Other risks and uncertainties associated with MICROS business are identified in the management's discussion analysis of financial condition, results of operations and business for investment risk sections of MICROS's SEC filings. Tom?Tom Giannopoulos Thanks, Peter. Our financial results for the quarter and the fiscal year were outstanding under any circumstances, but especially when you consider the global events and turmoil of the past 12 months. Specifically in looking at the numbers from the press release this afternoon, revenue for the quarter grew from $274 million to $302 million, plus 10%, 10% plus 0.36%, which is consistent with our goal of upper single-digit revenue growth, while increasing profitability. This is what we have said, we want to do these during these difficult business times. Revenue for the year grew from $1,007,859 to $1,107,531 a 9.9% growth. Gross margin was an excellent 55.51% for the year 614,805. Record income from operations of over $250 million, which is 22.7%, all the way down to the bottom of the page or net income on non-GAAP basis increased by 15.3% from $158 million to $182,650 and EPS also increased by 15.60% from $1.92 to $2.22. I will ask Cindy to give you the additional details on cash and other numbers. Cindy? Cindy Russo Thanks, Tom. The highlights of the balance sheet for the quarter and the year are as follows. MICROS had $616.5 million of cash and investments at June 30, 2012, negating the adverse impact of foreign exchange amounting to $60.5 million, and our recent purchase of Torex Retail at $258.2 million. This amounts to an increase of $108.7 million, or 13.1% over the prior year balance. In fiscal 2012, MICROS generated $180.2 million from operating activities while receiving $99.7 million from the net maturities of investments. On the financing end, the company received $19.4 million from the exercise of stock options and the related tax benefit and spent $59.2 million on the repurchase of common stock. During the fiscal year, we purchased a total of 1.3 million shares of which 110,000 were purchased in the fourth quarter. Thus far in Q1, MICROS has repurchased 200,000 shares of common stock at an average price of $47.30 per share leaving board approval for an additional $1.4 million.
Capital expenditures in the year amounted to $17.5 million. I would forecast a spend of approximately $20 million for fiscal 2013 as we continue to invest in our global cloud infrastructure.From an R&D standpoint, gross expenditures totaled $58 million in the current fiscal year of which we capitalized $7.2 million as our teams work to expand our core products and web offerings across all verticals. Finally, the company's cash split by segment now stands at U.S. and Canada 63%; International 37%. The accounts receivable balance of $235.4 million includes $33.7 million, purchased with Torex Retail. Days sales outstanding at quarter end were 63.1 days consisting of International DSOs at 72.9 days and U.S. Canada day sales outstanding of 49.4. The June inventory balance of $44.3 million includes $8.1 million related to Torex. The core inventory balance decreased $1.9 million over the prior year. Inventory turns in the period were a record $11.2 million. The combined current and long-term deferred revenue balance of $173.1 million has increased $26.5 million, or 18.1% since June 2011, and I am pleased to provide our annual backlog disclosure of $470 million as of the close of our fiscal year, a 16.1% increase over the prior year. Read the rest of this transcript for free on seekingalpha.com