NYFIX, Inc. Reports Record Fourth Quarter and Year 2000 Results and Solid Growth Outlook.
STAMFORD, Conn.--(BUSINESS WIRE)--March 5, 2001
NYFIX, Inc. (NASDAQ: NYFX) today reported results of operations for its fourth quarter and year 2000.
Revenues for the quarter ended December 31, 2000 increased by 100.6% to $7,555,007 from $3,766,134 for the same period in 1999. Net earnings for the quarter ended December 31, 2000 increased by 394.7% to $2,170,229 from net earnings of $412,409 for the quarter ended December 31, 1999.
Revenues for the year ended December 31, 2000 increased by 96.4% to $23,980,167 from $12,209,451 for the year ended December 31, 1999. Net earnings for the year ended December 31, 2000 totaled $5,676,427 compared to net earnings of $960,419 for the prior year. Net earnings for the year ended December 31, 2000 totaled $0.23 per basic and $0.21 per diluted common share compared to $0.04 per basic and diluted common share for the same period in 1999. At December 31, 2000, the Company's assets totaled $56,616,350 as compared with $38,828,025 as of December 31, 1999. In addition, the Company ended the year on a strong note with a combined revenue run rate and backlog of approximately $35 million on an annualized basis.
While 2000 results are a testament to the Company's ability to position itself and produce consistent quarter by quarter improvements in revenues and earnings - the most important accomplishment for the year 2000 was the execution of a radical expansion of the underlying general infrastructure and the introduction of new dedicated infrastructure and systems to support potentially aggressive growth in both "subscription" revenue business and "transaction" revenue business, respectively.
"We see tremendous opportunities in the market for subscription and transaction revenue in our sector. The foundation laid during year 2000 allows us to set ambitious goals for 2001 and beyond," commented Peter Kilbinger Hansen, Chief Executive Officer and President of NYFIX, Inc.
"We believe our basic subscription-based business is poised for growth in 2001 and that it can continue to maintain its growth traction. We continue to expand our trading product portfolio and believe it is well positioned to meet, in a scalable fashion, current and developing client needs. We are also starting to experience intensified demand for connectivity as a result of the NYFIX Network reaching critical mass as a common industry electronic meeting point in terms of number of access points and connected firms. We feel confident that we have further strengthened our foundation to compete aggressively and successfully in the areas of our primary products and services," added Mr. Hansen.
Earlier this year, the Company reported that its NYFIX Network volume had reached new record highs. Single day peak volume coming across the NYFIX network reached the 800-900 million share range, resulting in a record single day of executions of more than 750 million shares.
In addition to the Company's current plans, the Company in addition to NYFIX Millennium, L.L.C.'s current plans, is highly active in the area of exploring additional plans for generating potentially substantial transaction revenues.
The NYFIX Millennium ATS is operational supporting all NYSE and AMEX ticker symbols. Together with the NYFIX Millennium L.L.C. team and partners, the Company is diligently executing and making progress in its plans of developing 'Millennium-available' liquidity from existing NYFIX network order flow. "As we reach critical mass establishing NYFIX Network order flow volume to pass-through the NYFIX Millennium ATS matching engine, we believe that NYFIX Millennium L.L.C. will develop substantial transaction revenue. Throughout this process, we are receiving positive cooperation from our client base," Mr. Hansen said.
While the Millennium ATS model is well positioned, the advent of decimal trading has noticeably fueled the professional community's interest in NYFIX Millennium's unique capability to allow the market exposure of large blocks of shares without causing pre-market impact. Similarly, we believe the system presents the opportunity to trade large blocks of stocks without causing market price dis-improvement.
"The interest in NYFIX Millennium is increasing and it is very likely that negotiations with several large firms to provide further support for the NYFIX Millennium ATS execution model will result in the expansion of NYFIX Millennium L.L.C. partnership," Mr. Hansen said.
"We are completely satisfied with our progress and the existing growth opportunity for 2001. The management team will continue to focus on protecting the Company from unnecessary down-side risks, as we expand our objectives again this year," Mr. Hansen concluded.
Due to the storm in the northeast and the possible close of the stock markets on Tuesday, the Company is holding its quarterly conference call on Wednesday, March 7th, at 12:00PM EST. The dial-in number is (888) 222-2994.
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. 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 1500 high-speed circuits and alternative routes, NYFIX processes approximately 400 - 750 million shares of equity order flow on a daily basis.
NYFIX Millennium L.L.C., the Broker-Dealer affiliate of NYFIX, Inc., is an Alternative Trading System (ATS) which aims to provide investors with a valuable tool for achieving best execution. NYFIX Millennium seeks to help investors achieve price improvement, ensure anonymity and reduce market fragmentation through the electronic linkage of various liquidity sources, including exchanges and ECNs. NYFIX Millennium complements the existing market structure while eliminating many of its inefficiencies. NYFIX Millennium leverages the NYFIX network's large order routing share volume to provide a more efficient liquidity source for the financial community.
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.
The following is a table of operating results:
NYFIX, INC. RESULTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2000 1999 ---- ---- Revenues $7,555,007 $3,766,134 Earnings (loss) before income taxes $2,336,840 $521,382 Net earnings (loss) $2,170,229 $412,409 Year Ended December 31, 2000 1999(a) ---- ----- Revenues $23,980,167 $12,209,451 Earnings (loss) before income taxes $6,277,682 $1,096,428 Net earnings (loss) $5,676,427 $960,419 Basic earnings (loss) per common share $0.23 $0.04 Basic weighted average common shares outstanding 24,480,356 21,752,583 Diluted earnings (loss) per common share $0.21 $0.04 Diluted weighted average common shares outstanding 26,425,130 23,306,912 (a) Restated to reflect the 3 for 2 stock splits in October 1999 and March 2000.
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 5, 2001|
|Previous Article:||GPU Energy Crews in Place; Working Restoration.|
|Next Article:||ADVISORY/Colorado Bill Proposes Required Counseling for Divorcing Parents.|