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Agilysys Inc. (AGYS) filed Quarterly Report for the period ended 2011-09-30.
Agilysys Inc. has a market cap of $187.3 million; its shares were traded at around $8.14 with and P/S ratio of 0.3.
This is the annual revenues and earnings per share of AGYS over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AGYS.
Highlight of Business Operations:
HSG’s sales increased $2.1 million in the second quarter of fiscal 2012 compared to the same prior year period primarily due to higher services revenues of $1.3 million as a result of growth in proprietary services projects. HSG’s hardware and software revenues also increased $0.8 million compared to the same prior year quarter. RSG’s revenues increased $2.2 million due to growth in product revenues of $1.6 million as a result of higher volumes. RSG’s services revenues also increased $0.6 million.RSG sales increased $11.4 million due to increases across all product and services offerings, with increases of $9.3 million, $0.7 million, and $1.4 million in hardware, software, and services revenues, respectively. The increases in RSG’s revenues in the first half of the current year compared to the first half of the prior year were attributable to higher volumes.
The income from discontinued operations for the three months ended September 30, 2011, includes TSG net sales of $26.1 million, a pre-tax loss of $3.1 million, and a net loss of $2.1 million. The income from discontinued operations for the six months ended September 30, 2011, includes TSG net sales of $123.8 million, a pre-tax loss of $1.8 million, and a net loss of $1.5 million. Included in the calculation of the gain on the sale was the write-off of $5.4 million in goodwill related to TSG that remained on the Company’s balance sheet until the sale was completed.
Income from discontinued operations for the three months ended September 30, 2010 includes TSG net sales of $133.5 million, pre-tax income of $3.9 million, and net income of $2.7 million. Income from discontinued operations for the six months ended September 30, 2010 includes TSG net sales of $218.6 million, pre-tax income of $1.8 million, and net income of $0.7 million.
Cash flow used for operating activities. The $5.1 million in cash used for operating activities during the first half of fiscal 2012 consisted of a net loss from continuing operations of $8.7 million, $13.1 million in non-cash adjustments to the net loss from continuing operations, and a negative $9.5 million of changes in operating assets and liabilities. Significant changes in operating assets and liabilities included a $2.7 million increase in inventory, a $1.9 million decrease in accounts payable, a $0.8 million decrease in income taxes payable, and a $5.8 million decrease in accrued liabilities, partially offset by a $1.7 million decrease in accounts receivable. The increase in inventory related to equipment purchased for customer orders that did not ship by September 30, 2011. The reduction in accrued liabilities primarily related to lower deferred revenues, as the Company recognized amounts for services performed during the period, partially offset by an accrual for taxes recorded due to the discontinued operations. The reduction in accounts receivable reflects an improvement in collections, as days’ sales outstanding improved to 52 days at September 30, 2011 compared with 62 days at March 31, 2011. The $15.0 million in cash used for operating activities during the six months ended September 30, 2010 consisted of a $13.2 million loss from continuing operations, $9.9 million in non-cash adjustments to the loss from continuing operations, and a negative $11.7 million of changes in operating assets and liabilities. Significant changes in operating assets and liabilities included a $7.0 million increase in accounts receivable, a $3.4 million increase in inventories, and a $2.0 million decrease in accrued liabilities, partially offset by a $0.5 million increase in accounts payable. The change in accounts receivable is reflective of an increase in the volume of sales that occurred in September 2010 (i.e., the last month of the fiscal quarter) compared to March 2010. The increase in accounts receivable in the prior year was also related to the transition of invoicing to the Company’s new Oracle ERP platform. The increases in accounts payable and in inventories were a result of the higher sales volume in September 2010 compared to March 2010 and several large orders that did not ship as of September 30, 2010. The decrease in accrued liabilities primarily related to the payment of a SERP liability to a former Company executive during the first half of fiscal 2011.
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