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Agilysys Announces Delay in Filing Form 10-K

 
  • Company Files Form 12b-25 with Securities and Exchange Commission
  • Fiscal 2008 Audit of Magirus AG To Be Completed before Form 10-K Filing

BOCA RATON, Fla. – June 16, 2008 – Agilysys, Inc. (Nasdaq: AGYS), a leading provider of innovative IT solutions, today filed Form 12b-25 with the Securities and Exchange Commission (SEC) to report that it will be unable to timely file its Form 10-K for the fiscal year ended March 31, 2008.


As previously announced in the company’s fourth quarter earnings release on June 2, 2008, Agilysys recorded material other income of $8.9 million during fiscal year 2008 resulting from its 20% ownership interest in Magirus AG, a privately held enterprise computer systems distributor headquartered in Germany. This income is largely due to the gain on the sale of a portion of Magirus’ business to Avnet in late 2007. Agilysys indicated that results for Magirus remain unconfirmed and unaudited at the time of the fourth-quarter release and were likely to change, pending completion of Magirus’ financial statement audit.


Due to the materiality of Magirus to Agilysys’ financial statements in fiscal 2008, an independent audit of Magirus must be completed before Agilysys’ Form 10-K can be filed. It is unlikely that the audit of Magirus’ financial statements will be completed in time for Agilysys to meet the extended deadline for filing its Form 10-K provided by Rule 12b-25. The company expects to file its Form 10-K upon completion of the Magirus audit.


Forward-Looking Language
Portions of this release, particularly the statements made by management and those that are not historical facts, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current assumptions and expectations, and are subject to risks and uncertainties, many of which are beyond the control of Agilysys. Many factors could cause Agilysys actual results to differ materially from those anticipated by the forward-looking statements. These factors include those referenced in the Annual Report on Form 10-K or as may be described from time to time in Agilysys subsequent SEC filings.


Potential factors that could cause actual results to differ materially from those expressed or implied by such statements include, but are not limited to, those relating to Agilysys long-term financial goals, anticipated revenue gains, revenue volume, margin improvements, cost savings, capital expenditures, depreciation and amortization, new product introductions and economic conditions.

In addition, this release contains time-sensitive information and reflects management’s best analysis only as of the date of this release. Agilysys does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Information on the potential factors that could affect Agilysys actual results of operations is included in its filings with the SEC, including, but not limited to, its Annual Report on Form 10-K for the fiscal year ended March 31, 2007. Interested persons can obtain it free at the SEC’s Web site,
www.sec.gov.


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 Boca Raton, Fla., 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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Contact:


Martin Ellis
Executive Vice President, Treasurer, and Chief Financial Officer
Agilysys, Inc.
561-999-8780
martin.ellis@agilysys.com


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