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Agilysys Inc$16.10($.13)(.80%)

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 Agilysys’ Fiscal 2016 Fourth Quarter Revenue Increases 11% to Quarterly Record $31.9 Million, Inclusive of 33% Rise in Subscription Revenue
   Thursday, June 09, 2016 4:05:00 PM ET

--Fiscal 2017 Revenue Outlook of $132 Million - $136 Million; Fiscal 2017 Adjusted EBITDA Expected to Double

Agilysys, Inc. (AGYS ), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2016 fourth quarter and full year ended March 31, 2016.

Summary of Fiscal 2016 Fourth Quarter Financial Results

-- Total net revenue was $31.9 million, compared to total net revenue of $28.7 million in the comparable prior-year period.

-- Recurring revenues (which are comprised of support, maintenance and subscription services) were $15.6 million, or 49% of total net revenue, compared to $14.5 million, or 51% of total net revenue, for the same period in fiscal 2015. SaaS revenues for the fourth quarter increased 33% year over year and comprised 18% of total recurring revenues, compared to 14% of total recurring revenues in the fourth quarter of fiscal 2015.

-- Gross margin was 55% in the fiscal 2016 fourth quarter, compared to 51% in the prior-year period.

-- Net loss in the fiscal 2016 fourth quarter was $(1.5) million, or $(0.07) per diluted share, compared to a net loss of $(5.4) million, or $(0.24) per diluted share, in the prior-year period. The prior-year period included a total of $2.4 million, or $0.11 per share, in asset write-offs and other fair value adjustments and restructuring and severance charges.

-- Adjusted EBITDA (non-GAAP) was $1.0 million, compared to an Adjusted EBITDA loss of $(0.6) million in the same period last year (see reconciliation below).

Jim Dennedy, President and CEO of Agilysys, commented, "In the fiscal 2016 fourth quarter we generated 11% revenue growth, including a 33% year-over-year increase in subscription-based revenues. The solid fourth quarter results concluded a year of significant growth for Agilysys in which total net revenue increased 16% for the year. More impressively, the total contract value of bookings of subscription-based business increased more than 150% year over year.

"We grew our installed point of sale end points approximately 30% to over 35,000 end points at fiscal 2016 year end, while the number of hotel rooms managed by our property management systems increased approximately 3% to more than 236,000 rooms. Revenue from rGuest platform based solutions represented approximately 5% of total revenue in fiscal 2016, and momentum for this new hospitality platform is growing. We expect more success in fiscal 2017 as we recently announced the general availability of rGuest Stay for limited service hotels and expect that rGuest Buy, which is demonstrating success in multiple trials, will become generally available in the first half of fiscal 2017.

"Our business is benefiting today from our success in addressing market demand through our new platform products and key enhancements for our iconic solutions. We believe our rGuest and iconic solutions provide significant value to a growing list of customers that will lead to another year of positive momentum in our operating results for fiscal 2017."

Summary of Fiscal 2016 Full Year Financial Results

-- Total net revenue was $120.4 million, compared to total net revenue of $103.5 million in the comparable prior year period.

-- Recurring revenues (which are comprised of support, maintenance and subscription services) were $60.1 million, or 50% of total net revenue, compared to $56.0 million, or 54% of total net revenue, in fiscal 2015. SaaS revenues increased 29% year over year and comprised 17% of total recurring revenues, compared to 14% of total recurring revenues in fiscal 2015.

-- Gross margin was 57% in fiscal 2016, compared to 58% in fiscal 2015.

-- Net loss for fiscal 2016 was $(3.8) million, or $(0.17) per diluted share, compared to a net loss of $(11.5) million, or $(0.51) per diluted share, in fiscal 2015. The prior-year period included a total of $3.3 million, or $0.15 per diluted share, in asset write-offs and other fair value adjustments and restructuring and severance charges.

-- Adjusted EBITDA (non-GAAP) was $4.3 million, compared to Adjusted EBITDA of $1.2 million in fiscal 2015 (see reconciliation below).

Fiscal 2017 Outlook

Agilysys today provided a forecast for several financial metrics for fiscal 2017 including revenue, gross margin and Adjusted EBITDA (non-GAAP). The Company’s outlook for fiscal 2017 contemplates:

-- Full year revenue of approximately $132 - $136 million compared to fiscal 2016 revenue of $120 million.

-- Gross margin for fiscal 2017 is expected to be in the low-50% range, which reflects the impact of higher cost of goods sold related to the recently announced general availability of rGuest Stay for limited and select service hotels and chains and a continued mix shift in revenue towards more subscription based sales.

-- Adjusted EBITDA is expected to double in fiscal 2017, compared to fiscal 2016 Adjusted EBITDA of $4.3 million.

Janine Seebeck, Chief Financial Officer, commented, "In addition to our impressive 16% top line growth for fiscal 2016, we also significantly benefited from our fiscal management policies as reflected in the over $9 million year-over-year increase in net cash provided by operating activities and the more than 250% improvement in Adjusted EBITDA. We enter fiscal 2017 with a lot of momentum based on the ongoing growth of our customer base, consistent additional product placements with existing customers, and the expansion of our total addressable market through the introduction of our rGuest platform solutions. We expect this momentum to continue in fiscal 2017 as we forecast greater than the market rate of growth for full year revenue and a doubling of Adjusted EBITDA.

"In addition, we are very encouraged by the growing industry appreciation for our rGuest platform. As a result we are modestly accelerating our product development investment plan for certain rGuest solutions in order to add features and functionality that will enable us to address a growing number of markets sooner. With over $60 million in cash and cash equivalents at the end of fiscal 2016, we have a healthy balance sheet and the financial flexibility to support and grow our business."

2016 Fourth Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, June 9, 2016, beginning at 4:30p.m. ET. Both the call and the webcast are open to the public. The conference call number is 224-357-2393 (domestic or international); and the conference ID number is 9295894. Please call five minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at Agilysys Events & Presentations. Approximately, two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Forward-Looking Language

This press release and other publicly available documents, including the documents incorporated herein and therein by reference, contain, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods, and include (i) the statements in the last sentences of the second and third paragraphs under the heading "Summary of Fiscal 2016 Fourth Quarter Financial Results" and (ii) the statements under the heading "Fiscal 2017 Outlook." These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management’s current expectations, intentions or beliefs and are subject to a number of factors, assumptions and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact the business include the risk factors set forth in Item 1A of the company’s Annual Report for the fiscal year ended March 31, 2015. Copies are available from the SEC or the Agilysys website. We undertake no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited condensed consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include adjusted cash flow from operations and adjusted EBITDA. Management believes that such information can enhance investors’ understanding of the company’s ongoing operations. See the accompanying tables below for reconciliations of adjusted cash flow from operations and adjusted EBITDA to the comparable GAAP measures.

About Agilysys

Agilysys is a leading technology company that provides innovative point-of-sale, property management, inventory and procurement, workforce management, analytics, document management and mobile and wireless solutions and services to the hospitality industry. The company’s solutions and services allow property managers to better connect, interact and transact with their customers by streamlining operations, improving efficiency, increasing guest recruitment and wallet share, and enhancing the guest experience. Agilysys serves four major market sectors: Gaming, both corporate and tribal; Hotels, Resorts and Cruise; Foodservice Management; and Restaurants, Universities, Stadia and Healthcare. A significant portion of the company’s consolidated revenue is derived from contract support, maintenance and subscription services. Agilysys operates throughout North America, Europe and Asia, with corporate services located in Alpharetta, GA, and offices in Singapore, Hong Kong, Malaysia and the Philippines. For more information, visit www.agilysys.com.

                                                                                                                                                                AGILYSYS, INC.
                                                                                                                                                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                  (UNAUDITED)
                                                                                                                                                                               
(In thousands, except per share data)                                                                                       Three Months Ended                                                                                                                           Twelve Months Ended
                                                                                                                                 March 31,                                                                                                                                    March 31,
                                                                          -----------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------
                                                                             2016         2015                             2016          2015   
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                              
Net revenue:
   Products                                                                                  $ 10,767                                                              $ 10,898                                                              $  41,445                                                              $  31,846
   Support, maintenance and subscription services                                              15,644                                                                14,499                                                                 60,104                                                                 56,013
   Professional services                                                     5,513                           3,311                           18,817                           15,655  
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
     Total net revenue                                                                         31,924                                                                28,708                                                                120,366                                                                103,514
Cost of goods sold:
   Products                                                                                     6,292                                                                 7,318                                                                 23,326                                                                 18,732
   Support, maintenance and subscription services                                               3,981                                                                 3,363                                                                 15,394                                                                 12,461
   Professional services                                                     4,044                           3,417                           13,540                           12,240  
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
     Total cost of goods sold                                               14,317                          14,098                           52,260                           43,433  
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Gross profit                                                                                   17,607                                                                14,610                                                                 68,106                                                                 60,081
Gross profit margin                                                                              55.2 %                                                                50.9 %                                                                 56.6 %                                                                 58.0 %
   Operating expenses:
   Product development                                                                          6,667                                                                 6,590                                                                 26,688                                                                 25,316
   Sales and marketing                                                                          5,344                                                                 4,951                                                                 19,740                                                                 16,357
   General and administrative                                                                   5,921                                                                 5,299                                                                 21,818                                                                 21,668
   Depreciation of fixed assets                                                                   572                                                                   523                                                                  2,199                                                                  2,225
   Amortization of intangibles                                                                    306                                                                   467                                                                  1,243                                                                  3,461
   Restructuring, severance and other charges                                                     337                                                                   569                                                                    283                                                                  1,482
   Asset write-offs and other fair value adjustments                                              355                                                                 1,836                                                                    180                                                                  1,836
   Legal settlements                                                            83                               -                              268                              203  
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
   Operating loss                                                                              (1,978 )                                                              (5,625 )                                                               (4,313 )                                                              (12,467 )
Other (income) expense:
   Interest income                                                                                (23 )                                                                 (12 )                                                                  (92 )                                                                 (110 )
   Interest expense                                                                                 8                                                                    13                                                                     29                                                                     48
   Other (income) expense, net                                                (531 )                                               78                             (491 )                                               146  
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Loss before taxes                                                                              (1,432 )                                                              (5,704 )                                                               (3,759 )                                                              (12,551 )
Income tax expense (benefit)                                                   106                            (277 )                                                 6                           (1,054 )
                                                                          -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Net loss                                                                                     $ (1,538 )                                                            $ (5,427 )                                                            $  (3,765 )                                                            $ (11,497 )
                                                                          ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                              
Weighted average shares outstanding                                         22,493                          22,343                           22,483                           22,338  
                                                                          ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                              
Loss per share - basic and diluted:                                                                                                                                                                                                  
                                                                          -------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
Loss per share                                                                               $  (0.07 )                                                            $  (0.24 )                                                            $   (0.17 )                                                            $   (0.51 )
                                                                          ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                    AGILYSYS, INC.
                                                                                         CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                      (UNAUDITED)
                                                                                                                             
(In thousands, except share data)                                                                                 March 31,                                                              March 31,
                                                                                                 2016                             2015   
                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
ASSETS
Current assets:
   Cash and cash equivalents                                                                                    $  60,608                                                              $  75,067
                                                                                                                   22,017                                                                 25,481
   Accounts receivable, net of allowance for doubtful accounts of
   $617 and $888,
   respectively
   Inventories                                                                                                      2,692                                                                    641
   Prepaid expenses and other current assets                                                    10,184                            3,828  
                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
     Total current assets                                                                                          95,501                                                                105,017
Property and equipment, net                                                                                        14,197                                                                 11,929
Goodwill                                                                                                           19,622                                                                 19,622
Intangible assets, net                                                                                              8,576                                                                  9,006
Software development costs, net                                                                                    44,215                                                                 31,818
Other non-current assets                                                                         3,046                            4,133  
                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
     Total assets                                                                                               $ 185,157                                           $ 181,525  
                                                                                             ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                     
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
   Accounts payable                                                                                             $   7,761                                                              $  16,586
   Deferred revenue                                                                                                33,241                                                                 23,881
   Accrued liabilities                                                                                             12,980                                                                 10,001
   Capital lease obligations, current                                                              118                              142  
                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
     Total current liabilities                                                                                     54,100                                                                 50,610
Deferred income taxes, non-current                                                                                  3,075                                                                  3,053
Capital lease obligations, non-current                                                                                215                                                                     47
Other non-current liabilities                                                                                       4,294                                                                  3,627
Shareholders’ equity:
                                                                                                                    9,482                                                                  9,482
   Common shares, without par value, at $0.30 stated value;
   80,000,000 shares authorized;
   31,606,831 shares issued; and 22,942,586 and 22,789,355 shares
   outstanding at March 31,
   2016 and March 31, 2015, respectively
   Treasury shares, 8,664,245 and 8,817,477 at March 31, 2016 and March                                            (2,600 )                                                               (2,646 )
   31, 2015, respectively
   Capital in excess of stated value                                                                               (7,645 )                                                              (10,675 )
   Retained earnings                                                                                              124,413                                                                128,178
   Accumulated other comprehensive loss                                                           (177 )                                              (151 )
                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
   Total shareholders’ equity                                                                  123,473                          124,188  
                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
     Total liabilities and shareholders’ equity                                                                 $ 185,157                                           $ 181,525  
                                                                                             ==================== ======= ====================                      ==================== ======= ====================
                                                                                                  AGILYSYS, INC.
                                                                                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                    (UNAUDITED)
                                                                      
                                                                                                                                             Twelve Months Ended
(In thousands)                                                                                                                                    March 31,
                                                                                          -------------------------------------------------------------------------------------------------------------------------
                                                                                              2016          2015   
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Operating activities
Net (loss) income                                                                                            $  (3,765 )                                                            $ (11,497 )
  Adjustments to reconcile loss from operations to net cash provided
  by (used in) operating activities
   Net restructuring, severance and other charges                                                                 (333 )                                                                  134
   Net legal settlements                                                                                           185                                                                 (1,511 )
   Asset write-offs and other fair value adjustments                                                                87                                                                  3,454
   Loss on disposal of property & equipment                                                                        381                                                                      -
   Depreciation                                                                                                  2,199                                                                  2,225
   Amortization                                                                                                  2,265                                                                  4,755
   Deferred income taxes                                                                                            23                                                                   (371 )
   Contingent consideration adjustment                                                                              93                                                                 (1,619 )
   Share-based compensation                                                                                      3,405                                                                  3,140
   Change in cash surrender value of company owned life insurance                                                 (564 )                                                                  (57 )
   policies
   Excess tax benefit from equity awards                                                                             -                                                                    (14 )
     Changes in operating assets and liabilities:
     Accounts receivable                                                                                         3,237                                                                 (1,935 )
     Inventories                                                                                                (2,051 )                                                                 (171 )
     Prepaid expense                                                                                            (4,532 )                                                                 (526 )
     Accounts payable                                                                                           (7,896 )                                                                5,528
     Deferred revenue                                                                                            9,364                                                                  1,146
     Accrued liabilities                                                                                         5,330                                                                 (3,868 )
     Income taxes payable                                                                                           16                                                                   (823 )
     Other changes, net                                                                        (226 )                                              (176 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Net cash provided by (used in) operating activities                                           7,218                           (2,186 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                  
Investing activities
  Proceeds from sale of business units                                                                               -                                                                    809
  Cash paid for acquisition, net                                                                                     -                                                                 (3,750 )
  Proceeds from sale and maturity of marketable securities                                                           -                                                                 10,107
  Investments in marketable securities                                                                               -                                                                (10,240 )
  Capital expenditures                                                                                          (4,845 )                                                               (4,650 )
  Capitalized software development costs                                                                       (16,103 )                                                              (15,813 )
  Additional (investments in) proceeds from corporate-owned life                                (65 )                                             1,905  
  insurance policies
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Net cash used in investing activities                                                       (21,013 )                                           (21,632 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                  
Financing activities
  Repurchase of common shares to satisfy employee tax withholding                                                 (435 )                                                                 (373 )
  Exercise of employee stock options                                                                                 -                                                                    102
  Excess tax benefit from equity awards                                                                              -                                                                     14
  Principal payments under long-term obligations                                               (143 )                                              (144 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Net cash used in financing activities                                                          (578 )                                              (401 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Effect of exchange rate changes on cash                                                         (87 )                                              (280 )
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Net (decrease) increase in cash and cash equivalents                                                           (14,459 )                                                              (24,499 )
Cash and cash equivalents at beginning of period                                             75,067                           99,566  
                                                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------
Cash and cash equivalents at end of period                                                                   $  60,608                                           $  75,067  
                                                                                          ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                  
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Accrued capital expenditures                                                                                 $      59                                                              $     148
Accrued capitalized software development costs                                                                     959                                                                  3,764
Leasehold improvements acquired under operating lease arrangement                                                  997                                                                      -
                                                                                                                                                              AGILYSYS, INC.
                                                                                                                                               RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
                                                                                                                                                                (UNAUDITED)
                                                                                                                                                                            
                                                                                                                         Three Months Ended                                                                                                                           Twelve Months Ended
(In thousands)                                                                                                                March 31,                                                                                                                                    March 31,
                                                                       -----------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------
                                                                          2016         2015                            2016          2015   
                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
Net loss                                                                                  $ (1,538 )                                                            $ (5,427 )                                                            $ (3,765 )                                                            $ (11,497 )
Income tax expense (benefit)                                                106                            (277 )                                                6                           (1,054 )
                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Loss before taxes                                                                           (1,432 )                                                              (5,704 )                                                              (3,759 )                                                              (12,551 )
Depreciation of fixed assets                                                                   572                                                                   523                                                                 2,199                                                                  2,225
Amortization of intangibles                                                                    306                                                                   467                                                                 1,243                                                                  3,461
Amortization of developed technology                                                           255                                                                   349                                                                 1,022                                                                  1,294
Interest (income) expense                                                   (15 )                                                1                             (63 )                                               (62 )
                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
EBITDA (b)                                                                                    (314 )                                                              (4,364 )                                                                 642                                                                 (5,633 )
Share-based compensation                                                                     1,087                                                                 1,312                                                                 3,405                                                                  3,140
Restructuring, severance and other charges                                                     337                                                                   569                                                                   283                                                                  1,482
Asset write-offs and other fair value adjustments                                              355                                                                 1,836                                                                   180                                                                  1,836
Other non-operating (income) expense                                                          (531 )                                                                  78                                                                  (491 )                                                                  146
Legal settlements                                                            83                               -                             268                              203  
                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Adjusted EBITDA (a)                                                                       $  1,017                                           $   (569 )                                                            $  4,287                                           $   1,174  
                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================
(a) Adjusted EBITDA, a non-GAAP financial measure, is defined
as income before income taxes, interest expense (net of interest
income), depreciation and amortization (including amortization of
developed technology), and excluding charges relating to i) legal
settlements, ii) restructuring, severance, and other charges, iii)
asset write-offs and other fair value adjustments, iv) share-based
compensation, and v) other non-operating (income) expense
 
(b) EBITDA is defined as net income before income taxes, interest
expense, depreciation and amortization
                                                                                 AGILYSYS, INC.
                                                                    RECONCILIATION OF OPERATING CASH FLOWS TO
                                                                       ADJUSTED CASH FLOWS FROM OPERATIONS
                                                                                   (UNAUDITED)
                                                            
                                                                                                                       Twelve Months Ended
(In thousands)                                                                                                              March 31,
                                                                                -------------------------------------------------------------------------------------------------
                                                                                   2016      2015   
                                                                                -------------------- -----                      -------------------- ------ --------------------
Operating activities:
  Net cash provided by (used in) operating activities                                              $ 7,218                                         $ (2,186 )
  Non-recurring cash items:
   Payments for restructuring, severance and other charges                                             616                                            1,348
   Payments for legal settlements                                                    83                         1,714  
                                                                                -------------------- -----                      -------------------- ------ --------------------
   Adjusted cash provided by operating activities (a)                                              $ 7,917                                         $    876  
                                                                                ==================== =====                      ==================== ====== ====================
 
(a) Non-GAAP financial measure

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160609006065r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160609006065/en/

SOURCE: Agilysys, Inc.

Investor: 
Agilysys, Inc. 
Janine Seebeck, 770-810-7800 
Chief Financial Officer 
investorrelations@agilysys.com 
or 
JCIR 
Richard Land, Norberto Aja, Jim Leahy 
212-835-8500 
agys@jcir.com


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