Micros reports record revenue despite post-Sept. 11 turmoil

Columbia company makes technology for hotels, restaurants

August 29, 2002|By Andrew Ratner | Andrew Ratner,SUN STAFF

Micros Systems Inc., a Columbia-based maker of technology for restaurants and hotels, reported record revenue yesterday for its recently concluded fiscal year in spite of the turmoil that Sept. 11 caused for the hospitality industry.

"The fact that we achieved double-digit revenue growth, a record revenue year, and significant profitability during a period of economic and political uncertainty demonstrates the strength of our product lines, service offerings and distribution channels," Tom Giannopoulos, Micros' chairman and chief executive officer, said.

Micros reported net income of $5.2 million, or 30 cents a share, for the quarter that ended June 30 - up more than threefold from net income of $1.1 million, or 6 cents a share, for the comparable period last year.

Revenue for the quarter, the third highest in company history, was $100.4 million. That was up 11 percent over the quarter a year ago, when revenue was $90.4 million.

Earnings per share on a diluted basis were 29 cents, almost five times better than the 6 cents per diluted share reported for the period last year.

For the fiscal year that ended June 30, revenue was $367.2 million, up 12.4 percent from $326.8 million for fiscal 2001. That exceeded the previous best revenue year: $359 million in 2000.

Net income for the fiscal year was $12.2 million, or 70 cents a share. That compared with a loss of $704,000, or 4 cents a share, last year.

Earnings per share on a diluted basis were 69 cents, compared with a loss of 4 cents in 2001.

Revenue, net income and earnings per share for the fourth quarter and the fiscal year all exceeded the consensus expectations of Wall Street. Analysts had estimated the company would report earnings of 28 cents a share for the quarter.

"Micros is a more financially viable company than many of its competitors, and that gave them an opportunity to continue to move in and bulk up market share," said Matthew Kempler, an analyst with Sidoti & Co. in New York. Kempler also credited the company's moves to gain business from midlevel hotel and restaurant chains, beyond the marquee names in the industry.

In providing guidance for the 2003 fiscal year, Micros said it expects revenue between $380 million and $385 million, and net income between $20.5 million and $23 million.

"We're just hedging our situation right now, in regards to the business conditions worldwide," Giannopoulos told an analyst on a conference call who wondered why projected revenue growth wasn't greater than 4.2 percent for 2003 given the gains it reported yesterday. "There is still substantial uncertainty about economic conditions."

Results were released after the stock market closed. Micros shares closed down $1.13, or 4.5 percent, to $24.12 on the Nasdaq stock market. The company employs about 2,500 people.

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