Exhibit 99.1
MICROS Reports Fiscal 2004 Third Quarter Results:
Record Third Quarter Revenue;
Revenue, Net Income and EPS Exceed Expectations
COLUMBIA, Md., April 29 /PRNewswire-FirstCall/ -- MICROS Systems, Inc.
(Nasdaq: MCRS), a leading supplier of information systems to the hospitality
and retail industries, today announced the results for its fiscal 2004 third
quarter ended March 31, 2004. Revenue for the quarter was $121.0 million, an
increase of $22.1 million, or 22.3%, over the same period last year. The
quarterly revenue was a Company record for the third fiscal quarter. Net
income for the quarter was $7.5 million, an increase of $2.1 million, or
40.0%, over the year ago third quarter. Earnings per share, on a diluted
basis, were $0.39, an increase of $0.08 per share, or 25.8%, over the year ago
earnings of $0.31 per share. Revenue, net income and earnings per share
results exceeded consensus expectations.
For the nine-month period ending March 31, 2004, MICROS's revenue was
$344.6 million, an increase of $61.0 million, or 21.5%, over the same period
in fiscal 2003. Net income for the nine-month period was $20.8 million, an
increase of $7.8 million, or 60.3%, over the same period in fiscal 2003.
Earnings per share, on a diluted basis, were $1.09, an increase of $0.35 per
share, or 47.3%, over the earnings of $0.74 per share for the same period in
fiscal 2003.
Tom Giannopoulos, MICROS's Chairman and CEO, stated, "We are extremely
pleased with the record revenue and strong financial results for the quarter.
The demand for our products and services continues at a high level from both
current and new customers. We look forward to a strong fourth quarter and a
highly successful fiscal 2004."
MICROS's management guidance for the fiscal 2004 fourth quarter ending
June 30, 2004 is for revenue between $125.0 million and $130.0 million and net
income between $10.6 million and $11.7 million. Management guidance for the
fiscal 2004 year ending June 30, 2004 is for revenue between $469.0 million
and $474.0 million and net income between $31.4 million and $32.5 million.
Some of the statements contained herein are not based on historic facts
but are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Statements in the release that are forward-looking
statements include Mr. Giannopoulos's statements above and our statements
about guidance for the fiscal 2004 fourth quarter and fiscal 2004 year ending
June 30, 2004. These statements are based upon MICROS's current expectations
and assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from those anticipated. Some
of those risks and 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 and uncertainties are
indicated in the MICROS Annual Report on Form 10-K for the fiscal year ending
June 30, 2003 and in other filings made by MICROS with the Securities and
Exchange Commission. MICROS assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - in thousands, except per share amounts)
Third Quarter Ended Nine Months Ended
March 31, March 31,
2004 2003 2004 2003
Revenue:
Hardware $35,811 $32,477 $104,057 $95,342
Software 21,509 16,510 58,273 45,980
Service 63,647 49,902 182,308 142,366
Total revenue 120,967 98,889 344,638 283,688
Cost of sales:
Hardware 23,705 23,302 72,162 68,466
Software 5,471 4,394 14,312 11,343
Service 29,665 23,814 82,831 67,513
Total cost of sales 58,841 51,510 169,305 147,322
Gross margin 62,126 47,379 175,333 136,366
Selling, general and
administrative expenses 40,375 31,626 114,065 93,752
Research and development
expenses 6,623 4,245 19,957 13,380
Depreciation and
amortization 2,330 1,995 7,078 6,170
Total operating expenses 49,328 37,866 141,100 113,302
Income from operations 12,798 9,513 34,233 23,064
Non-operating income
(expense), net 117 (439) 1,573 (873)
Income before taxes, minority
interests, and equity in net
earnings of affiliates 12,915 9,074 35,806 22,191
Income tax provision 5,230 3,631 14,501 8,877
Income before minority
interests and equity in
net earnings of affiliates 7,685 5,443 21,305 13,314
Minority interests and
equity in net earnings
of affiliates (168) (74) (471) (319)
Net income $7,517 $5,369 $20,834 $12,995
Net income per common share:
Basic $0.41 $0.31 $1.14 $0.75
Diluted $0.39 $0.31 $1.09 $0.74
Weighted-average number
of shares outstanding:
Basic 18,385 17,351 18,199 17,408
Diluted 19,439 17,575 19,187 17,663
MICROS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited - in thousands)
March 31, June 30,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $81,516 $45,682
Accounts receivable, net 99,401 98,700
Inventories, net 35,533 31,864
Deferred income taxes 9,068 7,885
Prepaid expenses and other current assets 18,134 17,860
Total current assets 243,652 201,991
Property, plant and equipment, net 19,378 20,179
Deferred income taxes, non-current 30,313 32,003
Goodwill and intangible assets, net 73,297 74,270
Purchased and internally developed
software costs, net 35,993 38,089
Other investments 511 10
Other assets 3,746 3,473
Total assets $406,890 $370,015
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank lines of credit $2,500 $10,185
Current portion of long term debt 0 363
Current portion of capital lease
obligations 141 106
Accounts payable 27,610 24,177
Accrued expenses and other
current liabilities 49,506 44,240
Income taxes payable 2,875 10,102
Deferred income taxes 574 501
Deferred service revenue 52,337 38,538
Total current liabilities 135,543 128,212
Capital lease obligations, net of
current portion 177 198
Deferred income taxes, non-current 11,520 11,495
Other non-current liabilities 1,301 6,510
Commitments and contingencies
Minority interests 2,569 2,372
Shareholders' equity:
Common stock 460 450
Capital in excess of par 77,463 69,644
Retained earnings 173,215 152,381
Accumulated other comprehensive
income (loss) 4,642 (1,247)
Total shareholders' equity 255,780 221,228
Total liabilities and shareholders' equity $406,890 $370,015
SOURCE MICROS Systems, Inc.
-0- 04/29/2004
/CONTACT: Peter J. Rogers, Jr., Vice President, Investor Relations of
MICROS Systems, Inc., +1-443-285-8059, progers@micros.com/
/Web site: http://www.micros.com/
(MCRS)
CO: MICROS Systems, Inc.
ST: Virginia
IN: CPR STW LEI
SU: ERN ERP