Micros profit more than triples in 1Q

Columbia firm earns 15 cents a share, up from 5 cents

October 31, 2002|By Stacey Hirsh | Stacey Hirsh,SUN STAFF

Micros Systems Inc., a Columbia company that makes technology for hotels and restaurants, reported yesterday that its earnings more than tripled as revenue increased slightly for its fiscal first quarter.

"Overall, to make money in this environment, I think is a real accomplishment," said Peter J. Rogers Jr., vice president of investor relations for Micros.

The company reported net income of $2.7 million, or 15 cents per diluted share, for the quarter that ended Sept. 30. That compares with a net income of $879,000, or 5 cents per share, in the first fiscal quarter last year.

Revenue for the quarter was $86.5 million, compared with $83.5 million in the 2001 quarter.

"We are pleased with the start of our new fiscal year as we achieved our first quarter financial targets," Tom Giannopoulos, the company's chairman and chief executive, said in a statement. "While we are challenged by the uncertainties of the hospitality industry, we continue to steadily improve our operations to strengthen our leadership position."

The earnings met analysts' expectations.

Rogers said Micros' business with restaurants in the United States has been strong, as has its business with hotels and restaurants overseas. But business with major American hotels has been weak, he said. The company's products include touch-screen cash registers.

The results were released after the close of markets yesterday. Shares fell 17 cents during trading to close at $21 on the Nasdaq stock market.

Micros also said it expects net income to be $4 million to $5 million and revenue to be $90 million to $94 million in the second quarter that ends Dec. 31

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