MICROS Systems Inc ( MCRS) F3Q 2011 Earnings Call April 28, 2011 4:45 p.m. ET Executives Tom Giannopoulos - Chairman, President & CEO Peter Rogers - EVP, IR & Business Development Cindy Russo - EVP & CFO Analyst s Alan Weinfeld - Kern Suslow Eric Lemus - Raymond James Liam Burke - Janney Capital Markets Mayank Tandon - Signal Hill Capital Bhavan Suri - William Blair Presentation Operator
Previous Statements by MCRS
» MICROS Systems CEO Discusses F2Q11 Results - Earnings Call Transcript
» MICROS Systems CEO Discusses F1Q2011 Results - Earnings Call Transcript
» MICROS Systems, Inc. F2Q10 (Qtr Ending 12/31/09) Earnings Call Transcript
» MICROS Systems, Inc. F1Q10 (Qtr End 09/30/09) Earnings Call Transcript
MICROS undertakes no duty to update any forward-looking statements to conform to actual results or changes in MICROS expectations. Other risks and uncertainties associated with MICROS business are identified in the management’s discussion and analysis of financial condition, results of operations and business and investment risk sections of MICROS SEC filings. Tom?Tom Giannopoulos Thanks Peter. Looking at the financial results for the quarter and the year-to-date, nine months year-to-date and as shown in our press release this afternoon, overall, it was a very good quarter with the record results of revenue, net income and EPS. We had double digit revenue from a year ago, which remains our goal. Specifically, Q3 revenue came in at $253.193 million at 10.54 increase from last year’s to $29 million, year-to-date nine months of our fiscal year revenue is $733 million which is a 10.15% increase over the last year’s $666 million, the majority of our business units, North America, in the Asia Pacific, South America and so forth have had double digit revenue growth for the quarter and the nine months year-to-date, which is very encouraging for our next fiscal year 2012. Gross margin increased again for the quarter it was at 55.84% or a $141 million versus 54% last year over a $124 million. While the nine months gross margin is at 55.22% versus 54.81% last year continue to have excellent performance in our gross margins. Operating expenses, total operating expenses without the stock option expense improved from 35.4% last year to 34.3% this year, which is quarter-to-quarter and from 35.9% nine months last year to 33.7% nine months this year. As a result, income from operations again on a non-GAAP basis for the quarter, it was $54.4 million or 21.5% versus 43% made in last year with 18.8% last year. And then of course, income from operations increased 26% quarter-to-quarter, year-to-year for the same quarter.
And for the nine months income from operations is $157.860 million or 21.51% versus $126 million or 18.9%, an 25.27% increase on a year-to-year basis. Net income came in at $40.338 million versus $31.756 million last year, that’s a 27% growth from quarter-to-quarter. And for the nine months net income stands at $110.648 million versus $87.442 million, which is a 26.5% increase.EPS was $0.49 for the quarter versus $0.39 last year, plus 25% and $0.34 for the nine months versus dollar $0.08 last year, it’s a 24% increase. And we are pleased with the financial results overall. Additionally, our cash position has improved by a $197.6 million to $802.7 million that’s from the beginning of our fiscal year July 1st. And that this number do not include dollars that was spent on the stock buyback program. And of course, as we all know, we have no debt. Days outstanding stand at 62.2 days which is a record below for our third quarter and additionally are international to domestic split for revenue is at 54% international, 46% US, last quarter was at 52% international and 48% US and Alaska. Cindy to give you additional numbers. Cindy Russo Thanks Tom. The highlight for the balance sheet for the quarter and the year are as follows. MICROS had $802.7 million of cash and investments at March 31st. An increase of $197.6 million are nearly 33% from the June 30th year end. And then increase of $215.4 million from the same quarter last year. Approximately 58% of cash investment reside outside of our domestic segment, each division generated more than 30% increase in the nine months period. From the cash flow perspective year-to-date, we have generated $152.6 million from operating activities, while spending a combined $12.1 million on property, plant and equipment, and internally capitalized software, and $43.2 million for the net purchases of investments. Read the rest of this transcript for free on seekingalpha.com