MICROS Reports Fiscal 2001 Third Quarter Results

Apr 26, 2001, 01:00 ET from MICROS Systems, Inc.

    COLUMBIA, Md., April 26 /PRNewswire/ -- MICROS Systems, Inc.
 (Nasdaq:   MCRS), a leading supplier of information systems to the hospitality
 industry, today announced the results for its fiscal 2001 third quarter ended
 March 31, 2001.   Revenue for the quarter was $81.1 million with a net income
 of  $0.1 million, and breakeven on an earnings per share basis.  Last year's
 third quarter revenue was $92.0 million with a net income of $10.2 million,
 and earnings per share, on a diluted basis, of $0.56.
     For the nine-month period ending March 31, 2001, MICROS's revenue was
 $235.2 million with a net loss of $1.8 million, or a loss of $0.10 per diluted
 share.  Last year's nine-month revenue was $282.1 million with a net income of
 $23.9 million, or earnings per share, on a diluted basis, of  $1.34.
     Tom Giannopoulos, MICROS's President and Chief Executive Officer stated:
 "We are pleased with the progress we made in the quarter with sequential
 quarterly revenue growth and a return to profitability. We are confident that
 our continued investments in new products, targeted acquisitions and expanding
 distribution have positioned MICROS well for the future.  The results of these
 investments can be seen in the wide range of new customer wins and products
 announced during the quarter."
     Mr. Giannopoulos added, "The rigorous cost-reduction program we
 implemented has helped us achieve profitability during this slow-down, and
 will allow us to drive additional profitability in future quarters as the full
 benefit of this program is derived.  Additionally, we look forward to this
 quarter as we release several important products such as Opera Front Office,
 the 9700 Hospitality Management System, and the Eclipse, a new point-of-sale
 PC based terminal."
     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
              (Unaudited - in thousands, except per share amounts)
 
                              Third Quarter Ended          Nine Months Ended
                                   March 31,                    March 31,
                              2001          2000          2001          2000
     Revenue:
      Hardware and software $42,488       $55,711     $124,542      $172,890
      Service                38,646        36,242      110,698       109,239
     Total revenue           81,134        91,953      235,240       282,129
 
     Cost of sales:
      Hardware and software  20,501        20,265       61,253        84,166
      Service                19,640        19,726       56,794        55,189
     Total cost of sales     40,141        39,991      118,047       139,355
 
     Gross margin            40,993        51,962      117,193       142,774
 
     Selling, general and
      administrative
      expenses               31,622        27,325       93,589        79,499
     Research and
      development expenses    5,473         4,491       14,399        12,676
     Depreciation and
      amortization            3,626         3,167       10,382         8,862
     Total operating
      expenses               40,721        34,983      118,370       101,037
 
     Income (loss) from
      operations                272        16,979      (1,177)        41,737
 
     Non-operating income
      (expense), net             52           507      (1,376)         (277)
 
     Income (loss) before
      taxes, minority interest,
      equity in net earnings
      of affiliates             324        17,486      (2,553)        41,460
 
     Income tax provision
      (benefit)                 131         7,081      (1,034)        16,787
 
     Income (loss) before
      minority interest and
      equity in net earnings
      of affiliates             193        10,405      (1,519)        24,673
 
     Minority interest and
      equity in net earnings
      of affiliates           (124)         (181)        (295)         (741)
 
     Net income (loss)          $69       $10,224     ($1,814)       $23,932
 
     Net income (loss) per
      common share:
        Basic                 $0.00         $0.60       ($.10)         $1.44
        Diluted               $0.00         $0.56       ($.10)         $1.34
 
     Weighted-average number
      of shares outstanding:
        Basic                17,373        17,080       17,356        16,635
        Diluted              17,497        18,356       17,356        17,880
 
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SOURCE MICROS Systems, Inc.
    COLUMBIA, Md., April 26 /PRNewswire/ -- MICROS Systems, Inc.
 (Nasdaq:   MCRS), a leading supplier of information systems to the hospitality
 industry, today announced the results for its fiscal 2001 third quarter ended
 March 31, 2001.   Revenue for the quarter was $81.1 million with a net income
 of  $0.1 million, and breakeven on an earnings per share basis.  Last year's
 third quarter revenue was $92.0 million with a net income of $10.2 million,
 and earnings per share, on a diluted basis, of $0.56.
     For the nine-month period ending March 31, 2001, MICROS's revenue was
 $235.2 million with a net loss of $1.8 million, or a loss of $0.10 per diluted
 share.  Last year's nine-month revenue was $282.1 million with a net income of
 $23.9 million, or earnings per share, on a diluted basis, of  $1.34.
     Tom Giannopoulos, MICROS's President and Chief Executive Officer stated:
 "We are pleased with the progress we made in the quarter with sequential
 quarterly revenue growth and a return to profitability. We are confident that
 our continued investments in new products, targeted acquisitions and expanding
 distribution have positioned MICROS well for the future.  The results of these
 investments can be seen in the wide range of new customer wins and products
 announced during the quarter."
     Mr. Giannopoulos added, "The rigorous cost-reduction program we
 implemented has helped us achieve profitability during this slow-down, and
 will allow us to drive additional profitability in future quarters as the full
 benefit of this program is derived.  Additionally, we look forward to this
 quarter as we release several important products such as Opera Front Office,
 the 9700 Hospitality Management System, and the Eclipse, a new point-of-sale
 PC based terminal."
     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
              (Unaudited - in thousands, except per share amounts)
 
                              Third Quarter Ended          Nine Months Ended
                                   March 31,                    March 31,
                              2001          2000          2001          2000
     Revenue:
      Hardware and software $42,488       $55,711     $124,542      $172,890
      Service                38,646        36,242      110,698       109,239
     Total revenue           81,134        91,953      235,240       282,129
 
     Cost of sales:
      Hardware and software  20,501        20,265       61,253        84,166
      Service                19,640        19,726       56,794        55,189
     Total cost of sales     40,141        39,991      118,047       139,355
 
     Gross margin            40,993        51,962      117,193       142,774
 
     Selling, general and
      administrative
      expenses               31,622        27,325       93,589        79,499
     Research and
      development expenses    5,473         4,491       14,399        12,676
     Depreciation and
      amortization            3,626         3,167       10,382         8,862
     Total operating
      expenses               40,721        34,983      118,370       101,037
 
     Income (loss) from
      operations                272        16,979      (1,177)        41,737
 
     Non-operating income
      (expense), net             52           507      (1,376)         (277)
 
     Income (loss) before
      taxes, minority interest,
      equity in net earnings
      of affiliates             324        17,486      (2,553)        41,460
 
     Income tax provision
      (benefit)                 131         7,081      (1,034)        16,787
 
     Income (loss) before
      minority interest and
      equity in net earnings
      of affiliates             193        10,405      (1,519)        24,673
 
     Minority interest and
      equity in net earnings
      of affiliates           (124)         (181)        (295)         (741)
 
     Net income (loss)          $69       $10,224     ($1,814)       $23,932
 
     Net income (loss) per
      common share:
        Basic                 $0.00         $0.60       ($.10)         $1.44
        Diluted               $0.00         $0.56       ($.10)         $1.34
 
     Weighted-average number
      of shares outstanding:
        Basic                17,373        17,080       17,356        16,635
        Diluted              17,497        18,356       17,356        17,880
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X96579394
 
 SOURCE  MICROS Systems, Inc.