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Agilysys Announces Unaudited Fiscal 2012 First-Quarter Financial Results

Posted August 9th, 2011 by Agilysys
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·        

Consolidated Revenue Increases 15% to $151.6 Million Versus First-Quarter 2011

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·        

Company Expects to Realize $14 Million to $16 Million of Annualized Expense Savings Beginning in Fiscal Year 2013

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CLEVELAND—Aug. 9, 2011—Agilysys, Inc.(Nasdaq: AGYS), a leading developer and marketer of proprietary enterprise software, services and solutions to the hospitality and retail industries, today announced unaudited financial results for the fiscal 2012 first quarter ended June 30, 2011.

 

First-Quarter 2012 Unaudited Results of Operations

First-quarter consolidated sales increased 15% to $151.6 million, compared with $131.9 million in the first quarter of fiscal 2011. Net revenues grew 39% and 15% in the Company’s Retail Solutions Group (RSG) and Technology Solutions Group (TSG), respectively, more than offsetting a 9% decline in its Hospitality Solutions Group (HSG).

 

Gross margins were 25.3% of sales, compared with 25.7% of sales in the fiscal 2011 first quarter. The gross margin contraction reflected lower service margins primarily in TSG.

 

Selling, general and administrative (SG&A) expense was $41.4 million for the quarter, an increase of $1.4 million from the prior year quarter due to higher compensation costs related to accelerated vesting of stock compensation and transaction expenses both related to the divestiture of TSG. On July 28, 2011, the Company’s shareholders approved the sale of TSG and the transaction closed on August 1, 2011.

 

The reported operating loss for the three months narrowed to $5.4 million, compared with the operating loss of $6.6 million last year. Adjusted EBITDA (operating loss plus depreciation and amortization), excluding restructuring charges, was a loss of $0.5 million, compared with a loss of $2.7 million a year ago. (See attached table.)

 

The net loss for the quarter was $4.8 million, or a loss of $0.21 per share, versus the net loss of $10.3 million, or a loss of $0.45 per share, in the comparable prior-year period.

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Restructuring Plan

As previously announced, Agilysys is sharpening its focus on its state-of-the-art proprietary enterprise software, services and solutions for the hospitality and retail industries. The Company indicated it has begun executing a plan that is expected to eliminate $14 million to $16 million of annualized expense beginning in fiscal 2013. The total restructuring charges to execute the plan are expected to be in the range of $16 million and $18 million, which will be primarily recorded in fiscal 2012.

 

Jim Dennedy, president and chief executive officer, commented, “With the sale of TSG complete, the reorganization of the business is accelerating. The quick pace and decisiveness with which our personnel have responded to these new challenges gives me confidence in our success. We strongly believe in the availability of a substantial market opportunity in hospitality and retail. We intend to invest in the business and products to capitalize on the opportunity and profitably grow the business. We believe this plan represents the best use of cash and the greatest likelihood of increasing shareholder value.”

 

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Liquidity

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Cash on hand was $51.7 million at June 30, 2011, and Agilysys remains debt free, except for certain capital leases. In conjunction with the closing of the TSG divestiture on August 1, 2011, the Company terminated its credit facility and announced a 1.6 million-share-repurchase authorization.

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The Company plans to file its Form 10-Q with the SEC later today.

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Conference Call Information

A conference call will be held today at 11:00 a.m. ET. A slide deck, which will be the basis for the review, will accompany the conference call. Both the slide deck and the conference call can be accessed via the Investor Relations section of

www.agilysys.com

. In addition, a replay of the call will be archived on the website.

 

Forward-Looking Language

This release contains certain management expectations, which may constitute forward-looking information within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934, and the Private Securities Reform Act of 1995. Forward-looking information speaks only as to the date of this Quarterly Report and may be identified by use of words such as “may,” “will,” “believes,” “anticipates,” “plans,” “expects,” “estimates,” “projects,” “targets,” “forecasts,” “continues,” “seeks,” or the negative of those terms or similar expressions. Many important factors could cause actual results to be materially different from those in forward-looking information including, without limitation, competitive factors, disruption of supplies, changes in market conditions, pending or future claims or litigation, or technology advances. No assurances can be provided as to the outcome of cost reductions, expected benefits and outcomes from our recent ERP implementation, business strategies, future financial results, unanticipated downturns to our relationships with customers and macroeconomic demand for IT products and services, unanticipated difficulties integrating acquisitions, new laws and government regulations, interest rate changes, consequences related to the concentrated ownership of our outstanding shares by MAK Capital, unanticipated deterioration in economic and financial conditions in the United States and around the world or the consequences, consequences associated with the sale of the Company’s TSG business, and uncertainties regarding restructuring actions and the relocation of the Company’s corporate headquarters. The Company does not undertake to update or revise any forward-looking information even if events make it clear that any projected results, actions, or impact, express or implied, will not be realized.

 

Other potential risks and uncertainties that may cause actual results to be materially different from those in forward-looking information are described in “Risk Factors,” which is included in Part I, Item 1A of the Company’s Annual Report for the fiscal year ended March 31, 2011.

Copies are available from the SEC or the Agilysys website.

 

Use of Non-GAAP Financial Information

To supplement the unaudited condensed consolidated financial statements presented in accordance with U.S. GAAP in this presentation, certain non-GAAP financial measures as defined by the SEC rules are used. Management believes that such information can enhance investors' understanding of the Company's ongoing operations. The non-GAAP measures included in this presentation have been reconciled to the comparable GAAP measures within an accompanying table, shown on the last page of this presentation.

 

About Agilysys

Agilysys is a leading developer and marketer of proprietary enterprise software, services and solutions to the hospitality and retail industries.  The Company specializes in market-leading point-of-sale, property management, inventory and procurement, and mobile and wireless solutions that are designed to streamline operations, improve efficiency and enhance the consumer’s experience. Agilysys serves casinos, resorts, hotels, foodservice venues, stadiums, cruise lines, grocery stores, convenience stores, general and specialty retail businesses and partners.  Headquartered in

<?xml:namespace prefix = "st1" ns = "urn:schemas-microsoft-com:office:smarttags" />Cleveland, Agilysys operates extensively throughout North America, with additional sales and support offices in theUnited Kingdom,Singaporeand
Hong Kong. For more information, visit

www.agilysys.com

.

 

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# # #

Investor Contact:

 

Curtis Stout

Vice President and Treasurer

Agilysys, Inc.                                                                           

440-519-8635

curtis.stout@agilysys.com

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AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

class="MsoNormalTable"

border="0"

cellspacing="0"

cellpadding="0"

width="492">

valign="bottom"

rowspan="2"

width="282">

(In thousands, except share and per-share data)

valign="top"

rowspan="2"

width="18">

 

valign="bottom"

width="192"

colspan="3">

align="center">

Three Months Ended

valign="bottom"

width="192"

colspan="3">

align="center">

June 30,

valign="top"

width="282">

 

valign="top"

width="18">

 

valign="bottom"

width="90">

align="center">

2011

valign="bottom"

width="18">

align="center"/>

 

valign="bottom"

width="84">

align="center">

2010

valign="bottom"

width="282">

Net sales:

valign="top"

width="18">

 

valign="top"

width="90"

nowrap="noWrap">

 

valign="top"

width="18"

nowrap="noWrap">

 

valign="top"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

class="MsoNormal">

Products

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

$118,059

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

$103,487

)

valign="bottom"

width="282">

class="MsoNormal">

Services

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

33,584

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

28,386

)

valign="bottom"

width="282">

Total net sales

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

151,643

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

131,873

)

valign="bottom"

width="282">

Cost of goods sold:

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

class="MsoNormal">

Products

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

98,265

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

86,107

)

valign="bottom"

width="282">

class="MsoNormal">

Services

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

14,945

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

11,900

)

valign="bottom"

width="282">

Total cost of goods sold

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

113,210

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

98,007

)

valign="bottom"

width="282">

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Gross margin

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

38,433

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

33,866

)

valign="bottom"

width="282">

Selling, general and administrative expenses

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

41,425

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

40,065

)

valign="bottom"

width="282">

Restructuring charges

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

2,395

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

393

)

valign="bottom"

width="282">

Operating loss

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

(5,387)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

(6,592)

valign="bottom"

width="282">

Other (income) expenses:

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

class="MsoNormal">

Other expenses (income), net

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

138

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

(1,083)

valign="bottom"

width="282">

class="MsoNormal">

Interest income

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

(33)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

(23)

valign="bottom"

width="282">

class="MsoNormal">

Interest expense

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

338

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

286

)

valign="bottom"

width="282">

Loss before income taxes

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

(5,830)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

(5,772)

valign="bottom"

width="282">

Income tax (benefit) expense

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

(1,041)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

4,480

)

valign="bottom"

width="282">

Net loss

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

$  (4,789)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

$ (10,252)

valign="bottom"

width="282">

 

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

Net loss per share:

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

class="MsoNormal">

Basic and diluted

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

$    (0.21)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

$    (0.45)

valign="bottom"

width="282">

 

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

Weighted average shares outstanding

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="282">

class="MsoNormal">

Basic and diluted

valign="top"

width="18">

 

valign="bottom"

width="90"

nowrap="noWrap">

22,953,235

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

22,750,740

)

 


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AGILYSYS, INC.

BUSINESS SEGMENT INFORMATION (UNAUDITED)

 

class="MsoNormalTable"

border="0"

cellspacing="0"

cellpadding="0">

valign="top"

width="163">

 

valign="bottom"

width="390"

colspan="5">

align="center">

Three Months Ended June 30, 2011

valign="top"

width="163">

 

valign="bottom"

width="216"

colspan="3">

align="center">

Reportable Segments

valign="bottom"

width="84">

align="center">

 

valign="bottom"

width="90">

align="center">

 

valign="top"

width="163">

(In thousands)

valign="bottom"

width="84">

align="center">

HSG

valign="bottom"

width="65">

align="center">

RSG

valign="bottom"

width="67">

align="center">

TSG

valign="bottom"

width="84">

align="center">

Corp/
Other

valign="bottom"

width="90">

align="center">

Consolidated

valign="top"

width="163">

 

valign="top"

width="84">

align="center"/>

 

valign="top"

width="65">

align="center"/>

 

valign="top"

width="67">

align="center"/>

 

valign="top"

width="84">

align="center"/>

 

valign="top"

width="90">

align="center"/>

 

valign="top"

width="163">

Total net revenue

valign="bottom"

width="84">

$20,960

valign="bottom"

width="65">

$32,926

valign="bottom"

width="67">

$97,757

valign="bottom"

width="84">

$ 

        

 —

valign="bottom"

width="90">

$151,643

)

valign="top"

width="163">

Gross margin

valign="bottom"

width="84">

$13,267

valign="bottom"

width="65">

$ 6,260

valign="bottom"

width="67">

$18,906

valign="bottom"

width="84">

$ 

        

 — 

valign="bottom"

width="90">

$ 38,433

)

valign="top"

width="163">

Gross margin percentage

valign="bottom"

width="84">

63.3%

valign="bottom"

width="65">

19.0%

valign="bottom"

width="67">

19.3%

valign="bottom"

width="84">

 

valign="bottom"

width="90">

25.3%

)

valign="top"

width="163">

 

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

Operating income (loss)

valign="bottom"

width="84">

$   

 515

valign="bottom"

width="65">

$ 2,095

valign="bottom"

width="67">

$ 2,570

valign="bottom"

width="84">

$(10,567)

valign="bottom"

width="90">

$ (5,387)

valign="top"

width="163">

Other expenses, net

valign="bottom"

width="84">

—

valign="bottom"

width="65">

—

valign="bottom"

width="67">

—

valign="bottom"

width="84">

(138)

valign="bottom"

width="90">

(138)

valign="top"

width="163">

Interest expense, net

valign="bottom"

width="84">

—

valign="bottom"

width="65">

—

valign="bottom"

width="67">

—

valign="bottom"

width="84">

(305)

valign="bottom"

width="90">

(305)

valign="top"

width="163">

Income (loss) from 



 continuing operations

 before income taxes

valign="bottom"

width="84">

$  

 515

valign="bottom"

width="65">

$ 2,095 

valign="bottom"

width="67">

$ 2,570

valign="bottom"

width="84">

$(11,010)

valign="bottom"

width="90">

$ (5,830)

valign="top"

width="163">

 

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

Other information:

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

  Capital expenditures

valign="bottom"

width="84">

$   749

valign="bottom"

width="65">

$        7

valign="bottom"

width="67">

$      —

valign="bottom"

width="84">

$         —

valign="bottom"

width="90">

$      756

)

valign="top"

width="163">

 

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

Non-cash charges:

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

 Depreciation and

  amortization(a)

valign="bottom"

width="84">

$ 1,058

valign="bottom"

width="65">

$   151

valign="bottom"

width="67">

$ 

 

  119

valign="bottom"

width="84">

$   1,202

)

valign="bottom"

width="90">

$ 

  2,530

)

valign="top"

width="163">

 Restructuring charges

valign="bottom"

width="84">

$   187

valign="bottom"

width="65">

$ 

  134

valign="bottom"

width="67">

$ 

 

    49

valign="bottom"

width="84">

$ 

 

 2,025

)

valign="bottom"

width="90">

$ 

  2,395

)

valign="top"

width="163">

Total

valign="bottom"

width="84">

$ 1,245

valign="bottom"

width="65">

$ 

  285

valign="bottom"

width="67">

$ 

 

  168

valign="bottom"

width="84">

$  

 3,227

)

valign="bottom"

width="90">

$ 

  4,925

)

valign="top"

width="163">

face="Times New Roman"> 

valign="bottom"

width="84">

face="Times New Roman"> 

valign="bottom"

width="65">

face="Times New Roman"> 

valign="bottom"

width="67">

face="Times New Roman"> 

valign="bottom"

width="84">

face="Times New Roman"> 

valign="bottom"

width="90">

face="Times New Roman"> 

valign="top"

width="163">

face="Times New Roman"> 

valign="bottom"

width="84">

face="Times New Roman"> 

valign="bottom"

width="65">

face="Times New Roman"> 

valign="bottom"

width="67">

face="Times New Roman"> 

valign="bottom"

width="84">

face="Times New Roman"> 

valign="bottom"

width="90">

face="Times New Roman"> 

valign="top"

width="163">

face="Times New Roman"> 

valign="bottom"

width="390"

colspan="5">

align="center">

Three Months Ended June 30, 2010

valign="top"

width="163">

 

valign="bottom"

width="216"

colspan="3">

align="center">

Reportable Segments

valign="bottom"

width="84">

align="center">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

 

valign="bottom"

width="84">

align="center">

HSG

valign="bottom"

width="65">

align="center">

RSG

valign="bottom"

width="67">

align="center">

TSG

valign="bottom"

width="84">

align="center">

Corp/
Other

valign="bottom"

width="90">

align="center">

Consolidated

valign="top"

width="163">

 

valign="top"

width="84">

align="center"/>

 

valign="top"

width="65">

align="center"/>

 

valign="top"

width="67">

align="center"/>

 

valign="top"

width="84">

align="center"/>

 

valign="top"

width="90">

align="center"/>

 

valign="top"

width="163">

Total net revenue

valign="bottom"

width="84">

$23,049

valign="bottom"

width="65">

$23,737

valign="bottom"

width="67">

$85,087

)

valign="bottom"

width="84">

$     

  —

valign="bottom"

width="90">

$131,873

)

valign="top"

width="163">

Gross margin

valign="bottom"

width="84">

$13,287

valign="bottom"

width="65">

$ 5,669

valign="bottom"

width="67">

$14,910

)

valign="bottom"

width="84">

$    

   — 

valign="bottom"

width="90">

$ 33,866

)

valign="top"

width="163">

Gross margin percentage

valign="bottom"

width="84">

57.6%

valign="bottom"

width="65">

23.9%

valign="bottom"

width="67">

17.5%

)

valign="bottom"

width="84">

 

valign="bottom"

width="90">

25.7%

valign="top"

width="163">

 

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

Operating income (loss)

valign="bottom"

width="84">

$ 2,239

valign="bottom"

width="65">

$ 1,768  

valign="bottom"

width="67">

$(1,752)

valign="bottom"

width="84">

$(8,847)

valign="bottom"

width="90">

$  (6,592)

valign="top"

width="163">

Other income, net

valign="bottom"

width="84">

—

valign="bottom"

width="65">

—

valign="bottom"

width="67">

—

valign="bottom"

width="84">

1,083

valign="bottom"

width="90">

1,083

)

valign="top"

width="163">

Interest expense, net

valign="bottom"

width="84">

—

valign="bottom"

width="65">

—

valign="bottom"

width="67">

—

valign="bottom"

width="84">

(263)

valign="bottom"

width="90">

(263)

valign="top"

width="163">

Income (loss) from 



 continuing operations

 before income taxes

valign="bottom"

width="84">

$ 2,239

valign="bottom"

width="65">

$ 1,768 

valign="bottom"

width="67">

$(1,752)

valign="bottom"

width="84">

$(8,027)

valign="bottom"

width="90">

$ (5,772)

valign="top"

width="163">

 

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

Other information:

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

  Capital expenditures

valign="bottom"

width="84">

$    965

valign="bottom"

width="65">

$     

 —

valign="bottom"

width="67">

$      62

)

valign="bottom"

width="84">

$     502

valign="bottom"

width="90">

$  1,529

)

valign="top"

width="163">

 

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

Non-cash charges:

valign="bottom"

width="84">

 

valign="bottom"

width="65">

 

valign="bottom"

width="67">

 

valign="bottom"

width="84">

 

valign="bottom"

width="90">

 

valign="top"

width="163">

 Depreciation and

  amortization(a)

valign="bottom"

width="84">

$ 1,092

valign="bottom"

width="65">

$   

  80

valign="bottom"

width="67">

$ 

  

 799

)

valign="bottom"

width="84">

$ 

 1,484

valign="bottom"

width="90">

$ 

 3,455

)

valign="top"

width="163">

 Restructuring charges

valign="bottom"

width="84">

$      —

valign="bottom"

width="65">

$  

   —

valign="bottom"

width="67">

$ 

 

    —

)

valign="bottom"

width="84">

$  

   393

valign="bottom"

width="90">

$  

   393

)

valign="top"

width="163">

Total

valign="bottom"

width="84">

$ 1,092

valign="bottom"

width="65">

$ 

 

  

 80

valign="bottom"

width="67">

$  

 

 799

)

valign="bottom"

width="84">

$ 

 1,877

valign="bottom"

width="90">

$ 

 3,848

)

valign="top"

width="163">

face="Times New Roman"> 

valign="bottom"

width="84">

face="Times New Roman"> 

valign="bottom"

width="65">

align="center">

face="Times New Roman"> 

valign="bottom"

width="67">

face="Times New Roman"> 

valign="bottom"

width="84">

face="Times New Roman"> 

valign="bottom"

width="90">

face="Times New Roman"> 

 

(a)Does not include the amortization of deferred financing fees totaling $131 for each of the three months ended June 30, 2011 and 2010, respectively.


AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

class="MsoNormalTable"

border="0"

cellspacing="0"

cellpadding="0"

width="607">

valign="top"

width="358">

 

valign="top"

rowspan="2"

width="15">

 

valign="top"

width="108">

 

valign="top"

width="18">

 

valign="top"

width="108">

 

valign="top"

width="358">

(In thousands, except share data)

valign="bottom"

width="108"

nowrap="noWrap">

align="center">

June 30,

align="center">

2011

valign="bottom"

width="18"

nowrap="noWrap">

align="center">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="center">

March 31,

align="center">

2011

valign="bottom"

width="358">

ASSETS

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

(Unaudited)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

 

valign="bottom"

width="358">

Current assets:

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right"/>

 

valign="bottom"

width="358">

class="MsoNormal">

Cash and cash equivalents

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

$    51,675

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

 $ 74,354

valign="bottom"

width="358">

class="MsoNormal">

Accounts receivable, net

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

130,522

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

123,666

valign="bottom"

width="358">

class="MsoNormal">

Inventories, net

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

25,686

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

20,632

valign="bottom"

width="358">

class="MsoNormal">

Prepaid expenses

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

4,319

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

3,063

valign="bottom"

width="358">

class="MsoNormal">

Income taxes receivable

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

1,731

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

1,583

valign="bottom"

width="358">

class="MsoNormal">

Other current assets

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

14,476

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

6,494

valign="bottom"

width="358">

class="MsoNormal">

Total current assets

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

228,409

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

229,792

valign="bottom"

width="358">

Goodwill

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

20,556

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

20,569

valign="bottom"

width="358">

Intangible assets, net

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

22,117

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

 22,535

valign="bottom"

width="358">

Other non-current assets

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

4,719

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

12,959

valign="bottom"

width="358">

Property and equipment, net

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

25,302

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

26,543

valign="bottom"

width="358">

class="MsoNormal">

Total assets

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

$  301,103

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

$ 312,398

valign="bottom"

width="358">

 

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right"/>

 

valign="bottom"

width="358">

LIABILITIES AND SHAREHOLDERS’ EQUITY

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right"/>

 

valign="bottom"

width="358">

Current liabilities:

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right"/>

 

valign="bottom"

width="358">

class="MsoNormal">

Accounts payable

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

$   94,550

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

 $ 93,486

)

valign="bottom"

width="358">

class="MsoNormal">

Deferred revenue

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

20,747

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

27,914

)

valign="bottom"

width="358">

class="MsoNormal">

Accrued and other current liabilities

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

27,423

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

23,887

)

valign="bottom"

width="358">

class="MsoNormal">

Income taxes payable

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

63

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

156

)

valign="bottom"

width="358">

class="MsoNormal">

Deferred income taxes - current

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

81

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

77

)

valign="bottom"

width="358">

class="MsoNormal">

Capital lease obligations - current

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

1,289

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

1,267

)

valign="bottom"

width="358">

class="MsoNormal">

Total current liabilities

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

144,153

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

146,787

)

valign="bottom"

width="358">

Deferred income taxes – non-current

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

3,908

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

3,894

)

valign="bottom"

width="358">

Capital lease obligations – non-current

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

1,265

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

1,461

)

valign="bottom"

width="358">

Other non-current liabilities

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

6,698

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

12,152

)

valign="bottom"

width="358">

Shareholders’ equity:

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right"/>

 

valign="bottom"

width="358">

Common shares, without par value, at $0.30 stated value; authorized 80,000,000 shares; 31,606,831 issued; and 23,001,987 and 23,022,398 shares outstanding at June 30, 2011 and March 31, 2011, respectively

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

9,482

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

9,482

)

valign="bottom"

width="358">

Treasury shares (8,604,844 shares at June 30, 2011, and 8,584,433 shares at March 31, 2011)

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

(2,581)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

(2,575)

valign="bottom"

width="358">

class="MsoNormal">

Capital in excess of stated value

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

(3,728)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

(5,421)

valign="bottom"

width="358">

class="MsoNormal">

Retained earnings

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

141,870

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

146,659

)

valign="bottom"

width="358">

class="MsoNormal">

Accumulated other comprehensive loss

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

36

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

(41)

valign="bottom"

width="358">

class="MsoNormal">

Total shareholders’ equity

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

145,079

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

148,104

)

valign="bottom"

width="358">

class="MsoNormal">

Total liabilities and shareholders’ equity

valign="top"

width="15">

 

valign="bottom"

width="108"

nowrap="noWrap">

$  301,103

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="right">

$ 312,398

)

 


AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

class="MsoNormalTable"

border="0"

cellspacing="0"

cellpadding="0"

width="706">

valign="bottom"

width="510">

(In thousands)

valign="top"

width="18">

 

valign="bottom"

width="178"

colspan="3">

align="center">

Three Months Ended June 30,

valign="bottom"

width="510">

Operating activities:

valign="top"

width="18">

 

valign="bottom"

width="84">

align="center">

2011

valign="bottom"

width="18"

nowrap="noWrap">

align="center">

 

valign="bottom"

width="76">

align="center">

2010

valign="bottom"

width="510">

class="MsoNormal">

Net loss

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

$  (4,789)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

$ (10,252)

valign="bottom"

width="510">

class="MsoNormal">

Adjustments to reconcile net loss from continuing operations to net cash used for operating activities:

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

 

valign="bottom"

width="510">

class="MsoNormal">

Restructuring charges

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

2,395

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

393

)

valign="bottom"

width="510">

class="MsoNormal">

Gain on redemption of Company-owned life insurance policies

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

—

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(2,065)

valign="bottom"

width="510">

class="MsoNormal">

Depreciation

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

1,130

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

1,140

)

valign="bottom"

width="510">

class="MsoNormal">

Amortization

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

1,531

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

2,446

)

valign="bottom"

width="510">

class="MsoNormal">

Deferred income taxes

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

18

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

4,362

)

valign="bottom"

width="510">

class="MsoNormal">

Stock-based compensation

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

2,042

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

679

)

valign="bottom"

width="510">

class="MsoNormal">

Change in cash surrender value of Company-owned life insurance policies

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

4

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

855

)

valign="bottom"

width="510">

class="MsoNormal">

Changes in operating assets and liabilities:

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

 

valign="bottom"

width="510">

class="MsoNormal">

Accounts receivable

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(6,737)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(17,346)

valign="bottom"

width="510">

class="MsoNormal">

Inventories

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

 (5,054)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(11,413)

valign="bottom"

width="510">

class="MsoNormal">

Accounts payable

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

982

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

17,711

valign="bottom"

width="510">

class="MsoNormal">

Accrued and other liabilities

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(10,152)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(2,658)

valign="bottom"

width="510">

class="MsoNormal">

Income taxes receivable

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(951)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(116)

valign="bottom"

width="510">

class="MsoNormal">

Other changes, net

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(1,299)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

1,213

)

valign="bottom"

width="510">

class="MsoNormal">

Other non-cash adjustments

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(354)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(266)

valign="bottom"

width="510">

class="MsoNormal">

Total adjustments

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(16,445)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(5,065)

valign="bottom"

width="510">

Net cash used for operating activities

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(21,234)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(15,317)

valign="bottom"

width="510">

Investing activities:

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

 

valign="bottom"

width="510">

class="MsoNormal">

Proceeds from redemption of/borrowings against Company-owned life insurance policies

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

—

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

2,248

)

valign="bottom"

width="510">

class="MsoNormal">

Additional investments in Company-owned life insurance policies

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

(46)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(504)

valign="bottom"

width="510">

class="MsoNormal">

Proceeds from the sale of marketable securities

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

15

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

14

)

valign="bottom"

width="510">

class="MsoNormal">

Additional investments in marketable securities

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="84"

nowrap="noWrap">

(11)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

—

)

valign="bottom"

width="510">

class="MsoNormal">

Purchase of property and equipment

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(756)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(1,529)

valign="bottom"

width="510">

Net cash (used for) provided by investing activities

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(798)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

229

)

valign="bottom"

width="510">

Financing activities:

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

 

width="510">

class="MsoNormal">

Principal payments under long-term obligations

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(350)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(101)

width="510">

class="MsoNormal">

Repurchases of shares to satisfy employee tax withholding

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(355)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(188)

width="510">

Net cash used for financing activities

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(705)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(289)

width="510">

Effect of exchange rate changes on cash

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

58

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(191)

width="510">

Net decrease in cash

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

(22,679)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

(15,568)

width="510">

Cash at beginning of period

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

74,354

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

65,535

)

width="510">

Cash at end of period

valign="top"

width="18">

 

valign="bottom"

width="84"

nowrap="noWrap">

$  51,675

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="76"

nowrap="noWrap">

$  49,967

)

 


clear="all"/>

 

AGILYSYS, INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA EXCLUDING RESTRUCTURING CHARGES (UNAUDITED)

 

class="MsoNormalTable"

border="0"

cellspacing="0"

cellpadding="0"

width="631">

valign="bottom"

rowspan="2"

width="373">

(In thousands)

valign="top"

width="24">

 

valign="bottom"

width="234"

colspan="3">

align="center">

Three Months Ended

valign="top"

width="24">

 

valign="bottom"

width="234"

colspan="3">

align="center">

June 30,

valign="top"

width="373">

 

valign="top"

width="24">

 

valign="bottom"

width="108">

align="center">

2011

valign="bottom"

width="18">

align="center"/>

 

valign="bottom"

width="108">

align="center">

2010

valign="top"

width="373">

 

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

align="center">

 

valign="bottom"

width="18"

nowrap="noWrap">

align="center"/>

 

valign="bottom"

width="108"

nowrap="noWrap">

align="center">

 

valign="bottom"

width="373">

Net loss

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

    $   (4,789)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

$   (10,252)

valign="bottom"

width="373">

Plus:

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

 

valign="bottom"

width="373">

   Interest expense, net

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

305

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

263

)

valign="bottom"

width="373">

   Income tax (benefit) expense

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

(1,041)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

4,480

)

valign="bottom"

width="373">

   Depreciation and amortization expense(a)

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

2,530

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

3,455

)

valign="bottom"

width="373">

 

  Other expenses (income), net

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

138

)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

(1,083)

valign="bottom"

width="373">

Adjusted EBITDA

valign="top"

width="24">

 

valign="bottom"

width="108"

nowrap="noWrap">

$   (2,857)

valign="bottom"

width="18"

nowrap="noWrap">

 

valign="bottom"

width="108"

nowrap="noWrap">

$     (3,137)

valign="bottom"

width="373">

   Restructuring charges

valign="top"

width="24">

 

valign="bottom"

width="108">

2,395

)

valign="bottom"

width="18">

 

valign="bottom"

width="108">

393

)

valign="bottom"

width="373">

Adjusted EBITDA excluding restructuring charges

valign="top"

width="24">

 

valign="bottom"

width="108">

$  

    (462)

valign="bottom"

width="18">

 

valign="bottom"

width="108">

$ 

  

  (2,744)

 

 

(a)Depreciation and amortization expense excludes amortization of deferred financing fees totaling $131 for each of the three months ended June 30, 2011 and 2010, respectively, as such costs are already included in interest expense, net.

 

 

News Source : Agilysys Announces Unaudited Fiscal 2012 First-Quarter Financial Results


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