MICROS Reports Fiscal 2009 Results Revenue, Net Income and EPS Exceed Expectations, New Stock Buyback Plan Approved

  • Oracle Hospitality Food and Beverage Solutions
  • 08.28.09
MICROS Systems, Inc. (Nasdaq: MCRS), a leading supplier of information systems to the hospitality and retail industries, announced the results for its fiscal 2009 fourth quarter and fiscal year ending June 30, 2009.

Financial highlights include:
  • Revenue for the fiscal 2009 fourth quarter was $224.2 million; revenue for the 2009 fiscal year was $911.8 million.
  • GAAP net income for the quarter was $24.0 million; GAAP net income for the fiscal year was $99.3 million.
  • GAAP diluted earnings per share (EPS) for the quarter was $0.29; GAAP diluted EPS for the fiscal year was $1.21.

During the fourth quarter, MICROS recorded a one-time restructuring charge of $3.8 million related to operations. The company also recorded an impairment charge of $1.3 million related to its investments in auction rate securities.

- Non-GAAP financial results, excluding the effect of charges for stock options, the one-time restructuring and the investment impairment, are as follows: Non-GAAP net income for the quarter was $29.3 million; Non-GAAP net income for the fiscal year was $113.0 million, and Non-GAAP diluted EPS for the quarter was $0.36; Non-GAAP diluted EPS for the fiscal year was $1.38, a record.
The financial results for the fourth quarter and fiscal year exceeded consensus expectations.

Tom Giannopoulos, MICROS's chairman and CEO, said, "We are very pleased with our financial results for the fiscal 2009 fourth quarter and fiscal year. Even with the difficult business conditions, we produced solid revenue with record operating profit and record earnings per share."

On August 25, 2009, the company's board of directors approved the purchase of an additional two million shares of common stock. Shares under the new plan will be purchased from time to time in the open market as business conditions warrant.

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 27, 2009. 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.

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