Exhibit 99.1
RELEASE DATE: OCTOBER 30, 2002
CONTACT: PETER J. ROGERS, JR.
VICE PRESIDENT, INVESTOR RELATIONS
443-285-8059 PROGERS@MICROS.COM
MICROS REPORTS FISCAL 2003 FIRST QUARTER RESULTS REVENUE, NET INCOME AND EPS
MEET EXPECTATIONS
COLUMBIA, MARYLAND.... MICROS Systems, Inc. (Nasdaq:MCRS), a leading supplier of
information systems to the hospitality industry, today announced the results for
its fiscal 2003 first quarter ended September 30, 2002. Revenue for the quarter
was $86.5 million, an increase of $3.0 million, or 3.6%, over the same period
last year. Net income for the quarter was $2.7 million, an increase of $1.8
million, or 206.6%, over the year ago net income of $0.9 million. Earnings per
share, on a diluted basis, were $0.15, an increase of $0.10 over the year ago
earnings of $0.05 per diluted share. Revenue, net income and earnings per share
results met 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 did not record goodwill amortization expense for the 2003
first fiscal quarter. For comparison purposes, in the first quarter of fiscal
2002, the effect of goodwill amortization was $0.06 per share on a diluted
basis.
Tom Giannopoulos, MICROS's Chairman and CEO, stated: "We are pleased with the
start of our new fiscal year as we achieved our first quarter financial targets.
While we are challenged by the uncertainties of the hospitality industry, we
continue to steadily improve our operations to strengthen our leadership
position."
MICROS's management guidance for the second fiscal quarter of 2003 ending
December 31, 2002 is for revenue between $90.0 million and $94.0 million and net
income between $4.0 million and $5.0 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.
Page 1 of 2
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
First Quarter Ended September 30,
2002 2001
---- ----
Revenue:
Hardware and software $43,160 $42,698
Service 43,351 40,813
------ ------
Total revenue 86,511 83,511
------ ------
Cost of sales:
Hardware and software 25,276 24,346
Service 19,822 19,097
------ ------
Total cost of sales 45,098 43,443
------ ------
Gross margin 41,413 40,068
------ ------
Selling, general and administrative expenses 29,444 28,680
Research and development expenses 4,887 4,826
Depreciation and amortization 2,046 3,755
----- -----
Total operating expenses 36,377 37,261
------ ------
Income from operations 5,036 2,807
Non-operating expense, net (624) (1,139)
----- -------
Income before taxes, minority interests, and equity in net
earnings of affiliates 4,412 1,668
Income tax provision 1,677 667
----- ---
Income before minority interests and equity in net earnings of
affiliates 2,735 1,001
Minority interests and equity in net earnings of affiliates (40) (122)
---- -----
Net income $2,695 $879
------ ----
Net income per common share:
Basic $0.15 $0.05
----- -----
Diluted $0.15 $0.05
----- -----
Weighted-average number of shares outstanding:
Basic 17,474 17,492
Diluted 17,807 17,722
Page 2 of 2