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MICROS Systems, Inc., a leading provider of information technology solutions for the hospitality and retail industries, today announced the results for its fiscal 2013 third quarter ended March 31, 2013.
FINANCIAL HIGHLIGHTS
• Revenue for the quarter was $315.1 million, an increase of $37.1 million, or 13.3%, over the same period last year.
• Revenue for the nine-month period was $939.5 million, an increase of $134.5 million, or 16.7%, over the same period last year.
• GAAP net income for the quarter was $44.3 million, an increase of $1.0 million, or 2.4%, over the same period last year.
• GAAP net income for the nine-month period was $129.4 million, an increase of $10.7 million, or 9.0%, over the same period last year.
• GAAP diluted earnings per share (EPS) for the quarter was $0.55 per share, an increase of $0.02, or 3.8%, over the same period last year.
• GAAP diluted EPS for the nine-month period was $1.59, an increase of $0.14, or 9.7%, over the same period last year.
• Non-GAAP financial results, excluding the effect of charges for stock options, amortization of Torex intangibles, restructuring of Torex, and a one-time gain on the sale of auction rate securities are as follows:
- Non-GAAP net income for the quarter was $49.6 million, an increase of $4.0 million, or 8.9%, over the same period last year.
- Non-GAAP net income for the nine-month period was $143.0 million, an increase of $16.0 million, or 12.6%, over the same period last year.
- Non-GAAP diluted EPS for the quarter was $0.62, an increase of $0.06, or 10.7%, over the same period last year.
- Non-GAAP diluted EPS for the nine-month period was $1.76, an increase of $0.21, or 13.5%, over the same period last year.
- MICROS’s revenue, net income and EPS results were Company records for a third fiscal quarter.
Peter A. Altabef, MICROS’s President and CEO, stated,"We continue to execute in a difficult environment and I am confident in our ability to meet not just the challenges but the opportunities which lie ahead."
MICROS’s financial guidance for fiscal 2013 is now for revenue between $1.256 billion and $1.272 billion and Non-GAAP EPS between $2.37 and $2.39. Fiscal fourth quarter guidance is for revenue between $317.0 million and $333.0 million and Non-GAAP EPS between $0.61 and $0.63.
NEW STOCK BUYBACK APPROVED
On April 23, 2013, our Board of Directors approved the purchase of $225.0 million of our common stock. The new plan will take effect once the current two million share buyback plan of January 2013 is completed, of which approximately 1.4 million shares remain for repurchase. Under the new plan, shares will be purchased from time to time in the open market as business conditions warrant.
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.
All information in this release is as of April 25, 2013. MICROS undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in MICROS’s expectations.
For further information regarding risks and uncertainties associated with MICROS’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business and Investment Risks” sections of MICROS’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting MICROS’s investor relations department at 443-285-8059 or at micros.com/.
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