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Published on : Friday, November 8, 2013
All financial results presented below reflect the classification of the Company’s former Retail Solutions Group (“RSG”) as a discontinued operation following the sale of this business on July 1, 2013.
Summary of Fiscal 2014 Second Quarter Financial Results
James Dennedy, president and CEO of Agilysys, commented, “Our fiscal 2014 second quarter and first half results provide solid evidence our corporate strategy is successfully delivering the intended operating and financial results. The performance of the business reflects the focus the entire Agilysys team has on providing market-leading solutions for the hospitality industry. Our emphasis on helping customers grow their business while providing a memorable guest experience is validated by the strong partnerships we enjoy with our growing customer base.
“Additionally, our financial results reflect the market acceptance of several recent significant product releases as well as the investments we continue to make in product development. In the fiscal 2014 second quarter, we launched two new mobile applications – InfoGenesis Mobile v2.0 and Insight Mobile Manager. These innovations provide added flexibility and value to our industry-leading point-of-sale and property management solutions. The important innovations released in the current quarter follow the successful release of updated versions of our InfoGenesis POS and LMS® property management solutions, announced earlier this fiscal year.”
“Looking forward,” Dennedy added, “we remain committed to our disciplined capital investment program and prudent management of operating expenses. This program includes an ongoing identification of select M&A opportunities intended to accelerate our product roadmap and expand our addressable markets. We believe our disciplined capital investment in our people and our business is the best use of our strong balance sheet to deliver enhanced value for our customers and our shareholders.”
Summary of Fiscal 2014 First Half Financial Results
Janine Seebeck, chief financial officer, added, “We delivered positive operating results in the fiscal 2014 second quarter. Our above market revenue growth and nearly 400 basis point year-over-year improvement in gross margin drove a $1.4 million increase in adjusted operating income from continuing operations even as we continue to invest in next generation product development. Generating a market leading return on invested capital remains the primary metric by which we measure our success. With $100 million in cash and no debt at quarter end, Agilysys has the financial flexibility to continue growing our business and pursuing targeted acquisitions that complement our product capabilities. We expect these strategies will create opportunities for the Company to address new customers and new hospitality industry verticals.”
Unaudited pro forma condensed consolidated statements of operations for the three month periods ended June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, as well as for the fiscal year ended March 31, 2013, are provided at the end of this press release. These statements of operations give effect to the sale of the Company’s Retail Solutions Group and adjustments as if they had occurred on April 1, 2012, and carried forward through the latest period. The unaudited pro forma condensed consolidated statements of operations should be read in conjunction with the historical audited consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report.