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MICROS Systems 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, analysis of financial condition results of operations and business and investment risk sections of MICROS' SEC filings. Tom?Tom Patz Okay, thanks, Peter. Looking at the financial results for the quarter from our press release this afternoon, we had a very excellent quarter with record revenue, net income and EPS. All these numbers are records for the second quarter. Revenue for the quarter grew almost 10% from $232 million to $256 million. The $256 million was the second highest quarter in our history. Gross margin ratio for the quarter came in at 56.3% or a $144 million plus versus last year's 54.18%, some $126.453 million. Income from operations on a non-GAAP basis was $56.43 million versus last year's $49 million. That's a 14% increase year-to-year. The ratio of income from operations for this year was 21.98 and last year was 21.19. So that was a very good improvement there. And all of these numbers are excellent numbers as well. On a non-GAAP basis then, net income which is at the bottom of the page there on the press release came in at $39.294 million, a 17.71 increase of the last year's $33.381 million. And then EPS growth again on a non-GAAP basis grew from $0.41 to $0.48, which is a plus 17% or sudden growth. Our cash position, cash and investments increased versus last year and Cindy Russo will give you the details of the cash. Our days outstanding came in at 62.1, not a record, but pretty close, which speaks well for our ability to get paid even in this difficult business environment. Cindy? Cindy Russo Thanks, Tom. The highlights of the balance sheet for the quarter are as follows. MICROS had $778.9 million of cash and investments at September 30, an increase of $98 million or 14.4% over the same quarter last year. And the decrease compared to Q4 of fiscal year '11. In addition to an adverse impact of foreign exchange amounting to $35.4 million, the first quarter cash movement also includes the repurchase of $25.4 million in common stock.
During the quarter, we purchased the total of 576,000 shares at an average price of $44.13 per share. There is currently Board authorization to purchase an additional 2.4 million shares. From a cash flow perspective, we generated $19.6 million from operating activities, while receiving $10.4 million from the net maturity of investment.MICROS capitalized $1.8 million in internally developed software cost. While spending $4.1 million on property, plat and equipment, as we continue to invest in our global posting infrastructure. The company's cash split between these segments a U.S. 41%, international 59%. Day sales outstanding at quarter end were 62.1 days. Domestic DSOs were Q1 record 42.2 days. While international DSOs were 80 days inline with last year's record 79.8. The inventory balance of $40.5 million is an increase of $2.3 million over the June prior, primarily attributable to the timing of shipments from international manufacture. Inventory turns in the period were 8.5 compared to 8.8 a year ago. The combined current and long-term differed balance of a $155.7 million has increased $9.1 million since our last release. The increase is mainly due to the timing of our international maintenance selling. As you recall, September and March are the quarters when our differed revenue increases. A few additional items related to the income statement are as follows. On the revenue side the segment split for the quarter was domestic 44%, international 56%. Maintenance and hosting related revenues for the quarter grew 12.8% from the prior year to a $104.5 million or 40.7% of total revenue. The SaaS and hosting portion of our current revenues grew 36.7% over the parallel quarter, as MICROS continues to grow its base with these offerings. Read the rest of this transcript for free on seekingalpha.com