NYFIX, Inc. Provides Update to Delisting and Earnings
October 31 2005 - 8:28AM
PR Newswire (US)
STAMFORD, Conn., Oct. 31 /PRNewswire-FirstCall/ -- NYFIX, Inc.
(NASDAQ:NYFXE), NYFIX a leader in technology solutions for the
financial marketplace recently announced that its independent
registered public accountant, Deloitte & Touche LLP, resigned.
As described in the Company's Forms 8-K dated October 19 and 20,
2005, the Company has determined that it expects to restate its
previously issued financial statements to recognize approximately
$2 million in additional pre-tax, non-cash compensation expense
primarily over a six-year period -- 1999 through 2004. NYFIX is
currently interviewing accounting firms and proceeding as
expeditiously as possible to hire a new registered public
accounting firm and to bring the Company's regulatory filings
current. Nasdaq had previously provided the Company with an
extension until October 31, 2005 to become current in its financial
reporting. The Company will not meet this deadline. As a result,
the Company has been notified by Nasdaq that the Company's common
stock will be delisted from the National Market System as of market
opening on Tuesday, November 1, 2005. The Company anticipates that,
following the Nasdaq delisting, its common stock will be traded in
the Pink Sheets under the Symbol NYFX.PK. The Company intends to
return to the National Market System as soon as possible after it
becomes current with its public filing requirements. 2nd and 3rd
Quarter 2005 Update Financial information in this press release is
un-audited. The Company has experienced quarter over quarter growth
in revenues since the first quarter of 2004 and will continue to
execute its business plan and strategy. The Company has no plans to
make any changes in customer service. Quarterly revenues have risen
from $17 million in the first quarter of 2004 to approximately $25
million in third quarter of 2005, which is an increase of
approximately 50%. For the nine months ended September 30, 2005,
revenues increased approximately 30% as compared to the same period
in 2004. Revenues for the three months ended June 30, 2005 were
approximately $24 million, with an estimated loss of ($0.04) per
common share. For the three months ended September 30, 2005,
revenues were approximately $25 million, with an estimated loss in
the range of ($0.03) and ($0.01) per common share. There has been
no material change in the Company's ability to meet its current
obligations since its financial statements were filed with its Form
10-Q for the three months ended March 31, 2005. About NYFIX, Inc.
NYFIX, Inc. is an established provider to the domestic and
international financial markets of trading workstations,
middle-office trade automation technologies and trade communication
technologies. Our NYFIX Network is one of the industry's largest
networks, connecting broker-dealers, institutions and exchanges. In
addition to our headquarters in Stamford, we have offices on Wall
Street in New York City, in London's Financial District, in
Chicago, and in San Francisco. We operate redundant data centers in
the northeastern United States with additional data center hubs in
London, Amsterdam, Hong Kong and Tokyo. For more information,
please visit http://www.nyfix.com/. Financial information in this
press release is unaudited. This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to
be covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability of the
Company to market and develop its products. Although the Company
believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions
could be inaccurate, and therefore, there can be no assurance that
the forward-looking statements included in this press release will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by the Company or any other person that the
objectives and plans of the Company will be achieved. DATASOURCE:
NYFIX, Inc. CONTACT: John Colemanm or Jennifer Carberry, both of
NYFIX, Inc., +1-203-425-8000, Web site: http://www.nyfix.com/
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