MICROS Systems Inc.
) Non-GAAP earnings per share for the third quarter of fiscal 2012
came in at 56 cents compared with 49 cents in the prior-year
quarter and 51 cents in the earlier quarter. This substantially
surpassed the Zacks Consensus Estimate of 48 cents.
On a GAAP basis, earnings came in at 53 cents per share, versus
47 cents in the prior-year quarter as well as prior quarter.
Revenues were $278 million, up 9.8% year over year and 2.8%
sequentially. This was exactly in line with the Zacks Consensus
On a segment basis, Service revenues came in at $177.4 million,
rising from $172.2 million, going up 3.0% from the previous year
quarter. Hardware revenues came in at $63.1 million, increasing
26.5% from the year-ago quarter. Software revenues came in at $37.6
million, up 20.9% year over year.
Gross margin came in at 54.9% compared with 55.8% in the
year-ago quarter and 56.3% in the last quarter. Operating margin
came in at 20.1% versus 20.5% in the previous year period, but
remained stable sequentially.
At the end of the quarter, cash and cash equivalents amounted to
$816.0 million, rising 10.3% from $739.5 million at the end of the
earlier quarter. Inventory fell around 1.6% to $36.7 million from
$37.3 million in the prior quarter. Accounts payable surged 7.2% to
$53.7 million at the end of the quarter from $50.1 million at the
end of December 31, 2011.
A number of contract wins and extensions were earned by the
company during its third quarter, which were chiefly responsible
for the escalated revenue growths. We are also hopeful that these
long-term awards will continue to generate approbatory yields for
MICROS as it moves ahead to battle the lingering downsides of the
on-going clouded fiscal scenario.
The company currently retains a Zacks #3 Rank, which translates
into a short-term 'Hold' rating. We also maintain a long-term
'Neutral' recommendation on the stock.
MICROS SYS (
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