CLEVELAND, Jan. 14 /PRNewswire-FirstCall/ -- Agilysys, Inc. (Nasdaq:
AGYS), a leading provider of innovative IT solutions, today announced the
filing of its Quarterly Report on Form 10-Q for the second quarter ended
September 30, 2008, with the Securities and Exchange Commission.
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As previously reported on November 20, 2008, in the company's fiscal
second-quarter summary earnings release, Agilysys recorded material other
income during the fiscal year ended March 31, 2008, resulting from its
minority ownership interest in Magirus AG, a privately held computer systems
distributor headquartered in Germany. Because financial information associated
with the company's proportionate share of profits and losses reported by
Magirus remained unaudited and unconfirmed, Agilysys was unable to complete
preparation of its consolidated financial statements for fiscal 2008.
On November 18, 2008, Agilysys completed the sale of its 20% minority
interest in Magirus. Following the divestiture of its investment in Magirus,
Agilysys completed its audit for fiscal 2008 and filed its Form 10-K on
December 16, 2008.
With today's filing of the fiscal 2009 second quarter 10-Q and the
December 30, 2008 filing of the first quarter 10-Q, the company's filings are
current with the SEC.
"We are pleased Agilysys is now current in its filings with the SEC," said
Martin Ellis, president and chief executive officer of Agilysys. "We will
continue to focus on expanding EBITDA margins, driving positive cash flow and
growing shareholder value. We look forward to sharing additional information
next month during our fiscal third-quarter earnings call."
Operating income for the second quarter of fiscal 2009 reflects a loss of
$114.5 million, which includes a $112.0 million non-cash charge for the
impairment of goodwill. As reported on November 20, 2008, in the company's
fiscal second-quarter earnings release, applicable accounting guidance
required the company to perform an interim goodwill and trademark impairment
analysis due to a significant decline in Agilysys market capitalization. Based
on the results of that analysis, the company recognized a non-cash charge of
$112.0 million in the second quarter, which reduced operating income and
goodwill on the balance sheet.
About Agilysys, Inc.
Agilysys is a leading provider of innovative IT solutions to corporate and
public-sector customers, with special expertise in select markets, including
retail and hospitality. The company uses technology - including hardware,
software and services - to help customers resolve their most complicated IT
needs. The company possesses expertise in enterprise architecture and high
availability, infrastructure optimization, storage and resource management,
identity management and business continuity; and provides industry-specific
software, services and expertise to the retail and hospitality markets.
Headquartered in Cleveland, Agilysys operates extensively throughout North
America, with additional sales offices in the United Kingdom and China. For
more information, visit www.agilysys.com.
Investor contact:
Curtis Stout
Vice President and Treasurer
Agilysys, Inc.
440-519-8635
curtis.stout@agilysys.com
Media contact:
Shawn Turner
Communications Manager
Agilysys, Inc.
440-519-8627
shawn.turner@agilysys.com
SOURCE Agilysys, Inc.
AGILYSYS, INC. 
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