MICROS Systems, Inc. (MCRS) Thursday reported an increase in second quarter profit on lower operating expenses and higher income from operations. Revenues, however, were down 2.5%.
Second quarter net income for MICROS Systems was $27.07 million, up 12.4% from $24.09 million in the same quarter a year ago. On a per share basis, net income was up 13.8% at $0.33, compared to $0.29 in the prior-year quarter.
On a non-GAAP basis, net income for the quarter was $30.20 million or $0.37 per share, compared to $28.40 million or $0.34 per share in the same quarter a year ago.
On average, seven analysts polled by Thomson Reuters expected earnings of $0.35 per share for the quarter. Analysts' estimate typically excludes one-time special items.
Revenue for the quarter decreased 2.5% to $237.93 million from $243.95 million in the same quarter a year ago, below Street estimates of $250.09 million.
Total operating expenses were down at $87.31 million, compared to $93.17 million in the year-earlier quarter. Income from operations increased to $39.21 million from $33.40 million in the comparable quarter last year.
For the six-month period, net income was $51.96 million, up 14.5% from $45.39 million in the same period a year ago. On a per share basis, net income increased 16.7% to $0.63 from the prior-year period.
On a non-GAAP basis, net income was $57.97 million or $0.71 per share, up from $52.71 million or $0.63 per share in the year-ago period.
Revenue for the period dropped 4.7% to $482.0 million from $460.43 million in the prior year.
MCRS closed Thursday's regular trading at $15.09, down $0.01 or 0.07%, on a volume of 0.68 million shares.
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