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MICROS Systems Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 3, 2012 02:41PM

MICROS Systems Inc. (MCRS) filed Quarterly Report for the period ended 2011-12-31. Micros Systems Inc. has a market cap of $4.13 billion; its shares were traded at around $51.58 with a P/E ratio of 26.6 and P/S ratio of 4.1. Micros Systems Inc. had an annual average earning growth of 19.7% over the past 10 years. GuruFocus rated Micros Systems Inc. the business predictability rank of 3.5-star.



Highlight of Business Operations:

· Hardware, software and service revenue increased by 20.0%, 4.5% and 7.4%, respectively, compared to the same period last year. We believe the increases were primarily due to an improvement in demand from our international customers as a result of a modest improvement in global economic conditions. Favorable foreign currency exchange rate fluctuations increased total revenue by approximately $0.2 million.

· Hardware, software and service revenue increased by 14.9%, 11.2% and 7.9%, respectively, compared to the same period last year. We believe the increases were primarily due to an improvement in demand from our international customers as a result of a modest improvement in global economic conditions and favorable foreign currency exchange rate fluctuations, primarily for the Euro, Australian Dollar and Swiss Franc against the U.S. dollar, which increased total revenue by approximately $7.8 million.

· Hardware, software and service revenue increased by 23.4%, 18.7% and 19.1%, respectively, compared to the same period last year. We believe the increases were primarily due to an improvement in demand from our international customers as a result of a modest improvement in global economic conditions and favorable foreign currency exchange rate fluctuations, primarily for the Euro, Australian Dollar and Swiss Franc against the U.S. dollar, which increased total revenue by approximately $7.8 million.

For the three months ended December 31, 2011 and 2010, cost of sales as a percent of revenue was 43.7% and 44.4%, respectively. Foreign currency exchange rate fluctuations increased total cost of sales by approximately $0.3 million. Hardware cost of sales as a percent of related revenue for the three months ended December 31, 2011 decreased 1.7% compared to the same period last year, primarily a result of lower inventory provisions and a decrease in freight costs for the three months ended December 31, 2011 compared to the same period last year. In addition, sales of our Workstation products, our internally developed hardware products which have higher margins than our other hardware products, increased approximately 20% during the three months ended December 31, 2011 as compared to the same period last year.

For the six months ended December 31, 2011 and 2010, cost of sales as a percent of revenue was 43.7% and 45.1%, respectively. Foreign currency exchange rate fluctuations increased total cost of sales for the six months ended December 31, 2011 by approximately $4.1 million as compared to the same period last year. Hardware cost of sales as a percent of related revenue for the six months ended December 31, 2011 decreased 3.5% compared to the same period last year. This decrease was primarily a result of a decrease in freight costs and lower inventory provision for the six months ended December 31, 2011 compared to the same period last year. Additionally, we experienced a favorable mix of hardware sales in this period. Sales of our Workstation products, our internally developed hardware products which have higher margins than our other hardware products, increased approximately 20% during the six months ended December 31, 2011 as compared to the same period last year. These favorable changes were partially offset by lower margins on third party hardware sales during the six months ended December 31, 2011 compared to the same period last year.

Read the The complete Report



Stocks Discussed: MCRS,
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