MICROS Systems Inc.
) non -GAAP diluted earnings per share for the first quarter of
fiscal 2013 (ended September 30, 2012) came in at 57 cents
compared with 48 cents in the prior-year quarter and 68 cents in
the previous quarter. This surpassed the Zacks Consensus Estimate
of 54 cents.
On a GAAP basis, earnings came in at 50 cents per share versus
45 cents in the year-ago quarter and 59 cents in the prior
Revenues were $299.9 million, up 16.9% year over year but down
0.9% sequentially. The annual rise in the revenue was driven by
the company's organic growth as well as its recent acquisition of
On a segment basis, Service revenues came in at $205.3
million, rising 17.4% from $174.9 million in the previous year
quarter. Hardware revenues came in at $63.8 million, increasing
31.7% from the year-ago quarter. Software revenues came in at
$30.8 million, down 7.5% year over year owing to the seasonal
Income and Expenses
Gross margin came in at 51.1% compared with 56.3% in the
year-ago quarter and 54.7% in the last quarter. The
year-over-year decline was due to higher cost of sales in the
quarter as well as impacts from weak operating conditions in the
U.S. and Europe.
In the quarter, selling, general and administrative expenses
came in at $72.6 million, decreased 0.1% from the year-earlier
quarter. Research and development expenses amounted to $16.4
million, up 48.4% annually.
Operating margin came in at 17.7% versus 20.8% in the previous
year period and 23.4% in the previous quarter.
MICROS ended the quarter with cash and cash equivalents and
short-term investments of $581.2 million versus $582.0 million at
the end of the previous quarter. Net accounts receivable were
$244 million at the end of the quarter compared with $235.4
million at the end of the prior quarter. As of September 30,
2012, inventory was $48.9 million versus $44.3 million at the end
of the previous quarter.
The company repurchased nearly 2,000 shares at an average
price of $47.63 during the first quarter of fiscal 2013.
The company has reiterated its guidance for fiscal 2013. The
company continues to expect that revenue will be within the range
of $1.3 to $1.325 billion. MICROS project that non-GAAP earnings
per share will be within $2.40 to $2.44.
The company faces tough competition from
PAR Technology Corporation
), who are continuously strengthening their potentials through
expanding their businesses worldwide.
The company currently retains a Zacks #2 Rank, which
translates into a short-term 'Buy' rating. We also maintain a
long-term 'Neutral' recommendation on the stock.
MICROS SYS (MCRS): Free Stock Analysis Report
NCR CORP-NEW (NCR): Free Stock Analysis
(PAR): ETF Research Reports
PANASONIC CORP (PC): Free Stock Analysis
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