- First Quarter Adjusted Operating Income Rises $1.9 Million Year
over Year to $1.5 Million -
Total net revenue increased $2.1 million, or 9%, to $24.5 million,
from $22.4 million in the prior-year period.
Recurring revenues (comprised of support, maintenance and subscription
services) for the quarter were $13.2 million, an increase of 8% over
the prior-year period.
Gross margin was 66% in the quarter compared to 62% in the prior-year
Adjusted operating income (excluding stock-based compensation,
amortization of intangibles and other one-time items) from continuing
operations increased $1.9 million year over year to $1.5 million from
an adjusted operating loss from continuing operations of $0.4 million
in the year-ago period (see reconciliation below).
Adjusted net income (non-GAAP) from continuing operations grew to $1.4
million, or $0.06 per diluted share, compared with an adjusted net
loss from continuing operations of $0.9 million, or ($0.04) per share,
last year (see reconciliation below).
Income from continuing operations for the period was $0.4 million, or
$0.02 per diluted share, compared to a loss from continuing operations
of $2.7 million, or ($0.12) per share, in the prior-year period.
Inclusive of discontinued operations, net income for the quarter was
$1.3 million, or $0.06 per diluted share, compared to a net loss of
$1.8 million, or ($0.08) per share, in the prior-year period.
ALPHARETTA, Ga.--(BUSINESS WIRE)--
Agilysys, Inc. (Nasdaq: AGYS), a leading developer and provider
of innovative information technology, services and solutions for the
hospitality industry, today reported operating results for its fiscal
2014 first quarter.
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. Agilysys’
business is now focused exclusively on providing innovative software
enabled solutions to the hospitality industry.
Summary of Fiscal 2014 First Quarter Financial Results
James Dennedy, president and CEO of Agilysys, commented, “Our first
quarter financial results reflect the success of the business strategies
we have implemented, primarily our emphasis on the pursuit of the
highest margin markets we can address with the highest value solutions
in the industry. This strategy continues to deliver year-over-year
growth in total revenue, recurring revenue and gross margin. Further,
our revenue growth continues to outpace the overall market rate of
growth?another key proof point of our strategy. Equally importantly we
have generated these improvements with a lower overall expense structure
in the business. Capital efficiency is the key metric we rely on to
assess the quality of the business and financial objectives we have
accomplished. In this regard, our business and our personnel have
performed at an exceptional level.”