Cleveland – January 21, 2009 – Agilysys, Inc. (Nasdaq: AGYS), a leading provider of innovative IT solutions, announced it received a letter from Nasdaq confirming that Agilysys is currently in compliance with all listing standards following the filing of the company’s Form 10-Q with the Securities and Exchange Commission (SEC) for the period ended September 30, 2008.
“We are very pleased to now be current with all our filing requirements for The Nasdaq Stock Market and the SEC,” said Martin Ellis, president and chief executive officer of Agilysys. “With these filings behind us, 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 conference call.”
As previously reported on November 20, 2008, in the company’s fiscal second quarter 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 with the SEC on December 16, 2008. Subsequently, the company also filed its Form 10-Q for its fiscal 2009 first quarter ended June 30, 2008, on December 30, 2008, and its Form 10-Q for its fiscal 2009 second quarter ended September 30, 2008, on January 14, 2009.
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.
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