Agilysys returns to a profit in its 4th quarter
Agilysys returns to profit in its fiscal 4th quarter, helped by lower expenses
ALPHARETTA, Ga. (AP) -- Agilysys Inc. lower expenses helped it return to profitability in its fiscal fourth quarter after hefty charges resulted in a loss a year ago.
The company, which provides software to the lodging and leisure sectors, earned $330,000, or 1 cent per share, for the three months ended March 31. That compares with a loss of $17 million, or 78 cents per share, a year earlier.
Excluding stock-based compensation expense and other items, earnings from continuing operations were 15 cents per share.
Sales and marketing and general and administrative expenses shrunk in the quarter. The prior-year period was weighed down by large asset impairment and restructuring charges, while the current period included a legal settlement of $1.7 million.
Revenue increased 21 percent to $63 million from $52 million.
For the year, Agilysys lost $1.3 million, or 6 cents per share. In the previous year the company lost $22.8 million, or $1.02 per share. Annual revenue rose 13 percent to $236.1 million from $208.9 million.
Agilysys shares finished at $12.78 on Tuesday.
