Agilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported a set of actions in response to COVID-19. Ramesh Srinivasan, President and CEO of Agilysys, commented, "During these extraordinarily challenging times, the health and safety of our employees and customers remain our greatest concern. We are continuing to provide uninterrupted service to our customers. The working-from-home arrangement for practically our entire global workforce has worked out smoothly. We remain healthy and productive. "We do expect revenue and profitability levels for the fourth quarter of fiscal 2020 and the next fiscal year to be negatively affected by the current significant market headwinds. The extent of the negative effect for the next fiscal year is unpredictable at this time. We will miss the Jan-Mar quarter (Q4 of FY20) revenue guidance outlined in our last quarterly earnings release. However, we remain confident that all the competitive advantages we have worked hard to build during the past few years will serve us well once the economic environment starts moving towards normalcy. "We entered these tough times with no bank debt and our highest cash position since June 2017. We ended this fourth quarter with over $46 million in cash. While we face an uncertain near-term environment, we remain confident we will do well and continue our growth path on the other side of this crisis. We are currently taking significant steps to improve our own financial position while supporting our valued customers over the short, medium and long term. "For the next 6 months, my CEO salary will be reduced to zero and significant salary reductions will be put in place for all our senior employees including the board of directors and the executive management team. In addition, unfortunately, we are also reducing our staffing levels, both on a permanent and temporary basis, in roles not essential to managing the short-term in this current environment. There are several other major cost reduction measures that we have implemented. "We are fortunate to be in a business where our recurring revenue is not transaction based and our software applications are mission critical for our valued customers. We are working to help our customers through these challenging circumstances. We are in a good position to have a significant number of cost dials we can manage as necessary, without slowing down our pace of product innovation. "Our next earnings call is currently planned for the second half of May, a few weeks later than a normal quarter since this is our fourth quarter and end of our fiscal year 2020. We look forward to discussing our business in greater detail at that time, and we hope for the continued health and safety of our employees and customers." Agilysys exclusively delivers state-of-the-art hospitality software solutions and services that help organizations go beyond what they can accomplish with traditional property management systems (PMS), point-of-sale (POS) solutions and food and beverage inventory and procurement systems. Modern, state-of-the-art solutions work standalone to provide best-in-class capabilities, or together in a coordinated ecosystem that unifies data and workflows across a property, to equip staff members to delight guests, improve efficiency and grow margins. www.agilysys.com
Organization
Agilysys, Inc.
https://www.agilysys.com/
3655 Brookside Pkwy, Ste 300
USA
- Alpharetta, GA 30022
Tollfree: 18002418768
Phone: 1 (877) 369-6208
Email: sales@agilysys.com
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