Welcome to the Agilysys Fiscal 2013 Second Quarter Conference Call. Some statements made on today’s call will be predictive and are intended to be made as forward looking within the Safe Harbor protections of the Private Securities Litigation Reform Act of 1995. Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause results to differ materially. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the company's reports on Form 10-K and 10-Q and news releases filed with the Securities and Exchange Commission. Today's live broadcast will be archived and available on Agilysys' Website. At this time, I would like to introduce your host for today’s call, Agilysys’ President and CEO, James Dennedy. Please go ahead Mr. Dennedy.

Thank you, Emily. Good morning and thank you for joining today’s call to review our unaudited second quarter fiscal 2013 results. With me today is our Chief Financial Officer Robb Ellis. Before we get started I would like to remind our call participants that as usual we’ll be using a slide presentation as the basis for this review and if they’ve not already done so, they can access it from the investor relations section of our website at www.agilysys.com. We will be discussing some non-GAAP metrics on today’s call, primarily adjusted operating income and adjusted net income, which eliminates the effects of restructuring and other items that are either non-cash or non-recurring. Reconciliations to GAAP are provided at the end of this presentation as well as in the press release issued earlier this morning. Approximately, one year ago, the company implemented a strategy to focus on developing and delivering higher value solutions to customers in our core markets. Reflecting the company’s strategy, revenues in our second fiscal quarter from both the support, maintenance and subscriptions services and professional services segments continued to represent a higher proportion of revenues versus products revenue. In last year’s second quarter, product sales made up the majority of consolidated revenue where as in the current quarterly period support and professional services accounted for 54% of second quarter revenues and 73% of consolidated growth profit. It is particularly gratifying to report that we are now realizing tangible benefits associated with our strategic shift. In each of the past 2 quarters, we have generated substantially better profitability as the changes we have implemented are showing the results we expected. Professional services revenue growth led the quarter’s increases up 22% or $1.7 million versus last year’s second quarter. The port, maintenance and subscription services revenues were up $1.6…

Thanks, Jimmy. Good morning everyone. Hospitality revenue was up 9% year-over-year led by a recurring revenue which grew 14%. As we have discussed previously due to our strategy of offering our products on a subscription basis over the past year. We’ve seen a movement from traditional license booking to subscription based bookings. These long term subscription based bookings are now turning into recognized revenue and can be seen in the 14% increase in recurring revenue. In regards to our other revenue lines, professional services increased 10% and products revenue was up 1% during the quarter. Gross margin expanded 150 basis points to approximately 65% reflecting on a higher margin marketing initiatives, better utilization within our services organization and an increase in sales of our proprietary software. As a result, GAAP operating income more than doubled in the hospitality segment while adjusted operating income which excludes stock based compensation, amortization of acquisition related intangibles, restructuring and other non-recurring items improved to $3.9 million from $2.2 million in the prior year quarter. Moving to the retail solution group, revenue in retail declined 1% quarter-over-quarter. Support, maintenance and subscription services revenues were relatively flat posting a 1% revenue increase. The growth in retail’s recurring revenue was low due to the resignation from certain support contracts during the third quarter of fiscal year 2012 that do not meet our current profitability criteria. Excluding these contracts would result in a 10% increase in retail’s recurring revenue during the quarter. Professional service revenues advanced 31% reflecting the execution of several multi-location rollouts. The 9% lower product revenues was a result of one-time hardware deals that occurred in the second quarter of fiscal year 2012 that were not repeated in fiscal year 2013. Gross margins contracted approximately 150 basis points year-over-year due to the mix between re-marketed…

Thanks, Robb. Agilysys’ commitment to continuous innovation is backed by strong supporting investments designed to add value through customer and market driven new product development. As a part of the hospitality segments focused on growing its restaurant vertical, 2 new customers will be using Agilysys’ Eatec inventory management products, Philadelphia based STARR Restaurants and Events and Hawkistan [ph] Chinese restaurants. STARR is one of the fastest growing restaurant companies in the country with its full service catering and special events division managing projects including Granite Hill at the Philadelphia Museum of Art and Rat’s Restaurant at Grounds For Sculpture at Hamilton, New Jersey. They will be using Eatec at all of their restaurants and in their catering business. Hawkistan is an elite class modern Chinese restaurant. Hawkistan, which was already using Eatec in its New York location has recently installed Eatec in its Las Vegas, San Francisco, and Los Angeles locations. Business with this customer reflects a key component of our strategy, to expand business opportunities within our existing markets and customer base. Turning to the sporting venue at the hospitality segment, PGA site Harding Park in California recently added Agilysys’ InfoGenesis Point of Sale and DataMagine signature capture solution to the portfolio of systems acquired from Agilysys. Masterfully designed by Golf Course Architect Willie Watson of Olympic Club fame, the 163 acre course was recently restored to its former glory and updated to meet the demands of a technology savvy clientele. Agilysys continues to expand its business internationally, with a long time customer Mandarin Oriental Hotel group. The Mandarin Oriental Guangzhou in China, whose elegant hotel part of the prestigious mixed used complex will feature 6 dinning cocktail venues and spacious meeting facilities employing Agilysys InfoGenesis Point of Sale solutions. We are also very proud to have been involved…

[Operator Instructions] I am showing no questions, so this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Dennedy for any closing remarks.

Thank you, Emily. We remain optimistic about the many opportunities made available through the strategy we are executing and look forward to reporting ongoing improvement in our operating results through the balance of the year. I want to thank our personnel for their continued dedication to our customers, our business, our investors, and to each other. We are seeing consistent improvement in the business, both operationally and financially. Your work is greatly appreciated and the financial results reflect the quality and care you take in performing your jobs. I also want to thank the customers who trust us to deliver solutions and support their businesses. Our customers continue to be strong partners. We sincerely appreciate the confidence placed in us to deliver complex systems projects and their guidance in identifying areas for continuous improvement of our solutions and our business operations. The dedication of our personnel and the loyalty of our customer supports the confidence we have in the future of our business. Thank you.

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.