MICROS Systems, Inc. (MCRS), an enterprise information solutions provider, Thursday said its fourth-quarter net income declined from a year ago, primarily hurt by one-time charges as well as a decline in revenues. Quarterly revenues as well as earnings, however, came in ahead of analysts' expectation.
Columbia, Maryland-based MICROS Systems' quarterly net income dropped to $23.989 million or $0.29 per share from $30.746 million or $0.37 per share in the same quarter last year.
Fourth quarter results were negatively impacted by a one time charge of $3.8 million related to operations as well as an impairment charge of $1.3 million.
Excluding charges, non-GAAP net income for the fourth quarter declined to $29.271 million or $0.36 per share from $33.762 million or $0.40 per share in the same quarter last year. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.32 per share for the quarter. Analysts estimate typically excludes special items.
Income from operations for the quarter decreased to $37.764 million from $42.064 million in the corresponding quarter a year ago. The company also recorded non-operating loss -expenses of $1.197 million, compared to non operating income of $4.532 million in the same quarter last year.
Revenues for the quarter also declined to $224.177 million from $256.564 million in the same quarter last year, however, came in ahead of the Street estimates of $214.60 million. The drop in revenues was primarily due to significantly lower hardware and software revenues. Hardware revenues decreased to $48.081 million from $68.581 million in the same quarter last year, while software revenues dropped to $30.750 million from $45.421 million.
For the full year, net income declined to $99.279 million from $101.284 million, while earnings on a per share basis was in line with $1.21 per share in the corresponding quarter a year ago.
Non-GAAP net income for the year decreased marginally to $112.952 million or $1.38 per share from $114.430 million or $1.37 per share last year, ahead of analysts' forecast of $1.36 per share.
Revenues for the full year dropped to $911.847 million from $954.184 million a year ago, however, was above analysts' forecast of $902.30 million.
MCRS closed Thursday's trading at 29.00, down $0.11 or 0.38%, on the Nasdaq. In the after hours, the stock lost 0.72% or $0.21, to trade at $29.21.
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