Micros Systems Q4 Adj Profit Meets View, Revenues Top; Guides 2013 In Line

(RTTNews) - IT solutions provider Micros Systems, Inc. (MCRS) reported Thursday a profit for the fourth quarter that declined 13 percent from last year, reflecting higher expenses. However, adjusted earnings per share matched analysts' expectations, while quarterly revenues topped their estimates. The company also provided earnings and revenue forecast for the full-year 2013, in line with Street view.

The Columbia, Maryland.-based point of sale software solutions provider reported net income of $42.01 million or $0.53 per share for the fourth quarter, lower than $48.22 million or $0.59 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $48.91 million or $0.62 per share, compared to last year's $55.68 million or $0.68 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased 8.6 percent to $328.61 million from $302.53 million in the same quarter last year, and topped thirteen Wall Street analysts consensus estimate of $324.90 million.

Hardware revenues improved to $74.13 from $69.04 million a year ago, while software revenues declined to $36.69 million from $37.22 million in the prior-year quarter.

Total operating expenses quarter grew to $118.95 million from $94.44 million in the year-ago quarter.

For fiscal 2013, the company reported net income of $171.42 million or $2.12 per share, higher than $166.98 million or $2.03 per share in the prior year. Excluding items, adjusted net income for the year was $191.92 million or $2.38 per share, compared to last year's $182.65 million or $2.22 per share. Analysts expected the company to report earnings of $2.39 per share for fiscal 2013.

Total revenues for the full year increased 14.5 percent to $1.27 billion from $1.11 billion in the previous year, while analysts were looking for revenues of $1.26 billion.

"We are pleased that we achieved a record year of revenue, net income and earnings per share while continuing our strong investment in talent, product and infrastructure," CEO Peter Altabef said in a statement.

Looking forward to fiscal 2014, Micros's expects adjusted earnings in a range of $2.46 to $2.50 per share on projected revenues between $1.295 billion and $1.320 billion. Street is currently looking for full-year 2013 earnings of $2.47 per share on annual revenues of $1.31 billion. MCRS closed Thursday's regular trading session at $50.30, up $1.03 or 2.09% on a volume of 0.50 million shares.