8059 progers@micros.com |
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| Fourth Quarter Ended June 30, | Twelve Months Ended June 30, | ||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Hardware and software | $ | 64,268 | $ | 54,382 | $ | 208,264 | $ | 194,606 | |||||||||
| Service | 56,274 | 45,993 | 191,927 | 172,557 | |||||||||||||
| Total revenue | 120,542 | 100,375 | 400,191 | 367,163 | |||||||||||||
| Cost of sales: | |||||||||||||||||
| Hardware and software | 34,123 | 29,557 | 115,244 | 108,032 | |||||||||||||
| Service | 24,226 | 20,665 | 86,388 | 81,994 | |||||||||||||
| Total cost of sales | 58,349 | 50,222 | 201,632 | 190,026 | |||||||||||||
| Gross margin | 62,193 | 50,153 | 198,559 | 177,137 | |||||||||||||
| Selling, general and administrative expenses | 38,848 | 33,279 | 132,601 | 123,011 | |||||||||||||
| Research and development expenses | 5,369 | 5,172 | 18,748 | 19,320 | |||||||||||||
| Depreciation and amortization | 2,718 | 4,186 | 8,888 | 16,042 | |||||||||||||
| Total operating expenses | 46,935 | 42,637 | 160,237 | 158,373 | |||||||||||||
| Income from operations | 15,258 | 7,516 | 38,322 | 18,764 | |||||||||||||
| Non-operating (expense), income net | (254 | ) | 394 | (1,127 | ) | 581 | |||||||||||
| Income before taxes, minority interests, and equity in net earnings of affiliates | 15,004 | 7,910 | 37,195 | 19,345 | |||||||||||||
| Income tax provision | 6,201 | 2,581 | 15,078 | 6,577 | |||||||||||||
| Income before minority interests and equity in net earnings of affiliates | 8,803 | 5,329 | 22,117 | 12,768 | |||||||||||||
| Minority interests and equity in net earnings of affiliates | (17 | ) | (139 | ) | (335 | ) | (529 | ) | |||||||||
| Net income | $ | 8,786 | $ | 5,190 | $ | 21,782 | $ | 12,239 | |||||||||
| Net income per common share: | |||||||||||||||||
| Basic | $ | 0.49 | $ | 0.30 | $ | 1.24 | $ | 0.70 | |||||||||
| Diluted | $ | 0.48 | $ | 0.29 | $ | 1.22 | $ | 0.69 | |||||||||
| Weighted-average number of shares outstanding: | |||||||||||||||||
| Basic | 17,786 | 17,526 | 17,502 | 17,510 | |||||||||||||
| Diluted | 18,401 | 18,046 | 17,838 | 17,850 | |||||||||||||
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| News | micros ® MICROS Systems, Inc. 7031 Columbia Gateway Drive Columbia, Maryland 21046-2289 | |||
| Release Date: August 27, 2003 | Contact: Peter J. Rogers, Jr. Vice President, Investor Relations (443) 285-8059 progers@micros.com |
MICROS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEET
| June 30, | June 30, | ||||||||||
| 2003 | 2002 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 45,682 | $ | 66,638 | |||||||
| Accounts receivable, net | 98,700 | 86,918 | |||||||||
| Inventories, net | 31,864 | 31,211 | |||||||||
| Deferred income taxes | 7,885 | 7,008 | |||||||||
| Prepaid expenses and other current assets | 17,860 | 12,756 | |||||||||
| Total current assets | 201,991 | 204,531 | |||||||||
| Property, plant and equipment, net | 20,179 | 21,467 | |||||||||
| Deferred income taxes, non-current | 32,003 | 20,707 | |||||||||
| Goodwill and intangible assets, net | 74,270 | 32,055 | |||||||||
| Purchased and internally developed software costs, net | 38,089 | 30,303 | |||||||||
| Other assets | 3,483 | 3,767 | |||||||||
| Total assets | $ | 370,015 | $ | 312,830 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Bank lines of credit | $ | 10,185 | $ | 18,699 | |||||||
| Current portion of long term debt | 363 | 0 | |||||||||
| Current portion of capital lease obligations | 106 | 147 | |||||||||
| Accounts payable | 24,177 | 25,955 | |||||||||
| Accrued expenses and other current liabilities | 44,240 | 34,554 | |||||||||
| Income taxes payable | 10,102 | 7,303 | |||||||||
| Deferred income taxes | 501 | 547 | |||||||||
| Deferred service revenue | 38,538 | 33,841 | |||||||||
| Total current liabilities | 128,212 | 121,046 | |||||||||
| Capital lease obligations, net of current portion | 198 | 279 | |||||||||
| Deferred income taxes, non-current | 11,495 | 9,933 | |||||||||
| Other non-current liabilities | 6,510 | 1,232 | |||||||||
| Commitments and contingencies Minority interests | 2,372 | 1,978 | |||||||||
| Shareholders’ equity: | |||||||||||
| Common stock | 450 | 438 | |||||||||
| Capital in excess of par | 69,644 | 56,867 | |||||||||
| Retained earnings | 152,381 | 130,599 | |||||||||
| Accumulated other comprehensive loss | (1,247 | ) | (9,542 | ) | |||||||
| Total shareholders’ equity | 221,228 | 178,362 | |||||||||
| Total liabilities and shareholders’ equity | $ | 370,015 | $ | 312,830 | |||||||
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