Agilysys Shares Increase After Beating Estimates

Shares of Agilysys rose 27 percent Monday after the Cleveland-based distributor beat first-quarter estimates and raised its fiscal 2005 outlook. <P> Shares were trading at $13.65 Monday morning, a $2.90 increase per share after Agilysys reported net income of $3.9 million, or 14 cents per share, for the first fiscal quarter ended June 30. The results compared with a net loss of $1.5 million, or 5 cents per share, for the year-ago quarter. Sales in the quarter increased 38 percent to $386.7 million, compared with $279.6 million for the same period last year. <P> The company increased its fiscal 2005 guidance to earnings in the range of 83 cents to 93 cents per share, up from earlier guidance of 70 cents to 80 cents. Fiscal year 2005 revenue growth also is expected to be 20 percent to 25 percent, more than its original guidance of 13 percent to 18 percent. <P> "Our strong performance in the quarter and pipeline of sales opportunities position us well to achieve our increased sales and net income expectations," said Arthur Rhein, chairman, president and CEO of Agilysys, in a statement.