Enterprise information solutions maker Micros Systems Inc. (MCRS), Thursday reported a profit for the second quarter that was flat with the same quarter of the previous year, reflecting lower costs of sales and operating expenses, which more than offset a decline in revenues.
The Columbia, Maryland-based company's net income attributable to the company for the second quarter was $26.13 million compared to $26.18 million last year. Net income per share attributable to shareholder was $0.32, flat with last year. Results for the quarter include stock option expenses of $4.38 million and credit based impairment charge of $4.38 million.
Non-GAAP net income per share attributable to the company was $0.36, flat with prior year.
On average, nine analysts polled by Thomson Reuters expected the company to report profit of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue decreased to $225.65 million from $236.51 million last year. Analysts expected revenue of $225.11 million for the quarter.
Hardware revenue declined to $45.79 million from $55.65 million last year. Software revenue were $30.50 million, down from $37.68 million a year ago. Service revenue rose to $149.35 million from $143.18 million last year.
Total cost of sales declined to $100.67 million from $110.53 million in the comparable quarter last year. Gross margin was $124.98 million, compared to $125.97 million a year ago.
Total operating expenses declined to $85.38 million from $87.65 million in the previous year.
For the six-month period, net income was $50.27 million or $0.62 per share, compared to $50.48 million or $0.61 per share in the same period a year ago. Total revenue for the period, declined to $437.05 million from $480.14 million in the previous year.
MCRS closed Thursday's regular trading at $27.16, down 1.92 or 6.60%, on a volume of 1.02 million shares. In after hours, the stock further declined 0.01 or 0.02%, trading at $27.1546.
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