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.