Micros Systems (MCRS) 8-K Micros Reports Fiscal 2012 Results

Exhibit 99

News Release  

Release Date: August 23, 2012	Contact:	Peter J. Rogers, Jr.
		Executive Vice President, Investor Relations
		443-285-8059
		progers@micros.com

MICROS REPORTS FISCAL 2012 RESULTS

RECORD REVENUE, OPERATING INCOME, NET INCOME AND EPS:

REVENUE, NET INCOME AND EPS EXCEED EXPECTATIONS

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 2012 fourth quarter and fiscal year ending June 30, 2012.  

FINANCIAL HIGHLIGHTS

· Revenue for the fiscal 2012 fourth quarter was $302.5 million, an increase of $28.4 million, or 10.4%, over the same period last year.

· Revenue for the fiscal year was $1,107.5 million, an increase of $99.7 million, or 9.9%, over the same period last year.

· GAAP net income for the quarter was $48.2 million, an increase of $6.7 million, or 16.1%, over the same period last year.

· GAAP net income for the fiscal year was $167.0 million, an increase of $22.9 million, or 15.9%, over the same period last year.

· GAAP diluted earnings per share (EPS) for the quarter was $0.59, an increase of $0.09, or 18.0%, over the same period last year.

· GAAP diluted EPS for the fiscal year was $2.03, an increase of $0.29, or 16.7%, over the same period last year.

During the fourth quarter, we recordedan impairment charge of $4.0 million related to our investments in auction rate securities.

· Non-GAAP financial results, excluding the effect of charges for stock options, amortization of intangibles for Torex Retail and the investment impairment, are as follows:

- Non-GAAP net income for the quarter was $55.7 million, an increase of $8.0 million, or 16.7%, over the same period last year.

- Non-GAAP net income for the fiscal year was $182.7 million, an increase of $24.3 million, or 15.3%, over the same period last year.

- Non-GAAP diluted EPS for the quarter was $0.68, an increase of $0.10, or 17.2%, over the same period last year.

- Non-GAAP diluted EPS for the fiscal year $2.22, an increase of $0.30, or 15.6%, over the same period last year.

Page 1 of 5

The financial results for the fourth fiscal quarter exceeded consensus expectations. The revenue, operating income, net income and EPS for the quarter and fiscal year were records for MICROS.

Tom Giannopoulos, MICROS’s Chairman and CEO, stated, “We are pleased to achieve yet another year of record revenue, operating income, net income, and earnings per share amid the uncertain global economy. We look forward to another year of profitable growth.“

MICROS’s financial guidance for fiscal 2013 is for revenue of $1.3 to $1.325 billion and Non-GAAP EPS of $2.40 to $2.44.

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 23, 2012. 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.

###

The MICROS logo is a registered trademark of MICROS Systems, Inc.
All other product and brand names are the property of their respective owners.

Page 2 of 5

News
Release Date: August 24, 2012	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)

	Three Months Ended						Twelve Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Revenue:
Hardware	$	69,039		$	56,995		$	237,920		$	199,003
Software		37,216			35,080			142,617			127,123
Service		196,271			182,060			726,994			681,733
Total revenue		302,526			274,135			1,107,531			1,007,859
Cost of sales:
Hardware		45,254			33,532			152,242			126,667
Software		5,788			5,166			20,779			21,200
Service		86,094			80,519			319,705			299,818
Stock option expense		52			18			195			105
Total cost of sales		137,188			119,235			492,921			447,790
Gross margin		165,338			154,900			614,610			560,069
Selling, general and administrative expenses		71,574			69,948			296,815			272,229
Research and development expenses		14,176			12,131			50,792			45,248
Depreciation and amortization		4,465			4,880			15,848			16,790
Stock option expense		3,900			2,908			16,306			12,343
Amortization expense - Torex acquisition		329			0			329			0
Litigation reserve		0			0			0			3,000
Total operating expenses		94,444			89,867			380,090			349,610
Income from operations		70,894			65,033			234,520			210,459
Non-operating income (expense):
Interest income, net		1,603			1,558			6,788			5,023
Interest expense - litigation reserve		-			-			-			(360	)
Change in credit based impairment, net of realized gain on redemption		(4,000	)		(4,236	)		(4,000	)		(4,217	)
Other non-operating expense, net		(320	)		(561	)		(117	)		(1,293	)
Total non-operating (loss) income, net		(2,717	)		(3,239	)		2,671			(847	)
Income before taxes		68,177			61,794			237,191			209,612
Income tax provision		20,098			20,233			70,090			64,999
Net income		48,079			41,561			167,101			144,613
Less:  Net loss (income) attributable to noncontrolling interest		139			(25	)		(118	)		(554	)
Net Income attributable to MICROS Systems, Inc. (GAAP)	$	48,218		$	41,536		$	166,983		$	144,059
Net Income per diluted common share attributable to MICROS Systems, Inc.	$	0.59		$	0.50		$	2.03		$	1.74
Weighted-average number of shares outstanding - diluted		82,283			82,952			82,238			82,672

Reconciliation of GAAP Net Income and EPS attributable to MICROS Systems, Inc. to
Non-GAAP Net Income and EPS attributable to MICROS Systems, Inc.

Net Income attributable to MICROS Systems, Inc.	$	48,218	$	41,536	$	166,983	$	144,059
Add back:
Stock option expense
Selling, general and administrative expenses		3,539		2,680		15,067		11,747
Research and development expenses		361		228		1,239		596
Cost of sales		52		18		195		105
		3,952		2,926		16,501		12,448
Credit based impairment charge, net of realized gain on redemption		4,000		4,236		4,000		4,217
Torex amortization expense		329		-		329		-
Litigation reserve, including accrued interest expense		-		-		-		3,360
Total add back		8,281		7,162		20,830		20,025
Subtract tax effect on:
Stock option expense		819		969		5,163		4,426
Litigation reserve, including accrued interest expense		-		-		-		1,280
Non-GAAP Net Income attributable to MICROS Systems, Inc.	$	55,680	$	47,729	$	182,650	$	158,378
Non-GAAP Net Income per Diluted Common Share attributable to MICROS Systems, Inc.	$	0.68	$	0.58	$	2.22	$	1.92

Page 3 of 5

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.

Page 4 of 5

News
Release Date: August 24, 2012	Contact:	Peter J. Rogers, Jr
		EVP, Investor Relations
		443-285-8059

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands)

	June 30, 2012			June 30, 2011
ASSETS
Current assets:
Cash and cash equivalents and short-term investments	$	582,038		$	780,265
Accounts receivable, net		235,433			181,833
Inventory		44,278			38,119
Deferred income taxes		17,004			21,036
Prepaid expenses and other current assets		37,343			30,454
Total current assets		916,096			1,051,707
Long-term investments		34,456			46,226
Property, plant and equipment, net		35,435			28,145
Deferred income taxes, non-current		50,326			20,798
Goodwill		444,117			242,319
Intangible assets, net		45,024			19,293
Purchased and internally developed software costs, net		33,980			18,710
Other assets		6,586			5,820
Total Assets	$	1,566,020		$	1,433,018
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	69,978		$	54,851
Accrued expenses and other current liabilities		174,214			148,901
Income taxes payable		1,788			7,705
Deferred revenue		169,989			143,238
Total current liabilities		415,969			354,695
Income taxes payable, non-current		34,722			32,309
Deferred income taxes, non-current		2,554			8,261
Other non-current liabilities		16,644			14,502
Total liabilities		469,889			409,767
Commitments and contingencies
Equity:
MICROS Systems, Inc. shareholders’ equity:
Common stock		2,008			2,020
Capital in excess of par		107,662			132,529
Retained earnings		1,000,822			833,839
Accumulated other comprehensive income		(17,847	)		48,323
Total MICROS Systems, Inc. shareholders’ equity		1,092,645			1,016,711
Noncontrolling interest		3,486			6,540
Total Equity		1,096,131			1,023,251
Total Liabilities and Equity	$	1,566,020		$	1,433,018

Page 5 of 5