Micros Systems reports doubling of net income in second quarter

January 31, 2003|By Andrew Ratner | Andrew Ratner,SUN STAFF

Micros Systems Inc., a Columbia-based developer of technology systems for the hospitality industry, announced yesterday that it doubled net income for its most recent quarter from a year earlier.

Micros reported net income of $4.9 million, or 28 cents per share, for the three months that ended Dec. 31. That compared with net income of $2.4 million, or 14 cents per share, for the comparable period a year earlier. Earnings per share also exceeded analysts' predictions of 26 cents for the fiscal second quarter, according to First Call.

Revenue for the quarter was $95.5 million, an increase of $4.6 million, or 5 percent, over the corresponding period in 2001.

Company officials said they had noticed a rebound in the restaurant segment of its business, if not the hotel trade, since the terrorist attacks of Sept. 11, 2001. That helped drive software sales 23 percent above expectations for the quarter.

"While people may not be traveling and the hotel business is suffering, people are still going to restaurants," said Tom Giannopoulos, chairman and chief executive officer.

For the six months ending Dec. 31, net income was $7.6 million, or 44 cents per share. That was an increase of $4.3 million, or 126 percent, over the comparable period in 2001, when earnings were 19 cents per share.

Micros' revenue for the six months was $182.1 million, up $7.6 million, or 4 percent, over the similar period in 2001.

Micros maintained guidance for the current quarter that ends March 31 of revenue between $95 million and $100 million and net income between $5 million and $6 million.

Employment as of December was 2,537, up 30 from a year earlier. It was another reflection of the rebound since 2001 when Micros laid off 150 workers.

The stock closed down 31 cents to $21.06 on the Nasdaq stock market, before the earnings release. The shares hit a 52-week high a year ago at $30.78 and tumbled to a low of $18.32 in October, before inching upward.

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