STAMFORD, Conn., March 30 /PRNewswire-FirstCall/ -- NYFIX, Inc. (Nasdaq: NYFX), a leader in technology solutions for the financial marketplace, today announced that it will delay the filing of its 2004 Annual Report on Form 10-K for the year ended December 31, 2004 currently due March 31, 2005. The delay is a result of the Company's previously announced discussions with the Securities and Exchange Commission regarding its accounting for previously issued stock options. As a result, the Company also announced that it will delay the filing of its Management Report on Internal Control as required by the Sarbanes-Oxley Act of 2002. The Company had anticipated filing its Management Report on Internal Control by the extended filing deadline of April 30, 2005. However, due to the delay in the filing of its Form 10-K, it no longer qualifies for the automatic forty-five day extension.
As previously announced, the Company expects to restate its audited financial statements for the years ended December 31, 2003 and 2002 included in its 2004 Annual Report on Form 10-K and is evaluating whether it needs to restate its unaudited results for each of the first three quarters of 2004. The Company is also reviewing the impact of such accounting changes on the Company's historical accounting of its deferred tax assets. Inasmuch as the adjustments primarily relate to non-cash items, the resulting restatement will have no material effect on the Company's current cash position or cash flows from operations.
The Company intends to exercise its best efforts to resolve the outstanding items and file its 2004 Annual Report on Form 10-K and its Management Report on Internal Control as soon as possible.