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MICROS Reports Fiscal 2011 Second Quarter Results

COLUMBIA, Md. Jan. 27, 2011 December 31, 2010

FINANCIAL HIGHLIGHTS

  • $247.1 million $21.5 million
  • $480.5 million $43.5 million
  • $32.3 million $6.2 million
  • $63.9 million $13.7 million
  • $0.39 $0.07
  • $0.78 $0.16
    • $36.9 million $7.9 million
    • $70.3 million $14.6 million
    • $0.45 $0.09
    • $0.85 $0.16
  • MICROS’s revenue, net income and EPS results were Company records for a second fiscal quarter.

Tom Giannopoulos

$1 billion and $1.005 billion $145 million and $147 million $140 million to $142 million

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.

January 27, 2011

http://www.micros.com

MICROS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited – in thousands, except per share amounts)

Three Months Ended

Six Months Ended

December 31,

December 31,

2010

2009

2010

2009

Revenue:

Hardware

$       47,841

$       45,793

$       92,107

$       89,099

Software

33,079

30,499

60,968

55,192

Service

166,197

149,355

327,456

292,757

Total revenue

247,117

225,647

480,531

437,048

Cost of sales:

Hardware

31,353

30,364

61,308

58,416

Software

4,921

7,045

10,747

12,432

Service

73,446

63,259

144,624

125,396

Stock option expense

27

62

Total cost of sales

109,747

100,668

216,741

196,244

Gross margin

137,370

124,979

263,790

240,804

Selling, general and administrative expenses

68,351

67,124

130,542

129,339

Research and development expenses

10,806

9,560

21,467

20,430

Depreciation and amortization

4,243

4,319

8,362

8,161

Litigation reserve

3,000

3,000

Stock option expense

4,289

4,378

6,899

7,429

Total operating expenses

90,689

85,381

170,270

165,359

Income from operations

46,681

39,598

93,520

75,445

Non-operating income (expense):

Interest income, net

           1,397

              825

           2,453

           1,877

Interest expense – litigation reserve

            (360)

                –  

            (360)

                –  

Change in credit based impairment, net of

realized loss on redemption

              (73)

                –  

                19

            (387)

Other non-operating income (expense), net

              505

            (427)

            (395)

            (435)

Total non-operating income, net

           1,469

              398

           1,717

           1,055

Income before taxes

48,150

39,996

95,237

76,500

Income tax provision

15,649

13,334

31,042

25,471

Net income

32,501

26,662

64,195

51,029

Less:  Net income attributable to noncontrolling interest

(173)

(532)

(251)

(755)

Net Income attributable to MICROS Systems, Inc. (GAAP)

$       32,328

$       26,130

$       63,944

$       50,274

Net Income per diluted common share attributable to

MICROS Systems, Inc.

$           0.39

$           0.32

$           0.78

$           0.62

Weighted-average number of shares outstanding – diluted

82,717

81,234

82,390

81,283

Reconciliation of GAAP Net Income and EPS attributable to MICROS Systems, Inc. to Non-GAAP Net Income and EPS attributable to MICROS Systems, Inc. 

Net Income attributable to MICROS Systems, Inc.

$       32,328

$       26,130

$       63,944

$       50,274

Add back:

Stock option expense

   Selling, general and administrative expenses

           4,164

           4,235

           6,648

           7,139

   Research and development expenses

              125

              143

              251

              290

   Cost of sales

                27

                –  

                62

                –  

           4,316

           4,378

           6,961

           7,429

Litigation reserve, including accrued interest expense

           3,360

                –  

           3,360

                –  

Change in credit based impairment, net of realized loss on redemption

                73

                –  

              (19)

              387

Total add back

           7,749

           4,378

         10,302

           7,816

Subtract tax effect on:

Stock option expense

           1,866

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