Micros Systems (MCRS) 8-K Micros Reports Fiscal 2009 Results

Exhibit 99.1

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Release Date: August 27, 2009	Contact:	Peter J. Rogers, Jr.
		Executive Vice President, Investor Relations
		443-285-8059
		progers@micros.com

MICROS REPORTS FISCAL 2009 RESULTS

REVENUE, NET INCOME AND EPS EXCEED EXPECTATIONS;

NEW STOCK BUYBACK PLAN APPROVED

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 2009 fourth quarter and fiscal year ending June 30, 2009.  

FINANCIAL HIGHLIGHTS

-Revenue for the fiscal 2009 fourth quarter was $224.2 million; revenue for the 2009 fiscal year was $911.8 million.

-GAAP net income for the quarter was $24.0 million; GAAP net income for the fiscal year was $99.3 million.

-GAAP diluted earnings per share (EPS) for the quarter was $0.29; GAAP diluted EPS for the fiscal year was $1.21.

During the fourth quarter, we recorded a one-time restructuring charge of $3.8 million related to operations.  We also recorded an impairment charge of $1.3 million related to our investments in auction rate securities.

- Non-GAAP financial results, excluding the effect of charges for stock options, the one-time restructuring and the investment impairment, are as follows:

· Non-GAAP net income for the quarter was $29.3 million; Non-GAAP net income for the fiscal year was $113.0 million.

· Non-GAAP diluted EPS for the quarter was $0.36; Non-GAAP diluted EPS for the fiscal year was $1.38, a record.

The financial results for the fourth quarter and fiscal year exceeded consensus expectations.

Tom Giannopoulos, MICROS’s Chairman and CEO, stated, “We are very pleased with our financial results for the fiscal 2009 fourth quarter and fiscal year.  Even with the difficult business conditions, we produced solid revenue with record operating profit and record earnings per share.”

NEW STOCK BUYBACK APPROVED

On August 25, 2009, our Board of Directors approved the purchase of an additional two million shares of our common stock.  Shares under the new plan will be purchased from time to time in the open market as business conditions warrant.

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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 August 27, 2009.  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.

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Release Date: August 27, 2009	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)

	Fourth Quarter Ended					Fiscal Year Ended
	June 30,					June 30,
	2009			2008		2009			2008
Revenue:
Hardware	$	48,081		$	68,581	$	210,676		$	265,965
Software		30,750			45,421		134,845			158,699
Service		145,346			142,562		566,326			529,520
Total revenue		224,177			256,564		911,847			954,184
Cost of sales:
Hardware		30,994			44,674		135,094			171,779
Software		6,281			7,581		27,244			33,252
Service		65,793			67,171		264,883			247,954
Restructuring related		681			-		681			-
Total cost of sales		103,749			119,426		427,902			452,985
Gross margin		120,428			137,138		483,945			501,199
Selling, general and administrative expenses		60,573			76,463		263,754			290,411
Research and development expenses		11,137			10,438		41,838			39,113
Depreciation and amortization		4,978			4,388		17,544			15,143
Stock option expense		2,882			3,785		13,900			17,229
Restructuring charge		3,094			-		3,094			-
Total operating expenses		82,664			95,074		340,130			361,896
Income from operations		37,764			42,064		143,815			139,303
Non-operating income (expense):
Interest income (expense), net		1,089			3,164		7,786			14,439
Credit based impairment charge		(1,266	)		-		(1,266	)		-
Other non-operating  income (expense), net		(1,020	)		1,368		(493	)		597
Total non-operating, net		(1,197	)		4,532		6,027			15,036
Income before taxes, minority interests, and equity in net earnings of affiliates		36,567			46,596		149,842			154,339
Income tax provision		12,143			16,304		49,148			52,167
Income before minority interests and equity in net earnings of affiliates		24,424			30,292		100,694			102,172
Minority interests and equity in net earnings of affiliates		(435	)		454		(1,397	)		(888	)
Net income (GAAP)	$	23,989		$	30,746	$	99,297		$	101,284
Net income per common share – diluted	$	0.29		$	0.37	$	1.21		$	1.21
Weighted-average number of shares outstanding -diluted		81,537			83,346		81,461			83,346

Reconciliation of GAAP Net Income and EPS to Non-GAAP Net Income and EPS

Net Income	$	23,989	$	30,746	$	99,297	$	101,284
Add back:
Stock option expense
Selling, general and administrative expenses		2,744		3,568		13,108		16,213
Research and development expenses		138		217		792		1,016
		2,882		3,785		13,900		17,229
Restructuring related cost of sales		681		-		681		-
Restructuring charge included in operating expenses		3,094		-		3,094		-
Credit based impairment charge		1,266		-		1,266		-
Total Add back		7,923		3,785		18,941		17,229
Subtract:   Total tax effect on:
Stock option expense		1,455		769		4,100		4,083
Restructuring charge and related cost of sales		1,186		-		1,186		-
		2,641		769		5,286		4,083
Non-GAAP Net Income	$	29,271	$	33,762	$	112,952	$	114,430
Non-GAAP Net Income per Diluted Common Share	$	0.36	$	0.40	$	1.38	$	1.37

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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.

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Release Date: August 27, 2009	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

	June 30, 2009		June 30, 2008
ASSETS
Current assets:
Cash and cash equivalents and short-term investments	$	438,936	$	381,964
Accounts receivable, net		157,479		192,445
Inventory, net		39,783		64,575
Deferred income taxes		20,283		18,724
Prepaid expenses and other current assets		27,238		29,737
Total current assets		683,719		687,445
Long-term investments		57,823		65,216
Property, plant and equipment, net		30,520		29,165
Deferred income taxes, non-current		11,483		7,108
Goodwill		190,739		159,722
Intangible assets, net		17,709		16,168
Purchased and internally developed software costs, net		25,749		30,846
Other assets		6,344		7,336
Total assets	$	1,024,086	$	1,003,006
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank lines of credit	$	1,090	$	989
Accounts payable		36,647		46,843
Accrued expenses and other current liabilities		104,821		124,913
Income taxes payable		7,999		6,363
Deferred revenue		112,146		115,398
Total current liabilities		262,703		294,506
Income taxes payable, non-current		19,611		18,302
Deferred income taxes, non-current		1,752		2,181
Other non-current liabilities		9,047		8,103
Total liabilities		293,113		323,092
Minority interests and minority ownership put arrangement		7,526		6,898
Commitments and contingencies
Shareholders’ equity:
Common stock		502		506
Capital in excess of par		127,146		131,517
Retained earnings		579,331		480,777
Accumulated other comprehensive income		16,468		60,216
Total shareholders’ equity		723,447		673,016
Total liabilities and shareholders’ equity	$	1,024,086	$	1,003,006

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