1
EXHIBIT 99.2
MICROS SYSTEMS, INC.
PROFORMA CONDENSED COMBINED BALANCE SHEET-SEPTEMBER 30, 1995
(UNAUDITED - DOLLARS IN THOUSANDS)
HISTORICAL HISTORICAL PROFORMA COMPANY
ASSETS MICROS SYSTEMS FIDELIO (a) ADJUSTMENTS PROFORMA
-------------- ------- ----------- --------
CASH/SHORT TERM INVESTMENTS 24,651 1,018 (1,718) (b) 16,173
(7,778) (d)
ACCOUNTS RECEIVABLE, NET 28,516 13,468 (1,219) (f) 40,765
INVENTORIES 14,136 907 (75) (e) 14,968
PREPAID EXPENSES & OTHER CURRENT ASSETS 6,089 3,031 (1,074) (b) 8,046
------------------- --------- ----------------- -------------
TOTAL CURRENT ASSETS 73,392 18,424 (11,864) 79,952
PROPERTY, PLANT AND EQUIPMENT, NET 11,381 2,615 13,996
OTHER ASSETS 1,506 524 2,030
DEFERRED INCOME TAXES 6,647 (g) 6,647
INVESTMENTS IN AFFILIATES & RELATED GOODWILL 8,287 4,059 (3,513) (c) 19,671
14,838 (d)
(4,000) (d)
CAPITALIZED SOFTWARE COSTS & OTHER INTANGIBLES 4,239 2,789 840 (d) 10,658
1,190 (d)
1,600 (d)
PURCHASED INCOMPLETE SOFTWARE TECHNOLOGY 14,770 (d) --
(14,770) (g)
------------------- --------- ----------------- -------------
TOTAL ASSETS 98,805 28,411 5,738 132,954
=================== ========= ================= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
ACCOUNTS PAYABLE/ACCRUED EXPENSES 27,015 4,754 (1,219) (f) 30,550
CURRENT PORTION OF LONG TERM DEBT 382 154 20,742 (d) 21,278
SHAREHOLDERS LOANS - 2,792 (2,792) (b) -
OTHER CURRENT LIABILITIES 6,749 13,289 1,640 (d) 21,678
------------------- --------- ----------------- -------------
TOTAL CURRENT LIABILITIES 34,146 20,989 18,371 73,506
LONG TERM DEBT, NET OF CURRENT PORTION 6,163 2,585 8,748
NON CURRENT LIABILITIES - - -
DEFERRED INCOME TAXES PAYABLE 933 922 (922) (d) 933
MINORITY INTEREST 421 402 823
------------------- --------- ----------------- -------------
TOTAL LIABILITIES 41,663 24,898 17,449 84,010
COMMON STOCK 197 138 (138) (c) 197
CAPITAL IN EXCESS OF PAR 15,031 - - 15,031
RETAINED EARNINGS 40,656 3,325 (3,325) (c) 32,458
(8,124) (g)
(75) (e)
ACCUMULATED FOREIGN CURRENCY TRANSLATION
ADJUSTMENTS 1,258 50 (50) (c) 1,258
------------------- --------- ----------------- -------------
TOTAL SHAREHOLDERS' EQUITY 57,142 3,513 (11,712) 48,944
------------------- --------- ----------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 98,805 28,411 5,738 132,954
=================== ========= ================= =============
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MICROS SYSTEMS, INC.
BALANCE SHEET - PROFORMA ADJUSTMENT NOTES
(a) Statement of financial position (unaudited) of Fidelio at September 30,
1995 has been translated into U.S. dollars using the exchange rate at DM .6830
to $1 U.S., the rate in effect at that date. Historical Fidelio amounts
include the proforma effects of its acquisition of Executive Technologies which
occurred in October 1995
(b) Represents the repayment and elimination of shareholder loans
(c) Eliminate equity of Fidelio
(d) The purchase of Fidelio is reflected:
Cash paid (7,778)
Debt incurred (20,742)
Liabilities incurred (1,640)
Fair value adjustments:
Fidelio's goodwill (4,000)
Fidelio's deferred taxes 922
Customer base 840
Trademarks 1,190
Capitalized software 1,600
Purchased incomplete 14,770
software technology
Excess of purchase price over
fair value of net assets acquired 14,838
(e) Represents the elimination of after-tax gross profit in inventory related
to intercompany sales
(f) Eliminate intercompany payable/receivable
(g) Purchased incomplete software technology written off at time of acquisition
is excluded from the proforma condensed statements of operations and reflected
as a reduction of retained earnings, net of tax benefit, in the proforma
condensed balance sheet.
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MICROS SYSTEMS, INC.
PROFORMA CONDENSED STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1995
(UNAUDITED - DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
HISTORICAL HISTORICAL PROFORMA COMPANY
MICROS SYSTEMS FIDELIO (a) ADJUSTMENTS PROFORMA
-------------- ------- ----------- --------
Revenues $ 112,021 $ 50,232 $ (4,140) (g) $ 158,113
Cost of Sales 56,263 23,642 (3,940) (g) 76,071
106 (b)
------------ --------- ------------ ------------
Gross Margin 55,758 26,590 (306) 82,042
Selling, general and administrative expense 32,817 19,907 52,724
Research and development expenses 4,758 320 5,078
Purchased incomplete software technology (d) -- --
Depreciation and amortization 1,640 1,139 2,531 (c) 5,310
------------ --------- ---------- ----------
Income from operations 16,543 5,224 (2,837) 18,930
Non operating income (expense) 1,133 (680) (1,546) (e) (1,339)
(175) (f)
(71) (h)
------------ --------- ---------- ----------
Income before taxes and equity in 17,676 4,544 (4,629) 17,591
net earnings of affiliates
Income taxes 6,175 2,392 (2,083) (i) 6,484
------------ --------- ---------- ----------
Income before equity in net earnings 11,501 2,152 (2,546) 11,107
of affiliates
Equity in net earnings of affiliates 77 14 (j) 91
------------ --------- ---------- ----------
Net income $ 11,578 $ 2,152 $ (2,532) $ 11,198
============ ========= ========== ==========
Net income per share $ 1.46 $ 1.41
============ ==========
Weighted average
shares outstanding 7,952 7,952
============ ==========
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MICROS SYSTEMS, INC.
PROFORMA CONDENSED STATEMENT OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED - DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
HISTORICAL HISTORICAL PROFORMA COMPANY
MICROS SYSTEMS FIDELIO (a) ADJUSTMENTS PROFORMA
-------------- ------- ----------- --------
Revenues $ 32,360 $ 16,212 $ (1,787) (g) $ 46,785
Cost of Sales 16,399 8,986 (1,587) (g) 23,795
(3) (b)
------------ --------- ---------- ----------
Gross Margin 15,961 7,226 (197) 22,990
Selling, general and administrative expense 9,560 4,862 14,422
Research and development expenses 1,368 131 1,499
Purchased incomplete software technology (d) -- --
Depreciation and amortization 519 408 633 (c) 1,560
------------ --------- ---------- ----------
Income from operations 4,514 1,825 (830) 5,509
Non operating income (expense) 77 (9) (386) (e) (318)
------------ ------------- ---------- ----------
Income before taxes and equity in 4,591 1,816 (1,216) 5,191
net earnings of affiliates
Income taxes 1,627 626 (547) (i) 1,706
------------ --------- ---------- ----------
Income before equity in net earnings 2,964 1,190 (669) 3,485
of affiliates
Equity in net earnings of affiliates 290 0 (383) (j) (93)
------------ --------- ---------- ----------
Net income $ 3,254 $ 1,190 $ (1,052) $ 3,392
============ ========= ========== ==========
Net income per share $ 0.41 $ 0.43
============ ==========
Weighted average
shares outstanding 7,978 7,978
============ ==========
5
MICROS SYSTEMS, INC.
STATEMENT OF OPERATIONS - PROFORMA ADJUSTMENT NOTES
(a) Statements of operations (unaudited) for the twelve months ending June 30,
1995 and three months ending September 30, 1995 of Fidelio have been translated
into U.S. dollars using the average exchange rates for the periods of DM .6652
to $1 U.S. and DM .7098 to $1 U.S., respectively. Historical Fidelio amounts
include the proforma effects of its acquisitions of Executive Technologies and
Nordic Team which occurred in October, 1995 and March, 1995, respectively
(b) Incremental amortization of capitalized software development costs
amortized over four years
(c) Amortization of goodwill over nine years (includes amortization
of goodwill previously accounted for in equity accounting being eliminated in
(j) below), customer base over seven years and trademark over nine years
(d) Purchased incomplete software technology written off at the time of
acquisition is excluded from the proforma condensed statements of operations
and reflected as a reduction of retained earnings, net of tax benefit, in the
proforma condensed balance sheet
(e) Interest expense on debt in the amount of the purchase price
(f) Eliminate dividends received from Fidelio when it was 15%- owned and
accounted for on a cost basis
(g) Eliminate intercompany sales and cost of sales
(h) Eliminate translation gain on cost investment in Fidelio when it was 15%-
owned and accounted for on a cost basis
(i) Tax effect of (b) - (h) above
(j) Eliminate equity in Fidelio results recorded when it was 30%-owned