Micros Systems earns 5 cents a share, beats estimates

1st fiscal quarter results rebound from 5 cents loss, exceed forecast by 1 cent

October 26, 2001|By Andrew Ratner | Andrew Ratner,SUN STAFF

Micros Systems Inc.'s rebound continued in the first quarter of its 2002 fiscal year, the Columbia technology company reported yesterday.

The company, which makes point-of-sale systems for the hospitality industry, reported earnings of 5 cents per diluted share for the quarter that ended Sept. 30.

That was up from a 5-cent loss per share for the corresponding period last year. It also was better than analysts' estimates of 4 cents a share, according to Thomson Financial/First Call.

Net income for the quarter was $879,000. The company lost $919,000 in the comparable period in fiscal 2001.

Before the quarterly results were released, Micros' stock gained 54 cents to close at $20.65 a share on the Nasdaq stock market. The stock climbed from a 52-week low of $15.25 in December to a 52-week high of $29.25 last month.

Revenue for the quarter increased 12 percent, to $83.5 million from $74.3 million a year ago. It was the second-highest revenue in the first quarter ever for the company, which began in 1977.

Total operating expenses were $37 million, equal with a year ago.

That is due to nearly 300 job cuts this year, half through layoffs and 150 through attrition. The latest came two weeks ago when 75 employees were laid off at units in Phoenix and Portsmouth, N.H., that serve the weakened hotel industry.

"We still believe we can cut expenses even further," A.L. "Tom" Giannopoulos, Micros' chairman and chief executive officer, told investment analysts in a conference call last evening. Peter J. Rogers Jr., vice president of investor relations, said afterward that no more layoffs are planned.

Among recent contracts is a two-year deal to upgrade its services for the Perkins Restaurant & Bakery chain, operated by the Restaurant Company of Memphis, Tenn.

Micros also recently announced its 5,000th machine for the Subway restaurant chain; its 600th for the CBORD Group Inc., which operates a cash-less ID card system in institutional cafeterias; and its 500th system for Carlson Hospitality Worldwide's Country Inn and Suites.

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