MICROS Systems Inc.
) non -GAAP diluted earnings per share for the fourth quarter of
fiscal 2012 came in at 68 cents compared with 58 cents in the
prior-year quarter and 56 cents in the previous quarter. This
substantially surpassed the Zacks Consensus Estimate of 55
On a GAAP basis, earnings came in at 59 cents per share, versus
50 cents in the year-ago quarter and 53 cents in the prior
In fiscal 2012, non-GAAP diluted earnings per share were $2.22
compared with $1.92 in fiscal 2011. The results beat the Zacks
Consensus Estimate of $2.00 per share.
Revenues were $302.5 million, up 10.4% year over year and 8.8%
sequentially. The record revenue was due to the company's overall
impressive performance in all its business segments across all
On a segment basis, Service revenues came in at $196.3 million,
rising 7.8% from $182.1 million in the previous year quarter.
Hardware revenues came in at $69 million, increasing 21.1% from the
year-ago quarter. Software revenues came in at $37.2 million, up
6.1% year over year.
In fiscal 2012, total revenue came to $1.1 billion, rising 9.9%,
annually. Segment-wise, Service revenues amounted to $727 million,
increasing 6.6% annually, Hardware revenues were $238 million,
rising 19.6% year over year and Software revenues came in at $142.6
million, up 12.2% annually.
Income and Expenses
Gross margin came in at 54.7% compared with 56.5% in the
year-ago quarter and 54.9% in the last quarter. Operating margin
came in at 23.4% versus 23.7% in the previous year period and 20.1%
in the previous quarter.
In the quarter, selling, general and administrative expenses
came in at $71.6 million, increased 2.3% from the year-earlier
quarter. Research and development expenses amounted to $14.2
million, up 16.9% annually.
In the fiscal year 2012, gross margin was 55.5% compared to
55.6% in the fiscal 2011, whereas operating margin came in at 21.2%
in fiscal 2012 versus 20.9% in fiscal 2011.
MICROS ended the year with cash and cash equivalents and
short-term investments of $582.0 million, down from $816.0 million
at the end of the previous quarter. Net accounts receivable
were $235.4 million at the end of the year compared with $208.3
million at the end of the prior quarter. As of June 30, 2012,
inventory was $44.3 million versus $36.7 million at the end of the
In fiscal 2012, the company repurchased nearly 1.3 million
shares out of which 110,000 shares were bought back in the fourth
quarter of fiscal 2012.
For fiscal 2013, the company expects that revenue will be within
the range of $1.3 to $1.325 billion. MICROS projects that non-GAAP
earnings per share will be within $2.40 to $2.44. The capital
expenditure is also likely to be nearly $20 million in fiscal
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 (MCRS): Free Stock Analysis Report
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