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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 Giannopoulous Okay, thanks, Peter. Looking at the financial results for the quarter from our press release this afternoon. For the quarter we had a record revenue at $270 million, 403, versus last year is $247 million, 117. The 270 is the second highest quarter in our history. Year-to-date, the first six months revenue came in at $526 million versus last year’s $480 million, 531 which is a 9.7% increase from year-to-year. Gross margin for the quarter and six months was $152 for the quarter and $296 million, 737 for the six months, 56.32 for the quarter, a ratio of gross margin, and 56.31% for the first six months. Of course, the ratio 56.33 is suburb for our business model, which is hardware, software, and service. It should really – I’ve said this before, the gross margin for our business should be 50 to 51%, how we’ll continue to do better, better than that. And obviously above 55% for the first six months. Again, on a non-GAAP basis, that excludes the stock option in November. Total operating expenses of $92 million for the quarter, and $180 million for year-to-date versus $83 million last year in the quarter, and $160 million for year-to-date. The ratios last year was 33.4, this year was 34.3. It’s higher than we like it. It just tells you that we have room to improve from a operating expenses point-of-view. Still on a non-GAAP basis, year-to-date net income was 81 million, 396 versus last year’s 70 million, 311, $0.99 EPS and $0.85 EPS last year, an increase of about 16% year-to-year.
And I’ll ask Cindy now to give you the rest of the numbers.Cindy Russo Thanks, Tom. The highlights of the balance sheet for the quarter are as follows. MICROS had $785 million of cash and investments at December 31, an increase of $64.7 million over the same quarter last year, and a decrease compared to Q4. In addition to an adverse impact of foreign exchange amounting to $46.6 million, the six month cash movement also includes the repurchase of $48.4 million in common stock. During the second quarter, we purchased a total of 500,000 shares at an average price of $46.05 per share. Thus far in fiscal 2012, the company has purchased 1.1 million shares, leaving us an additional 1.8 million available to purchase. From a cash flow perspective, year-to-date we have generated $63.5 million from operating activities, while spending $4.4 million on the net purchase of investment. During the six-month period, the company capitalized $3.9 million in internally developed software cost, and extended $8.3 million on property plant and equipment, primarily related to the expansion of our global data centers and physical offices. The company’s cash spilt by segment remains the same at U.S. 41%, international 59%. Day sales outstanding at quarter end were 59.6 days, down 2.5 days from our last release. Domestic DSOs of 50.7 days were driven slightly higher by the timing of our Q2 revenues. December 2011 was our second highest billing month in our company’s history. International DSOs were 66.8 days, in line with last year’s Q2 record, 66.7. The inventory balance of $37.3 million is a decrease of $3.2 million over the September period. Again, primarily attributable to the timing of international shipment. Read the rest of this transcript for free on seekingalpha.com