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May 13, 1997updated 05 Sep 2016 12:30pm

MICROS SYSTEMS REPORTS SOLID Q3, FACES FRAUD SUIT

By CBR Staff Writer

Micros Systems Inc, Beltsville, Maryland supplier of information systems to the hotel industry, reported third-quarter net income of $4.5m on revenue up 20% at $56.7m, compared to net income of $1.2m a year ago. Earnings per share for the quarter jumped from $0.15 to $0.55. For the year-to-date, net income was $10.8m, or $1.34 per share, on revenue up 31% at $160.2m, compared to a net loss of $700,000 for the same period last year. The occasion of the good results was somewhat spoiled by the news that Budgetel Inns Inc is suing Micros for fraud and breach of contract. The hotel chain claims that Micros deceived it and fraudulently induced it to buy hotel property management software that Micros discontinued three months later. Budgetel seeks damages in excess of $1m.

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