NYFIX Reports Second Quarter Results - Record Revenue Growth, Earnings Growth and Strong Backlog.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--July 31, 2000 NYFIX, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NYFX) today announced revenue for the second quarter ended June 30, 2000 increased 82% to $5,534,328, from $3,041,566 in the same quarter last year. Net earnings were $1,077,059, or $0.04 per share. This compares with net earnings of $150,165 or $0.01 per share in the prior year period. For the six months ended June 30, 2000, revenue totaled $9,914,336, an 82% increase from revenue of $5,446,728 for the first six months of 1999. Net earnings totaled $1,840,819, or $0.08 per share for the first half of 2000, compared with net earnings of $180,342 or $0.01 per share for the same period last year. Revenue and earnings growth for the second quarter were driven by increased broad demand across the Company's product line including: NYFIX Trader trader in U. S. income tax law, a person who deals in property as a business, making several purchases and sales within a year as distinguished from a few sales of assets held for investment. Workstations, Exchange Floor Systems and Network Connectivity for electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. . The Company exceeded its earnings objectives for the quarter and recorded another strong consecutive quarter of new business signings. In addition to the positive result for the second quarter, the Company's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. un-installed backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. exceeded $6.5 million as of June 30, 2000. The Company's outlook for new business signings and continued growth remains strong. "We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our position as the markets' acceptance of electronic trading continues to accelerate. In addition to first-time automation customers, we're also starting to replace first generation systems deployed in the infancy infancy, stage of human development lasting from birth to approximately two years of age. The hallmarks of infancy are physical growth, motor development, vocal development, and cognitive and social development. of the electronic market. In these days of e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. , we are excited about establishing a fast-growing modern day electronic intra-net company, while at the same time applying old-economy principles such as profitability and efficient operations," commented Peter Kilbinger Hansen Han·sen , Gerhard Henrik Armauer 1746-1845. Norwegian physician and bacteriologist who discovered (1869) the leprosy bacillus. , President and Chief Executive Officer of NYFIX, Inc. "While our customers' needs for electronic systems are developing in scope and complexity, they remain extremely sensitive to any exposure involving the operational risks associated with introducing such systems. We believe that our consistent and focused investments in building our intelligent network, suite of trading products and organization will allow us to continue to compete successfully against existing and new competitive efforts," added Mr. Hansen. "As the Company prepares to launch the NYFIX Millennium ATS, we believe the growth in the core business will further enhance Millennium's ability to provide meaningful liquidity to the marketplace. In addition to providing an improved transaction model, Millennium's distribution network provides it with a competitive advantage over any existing players as well as any possible new entrants in the ATS/ECN marketplace," concluded Dean Stamos, President of NYFIX Millennium, L.L.C. NYFIX, Inc. (NASDAQ: NYFX) develops and markets advanced electronic trading systems to brokerage firms, international banks and global exchanges trading in equities and derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. . The Company's NYFIX Network, a combined FIX (Financial Information eXchange Protocol) and Exchange Access Network, enables users to electronically communicate trade data among the buy-side, sell-side, and exchange floor environments. NYFIX is one of the financial community's fastest-growing intranets. With more than 500 high-speed intranet circuits and 1000 alternative routes, NYFIX processes approximately 300 million shares of equity order flow on a daily basis. NYFIX Millennium L.L.C., the Broker/Dealer affiliate of NYFIX, Inc., is launching an Alternative Trading System The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. (ATS) later this year. NYFIX Millennium aims to provide a valuable tool for helping investors achieve price improvement, ensure anonymity and reduce market fragmentation (1) Storing data in non-contiguous areas on disk. As files are updated, new data are stored in available free space, which may not be contiguous. Fragmented files cause extra head movement, slowing disk accesses. A defragger program is used to rewrite and reorder all the files. through the electronic linkage linkage In mechanical engineering, a system of solid, usually metallic, links (bars) connected to two or more other links by pin joints (hinges), sliding joints, or ball-and-socket joints to form a closed chain or a series of closed chains. of various liquidity sources, including exchanges and ECNs. NYFIX Millennium complements the existing market structure while eliminating many of its inefficiencies. NYFIX Millennium will leverage the NYFIX network's large order routing share volume to provide a more efficient liquidity source for the financial community. Built from NYFIX's technology and rapidly expanding established network infrastructure, NYFIX Millennium has a significant head start over existing or proposed industry initiatives to improve the markets' efficiency. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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. The following is a table of operating results:
NYFIX, Inc.
RESULTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues $ 5,534,328 $ 3,041,566 $ 9,914,336 $ 5,446,728
Net earnings $ 1,077,059 $ 150,165 $ 1,840,819 $ 180,342
Basic earnings
per common
share $ 0.04 $ 0.01 $ 0.08 $ 0.01
Basic weighted
average common
shares
outstanding 24,286,943 21,210,883 24,317,960 21,197,484
Diluted
earnings per
common share $ 0.04 $ 0.01 $ 0.07 $ 0.01
Diluted weighted
average common
shares
outstanding 26,481,865 22,340,835 26,416,915 22,187,495
Note: Common Shares have been adjusted for stock splits Effective November 15, 1999 and April 4, 2000. |
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