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NYFXE, NYFIX, Inc. Provides Update to Delisting and Earnings




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Mon Oct 31 09:28:28 2005 EST
STAMFORD, Conn., Oct 31, 2005 /PRNewswire-FirstCall via COMTEX/ --
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 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.
SOURCE NYFIX, Inc.
John Colemanm or Jennifer Carberry, both of NYFIX, Inc., [phone],
[e-mail]
http://www.prnewswire.com


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