Exhibit 99.1
MICROS Reports Fiscal 2004 Year Results:
Record Quarterly and Fiscal Year Revenue, Net Income and EPS;
Revenue, Net Income & EPS Exceed Expectations
COLUMBIA, Md., Aug. 26 /PRNewswire-FirstCall/ -- 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
2004 fourth quarter and fiscal year ended June 30, 2004. Revenue for the
quarter was $142.8 million, an increase of $20.6 million, or 16.9%, over the
same period last year. Net income for the quarter was $12.4 million, an
increase of $3.7 million, or 41.6%, over the year ago fourth quarter.
Earnings per share, on a diluted basis, were $0.64 per share, an increase of
$0.16 per share, or 33.3%, over the year ago figure of $0.48. The quarterly
revenue, net income and earnings per share are Company records.
For the fiscal year ended June 30, 2004, MICROS's revenue was $487.4
million, an increase of $81.6 million, or 20.1%, over the same period last
year. Net income for the fiscal year was $33.3 million, an increase of $11.5
million, or 52.8%, over last year. Earnings per share, on a diluted basis,
were $1.73, an increase of $0.51 per share, or 41.8%, over the year ago figure
of $1.22. The fiscal year revenue, net income and earnings per share are
Company records.
The revenue, net income and earnings per share results for the fourth
quarter and fiscal year exceeded consensus expectations.
Tom Giannopoulos, MICROS's Chairman and CEO stated: "We are extremely
pleased with our quarterly and fiscal year results for this record year. We
had many accomplishments the past year including the successful execution of
the Datavantage acquisition, continued improvements in our financial metrics,
and numerous major customer wins across all three segment: hotels,
restaurants, and specialty retail. I am extremely proud of our employees, as
they have made this past year a great success with their focus, hard work and
dedication, and I am also very grateful to our customers."
MICROS's management guidance for the fiscal 2005 first quarter ending
September 30, 2004 is for revenue between $115.0 million and $119.0 million
and net income between $5.9 million and $6.9 million. Revenue guidance for
the fiscal 2005 year ending June 30, 2005 has been increased above consensus
estimates with a range from $520.0 million to $530.0 million. Guidance for
net income for fiscal 2005 is between $38.0 million and $41.0 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.
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Fourth Quarter Ended Twelve Months Ended
June 30, June 30,
2004 2003 2004 2003
Revenue:
Hardware $47,583 $41,671 $151,640 $137,013
Software 24,213 22,597 82,486 71,251
Service 71,009 57,900 253,317 197,593
Total revenue 142,805 122,168 487,443 405,857
Cost of sales:
Hardware 33,345 29,571 105,507 98,037
Software 2,060 4,552 16,372 17,207
Service 33,624 25,852 116,455 92,054
Total cost of sales 69,029 59,975 238,334 207,298
Gross margin 73,776 62,193 249,109 198,559
Selling, general and
administrative expenses 41,170 38,848 155,235 132,601
Research and development
expenses 7,252 5,369 27,209 18,748
Depreciation and amortization 2,753 2,718 9,831 8,888
Total operating expenses 51,175 46,935 192,275 160,237
Income from operations 22,601 15,258 56,834 38,322
Non-operating (expense)
income, net (869) (254) 704 (1,127)
Income before taxes, minority
interests, and equity in net
earnings of affiliates 21,732 15,004 57,538 37,195
Income tax provision 9,091 6,201 23,592 15,078
Income before minority
interests and equity in
net earnings of affiliates 12,641 8,803 33,946 22,117
Minority interests and
equity in net earnings
of affiliates (196) (17) (667) (335)
Net income $12,445 $8,786 $33,279 $21,782
Net income per common share:
Basic $0.68 $0.49 $1.83 $1.24
Diluted $0.64 $0.48 $1.73 $1.22
Weighted-average number of
shares outstanding:
Basic 18,383 17,786 18,227 17,502
Diluted 19,341 18,401 19,209 17,838
MICROS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
June 30, June 30,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $91,451 $45,682
Accounts receivable, net 101,367 98,700
Inventories, net 36,095 31,864
Deferred income taxes 9,396 7,885
Prepaid expenses and other current assets 16,242 17,860
Total current assets 254,551 201,991
Property, plant and equipment, net 19,550 20,179
Deferred income taxes, non-current 24,573 32,003
Goodwill and intangible assets, net 73,090 74,270
Purchased and internally developed 41,112 38,089
software costs, net
Other investments 415 10
Other assets 2,785 3,473
Total assets $416,076 $370,015
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank lines of credit $2,481 $10,185
Current portion of long term debt 0 363
Current portion of capital lease obligations 139 106
Accounts payable 29,681 24,177
Accrued expenses and other current
liabilities 58,693 44,240
Income taxes payable 1,541 10,102
Deferred income taxes 512 501
Deferred service revenue 43,019 38,538
Total current liabilities 136,066 128,212
Capital lease obligations, net of current portion 166 198
Deferred income taxes, non-current 12,728 11,495
Other non-current liabilities 1,401 6,510
Commitments and contingencies
Minority interests 2,742 2,372
Shareholders' equity:
Common stock 458 450
Capital in excess of par 71,525 69,644
Retained earnings 185,658 152,381
Accumulated other comprehensive
income (loss) 5,332 (1,247)
Total shareholders' equity 262,973 221,228
Total liabilities and shareholders' equity $416,076 $370,015
SOURCE MICROS Systems, Inc.
-0- 08/26/2004
/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: Maryland
IN: CPR LEI STW
SU: ERN ERP