Micros profit grows but forecast disappoints

Micros 3Q profit grows 2 percent in 3Q, but disappoints; forecast is weak

Associated Press

COLUMBIA, Md. (AP) -- Micros Systems Inc.'s shares dropped in after-hours trading Thursday after the supplier of cash registers and other technology for restaurants and hotels issued a weak forecast.

The Columbia, Md.-based company's profit rose 2 percent to $44.3 million, or 55 cents per share, for its fiscal third quarter that ended March 31, up from $43.3 million, or 53 cents per share, in the third quarter last year.

Excluding charges for stock options, restructuring and other one-time items,

After adjusting for employee stock options, restructuring costs and other special items, it earned 62 cents per share versus 56 cents per share.

Its revenue increased 13 percent, to $315.1 million from $278 million.

Analysts polled by FactSet, on average, were anticipating earnings of 61 cents per share on revenue of $330.5 million.

The company is dealing with a "difficult environment," said CEO Peter Altabef.

The company's forecast for its fiscal fourth quarter, which ends in June, also fell short of analyst predictions. For the year, the company expects an adjusted profit of between $2.37 and $2.39 per share on revenue of $1.26 billion to $1.27 billion. Analysts were anticipating earnings of $2.43 per share on revenue of $1.31 billion.

Shares fell 7.3 percent, to $40.35 in after-hours trading. Its stock price slipped 18 cents to close the day at $43.52.

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