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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 Okay. Peter, thank you. Looking at the financial results from the press release for the quarter and nine months year-to-date as far as revenue was concerned, we came in at for the quarter at $278.044 million versus last year’s $253.193 million. That’s a year-to-year growth of 9.82%. You can add some there $3.8 million, the result of negative impact of the exchange ratios. And then some couple of $1 million of license revenue that was converted to SaaS, then we could have had an increase quarter-to-quarter of about 12%. From our point of view it’s an excellent performance, even though the economic conditions have not really improved. Year-to-date revenue increased to $805.005 million versus $733 million last year. That’s a 9.71% growth and if you adjust for the foreign exchange you would have been of to 10%. Gross margin for the quarter is $152.593 million, or 54.88. For the nine months gross margin came in at 55.83% for fiscal year 2012 versus 55.23% which was probably the fiscal year 2011 for the nine months. A slight improvement over last year. Operating income for the nine months has improved to $176 million which is 21.87% from $154 million, 21.5%. An improvement on the operating income percentage and dollars as well. Still on a non-GAAP basis, and year-to-year and to first nine months, net income and EPS improved. Net income improved from $110 million to $126 million, that’s 14.75%. And EPS improved from $1.34 to $1.55 which is a plus 15 point, 6%-7%.
Cash now stands at $863.5 million. Last quarter we were at $785 million. And Cindy will explain the additional balance sheet numbers.Cynthia Russo Thanks, Tom. The highlights for the balance sheet for the quarter are as follows. Cash on hand at March 31, 2012 was a record $863.5 million, an increase of 10% or $78.5 million since our quarterly release. Year-to-date MICROS has generated $131. 6 million from operating activity while receiving $29.7 million from the net maturities of investments. These reserves are primarily located in our European region were planned to mature as part of our global cash strategy to fund an acquisition. More to come on that shortly from Tom. During the nine months period, MICROS capitalized $5.9 million in internally developed software cost, while capital expenditures totaled $13.4 million, predominantly to fund the expansion of our global data center. Additional cash for our pilots this year included an adverse impact of foreign exchange amounting to $32.9 million and the repurchase of $53.7 million in common stock. During the third quarter we purchased a total of 102,000 shares at an average price of $51.6 per share. Thus far in fiscal 2012, the company has repurchased 1.2 million shares, leaving an additional 1.75 million available for purchase. The company’s cash split by segment remains steady at U.S. 42%, international 58%. Days sales outstanding at quarter end were 67.4 days. As you recall our third quarter is typically our highest from a DSO perspective as international biannual maintenances selling and domestic calendar year invoicing occurred simultaneously in January. Domestic DSOs were 44 days, while international DSOs were 86.6 days. The inventory balance of $36.7 million is a nominal decrease of $600,000 or 160 basis points over the December period. Read the rest of this transcript for free on seekingalpha.com