- --------------------------------------------------------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________to________
Commission File No. 0-21324
NYFIX, INC.
(Exact name of registrant as specified in its charter)
NEW YORK 06-1344888
(State of incorporation) (I.R.S. Employer identification number)
333 LUDLOW STREET, STAMFORD, CONNECTICUT 06902
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 425-8000
-----------------------
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes /X/ No / /
24,434,137 shares of Common Stock were issued and outstanding as of April 21,
2000.
<PAGE>
NYFIX, INC.
FORM 10-Q
For the quarterly period ended March 31, 2000
CONTENTS PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of
March 31, 2000 (unaudited) and December 31, 1999 3
Condensed Consolidated Statements of Income
(unaudited) for the three months ended
March 31, 2000 and 1999 4
Condensed Consolidated Statements of Cash Flows
(unaudited) for the three month periods ended
March 31, 2000 and 1999 5
Notes to Condensed Consolidated Financial
Statements (unaudited) 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 9
PART II. OTHER INFORMATION 13
2
<PAGE>
NYFIX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------- -----------
ASSETS (Unaudited)
CURRENT ASSETS:
<S> <C> <C>
Cash and cash equivalents $ 4,098,914 $ 1,565,649
Accounts receivable - less allowance of $125,000 6,863,899 7,088,820
Inventories, net 1,223,770 1,303,658
Prepaid expenses and other current assets 603,836 478,641
Due from NYFIX Millennium 1,056,785 861,970
Receivable from officers 139,832 156,992
----------- -----------
Total Current Assets 13,987,036 11,455,730
EQUIPMENT, net 6,234,726 5,873,037
INVESTMENT IN NYFIX MILLENNIUM 19,500,000 19,500,000
OTHER ASSETS, net 2,201,930 1,999,258
----------- -----------
TOTAL ASSETS $41,923,692 $38,828,025
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,044,301 $ 1,845,996
Accrued expenses 1,527,251 1,269,070
Current portion of long-term debt 750,000 500,000
Advance billings 3,753,486 3,178,636
Payroll and other taxes payable 65,073 149,043
----------- -----------
Total Current Liabilities 8,140,111 6,942,745
LONG-TERM DEBT 1,750,000 2,000,000
----------- -----------
Total Liabilities 9,890,111 8,942,745
----------- -----------
STOCKHOLDERS' EQUITY:
10% Convertible preferred stock - par value $1.00;
5,000,000 shares authorized; none issued - -
Common stock - par value $.001; 60,000,000 authorized, 24,355,592 and
15,903,302 shares issued and outstanding, respectively 24,356 15,903
Warrants 208,396 189,509
Additional paid-in capital 37,046,610 35,681,437
Accumulated deficit (4,606,185) (5,369,945)
Due from officers and directors (639,596) (631,624)
----------- -----------
Total Stockholders' Equity 32,033,581 29,885,280
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $41,923,692 $38,828,025
=========== ===========
</TABLE>
The accompanying notes to the condensed consolidated financial statements are an
integral part of these statements.
3
<PAGE>
NYFIX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THREE MONTHS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
Three Month Period Ended
March 31, 2000 March 31, 1999
-------------- ---------------
REVENUES:
<S> <C> <C>
Sales $ 925,441 $ 833,239
Subscription revenue 2,916,500 1,150,572
Service contracts 538,067 421,351
----------- -------------
Total Revenues 4,380,008 2,405,162
----------- -------------
COST OF REVENUES:
Cost of sales 171,937 68,835
Cost of subscription revenues 842,134 468,692
Cost of service contracts 135,977 125,364
----------- -------------
Total Cost of Revenues 1,150,048 662,891
----------- -------------
GROSS PROFIT 3,229,960 1,742,271
----------- -------------
EXPENSES:
Selling, general and administrative 2,103,686 1,564,074
Depreciation and amortization 228,279 133,465
----------- -------------
Total Expenses 2,331,965 1,697,539
----------- -------------
EARNINGS FROM OPERATIONS 897,995 44,732
Interest expense (66,082) (49,785)
Interest income 24,665 38,030
----------- -------------
EARNINGS BEFORE PROVISION FOR INCOME TAXES 856,578 32,977
PROVISION FOR INCOME TAXES 92,818 2,800
----------- -------------
NET EARNINGS $ 763,760 $ 30,177
=========== =============
BASIC EARNINGS PER COMMON SHARE $0.03 $0.00
=========== =============
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 24,036,321 21,172,568
=========== =============
DILUTED EARNINGS PER COMMON SHARE $0.03 $0.00
=========== =============
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 26,247,618 21,894,120
=========== =============
</TABLE>
The accompanying notes to the condensed consolidated financial statements are an
integral part of these statements.
4
<PAGE>
NYFIX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THREE MONTHS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
Three Month Period Ended
March 31, 2000 March 31, 1999
-------------- --------------
<S> <C> <C>
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 2,432,726 $ (141,154)
----------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for equipment (820,413) (1,194,680)
Payments for software development costs and other assets (444,702) (214,508)
----------- ------------
Net cash used in investing activities (1,265,115) (1,409,188)
----------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 1,365,654 23,103
----------- ------------
Net cash provided by financing activities 1,365,654 23,103
----------- ------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,533,265 (1,527,239)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,565,649 3,948,004
----------- ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 4,098,914 $ 2,420,765
----------- ------------
</TABLE>
The accompanying notes to the condensed consolidated financial statements are an
integral part of these statements.
5
<PAGE>
NYFIX, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. ORGANIZATION
NYFIX, Inc. and subsidiary (the "Company") is listed on the Nasdaq
Stock Market under the symbol NYFX. Prior to March 6, 2000, the
Company's common stock was traded on the American Stock Exchange
under the ticker symbol NYF. Prior to October 25, 1999, the
Company's common stock was traded on the American Stock Exchange
under the ticker symbol TSI.
2. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q. In the opinion of management, all
adjustments, which comprise normal and recurring accruals considered
necessary for a fair presentation, have been included. Operating
results for the three-month period ended March 31, 2000 are not
necessarily indicative of the results that may be expected for the
year ending December 31, 2000. For further information, refer to the
consolidated financial statements and footnotes thereto included in
the Company's annual report on Form 10-K for the year ended December
31, 1999.
Certain 1999 balances have been reclassified to conform to the 2000
presentation.
3. CAPITAL STOCK
On March 13, 2000, the Board of Directors authorized a three for two
stock split in the form of a 50% stock dividend to stockholders' of
record on March 24, 2000, payable April 4, 2000.
All share and per share information included in the accompanying
consolidated financial statements have been retroactively restated
for the stock split.
4. PER SHARE INFORMATION
The Company's basic EPS is calculated based on net earnings
available to common stockholders' and the weighted-average number of
shares outstanding during the reported period. Diluted EPS includes
additional dilution from common stock equivalents, such as stock
issuable pursuant to the exercise of stock options and warrants.
6
<PAGE>
<TABLE>
<CAPTION>
Three Month Period Ended
March 31, 2000 March 31, 1999
--------------- ---------------
<S> <C> <C>
Net Earnings $763,760 $ 30,177
=============== ==============
Basic Weighted Average Shares Outstanding 24,036,321 21,172,568
--------------- --------------
Basic Earnings per Common Share $ 0.03 $ 0.00
--------------- --------------
Dilutive Options 2,088,313 555,095
Dilutive Warrants 122,984 166,457
--------------- --------------
Dilutive Weighted Average Shares Outstanding 26,247,618 21,894,120
=============== ==============
Dilutive Earnings per Common Share $ 0.03 $ 0.00
=============== ==============
</TABLE>
5. INCOME TAXES
The Company's projected annual Federal income tax provision has been
offset through the utilization of net operating loss carryforwards.
The Company's income tax provision consists of estimated state,
local, and foreign income taxes.
6. INVENTORIES
Inventories consist of parts, finished goods and minor materials and
are stated at the lower of cost, determined on an average cost
basis, or market.
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
<S> <C> <C>
Parts $743,653 $828,259
Finished goods 562,117 557,399
Less: allowance for obsolescence 82,000 82,000
---------- ----------
Total $1,223,770 $1,303,658
========== ==========
</TABLE>
7. IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In June 1998, the Financial Accounting Standards Board issued SFAS
No. 133, "Accounting for Derivative Instruments and Hedging
Activities." This statement establishes standards for the accounting
and reporting for derivative instruments and for hedging activities
and requires the recognition of all derivatives as assets or
liabilities measured at their fair value. Gains or losses resulting
from changes in the fair value of derivatives would be recognized in
earnings in the period of change unless certain hedging criteria are
met. We do not expect the Statement to have a material impact on our
consolidated financial statements. The Financial Accounting
Standards Board issued SFAS No. 137, which deferred the effective
date for SFAS No. 133 to all fiscal quarters of all fiscal years
beginning after June 15, 2000.
7
<PAGE>
8. BUSINESS SEGMENT INFORMATION
The Company has two principal business groups: Equities and Futures
& Options. The Equities Group operates primarily out of Stamford/New
York offices, while the Futures & Options Group operate primarily
out of the London and Chicago offices. However, each office has the
opportunity to sell all of the Company's products. The Company views
each office as its own business segment and measures its performance
based on the revenues of each location. The Company makes decisions
on each segment based on gross profit.
Information on reportable segments is as follows (in 000's):
<TABLE>
<CAPTION>
Three Month Period Ended
March 31, 2000 March 31, 1999
---------------------- -----------------------------
Revenues:
<S> <C> <C>
Stamford/New York $3,517 $1,677
London 725 725
Chicago 138 3
Inter-Segment Sales 5 -
Inter-Segment Elimination (5) -
---------------------- -----------------------------
Total Revenues $4,380 $2,405
====================== =============================
Gross Profit:
Stamford/New York $2,467 $1,058
London 640 683
Chicago 123 1
---------------------- -----------------------------
Gross Profit $3,230 $1,742
====================== =============================
</TABLE>
9. JOINT VENTURE
On October 27, 1999, the Company announced the formation of NYFIX
Millennium, L.L.C. ("NYFIX Millennium") with a consortium of seven
leading international investment banks and brokerage firms. NYFIX
owns 50% of the joint venture and the seven other investors own the
remaining 50%. NYFIX Millennium intends to operate as an alternative
trading system for institutional investors. All of the members of
the consortium, including the Company, have invested $2,000,000 each
in NYFIX Millennium. In return for their investment, each non-NYFIX,
Inc. partner received 281,250 shares of common stock of the Company
for an aggregate 1,968,750 shares (adjusted for stock split).
NYFIX's total investment in the joint venture of $19,500,000
consists of (1,968,750 shares x $8.89) $17,500,000 plus the capital
cash contribution of $2,000,000. Pursuant to the Operating
Agreement, the first $14,000,000 in losses will be allocated to the
seven non-NYFIX, Inc. investors, which equals the extent of their
capital investment in NYFIX Millennium. The Company retains the
option to buy a portion of the non-NYFIX investment up to no more
than 80% of the total membership interest. The Company may exercise
the option through the exchange of one share of the Company's common
stock for each share to be
8
<PAGE>
purchased, subject to adjustments in the event of any split,
combination, reclassification or other adjustments to the capital
structure of the Company. The Company has incurred operating and
capital costs on behalf of NYFIX Millennium. Such costs are
reflected as due from NYFIX Millennium Joint Venture on the
Company's balance sheet.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the
condensed consolidated financial statements and notes thereto. Historical
results and percentage relationships are not necessarily indicative of the
operating results for any future period.
The Company commenced its present business operations in January 1991 through
the acquisition of a software license for its Guided-Input(R) Touchpad system.
Since that time, the Company has transitioned from a hardware vendor to a
software development company focusing exclusively on applications for the
financial marketplace. The Company provides a complete line of workstation
products for the financial trading desk environment and its systems provide
order management and routing software for firms engaged in financial trading.
The Company currently offers its trading products (integrated systems including
hardware and software) together with linkage through its NYFIX data center. The
data center is a communication infrastructure enabling the Company to provide
its customers with global electronic connectivity for order routing and allows
the Company to deploy and monitor its systems and services from a single
location. Customers subscribe to various products, paying a monthly fee per
terminal for the Company's integrated software systems. Most contracts provide
the customer with a basic system or infrastructure, via the Company's NYFIX data
center and are entered into by the customer with the intention to expand the
level of services subscribed to, once the basic system and infrastructure are
operational. Subscription revenue contracts range from one to three year
periods. The Company begins recording subscription revenue once installation is
complete. In addition to significant logistical improvements in delivery and
support of its products, the Company expanded its business to offer the industry
a central electronic meeting place between the buy-side and sell-side, while
simultaneously providing a single point of universal access to different
exchange floor environments.
Management has made a considerable effort with respect to an expansion of its
operations, development of various trading systems and changes to its business
model to that of a subscription-based product offering. The Company believes
this expansion of personnel, facilities, product portfolio and
subscription-based model will continue to benefit the Company and its future
growth. In the previous model, the Company would only receive revenue one time
for products or services sold. It is important to note that this transition is
causing revenue to be recognized over a longer period of time than the previous
capital sales model. Management believes our subscription business model has
strengthened the Company's market share as well as its financial position going
forward.
On October 27, 1999, the Company announced the formation of NYFIX Millennium LLC
("NYFIX Millennium") with a consortium of leading international banks and
brokerage firms. NYFIX Millennium is registering as a Broker/Dealer and plans to
operate in compliance with Regulation ATS. NYFIX Millennium is an "Integrated
ATS, Exchange Access and Intelligent `Best Execution' Order-Routing System"
designed to provide the financial community with "Best-Execution." NYFIX
Millennium is built upon NYFIX's proprietary "Super FIX Engine" technology and
existing NYFIX network infrastructure.
9
<PAGE>
NYFIX Millennium is a Hybrid Market System leveraging new regulation and
technology with the power of the traditional markets.
Revenues
Overall revenue for the three months ended March 31, 2000 exceeded 1999 by 82%
from $2.4 million to $4.4 million. Each component of revenue improved period
over period. Subscription revenue was the most improved component of revenue
demonstrating that the Company's overall strategy to lease its products is
beginning to take form. Subscription revenue increased 153% or $1.8 million over
1999. Service revenue increased 28% over the comparable period in 1999. Sales
revenue incurred a modest increase period over period by 11%
Cost of Sales and Service
While the Company is primarily focusing on leasing its equity software products,
its derivatives products have been very successful using its capital sales
model. From time to time the Company generates capital sales on its hardware
products. Cost of sales increased by $103,000 period over period. This increase
was primarily due to a larger percentage of hardware sales for the period ended
March 31, 2000 over the same period in 1999. The cost of subscription revenue
increased by $373,000 or 80% period over period. Cost of service decreased
period over period by $11,000 or 8%. Each of the latter two increases correspond
to the increases in revenue.
Gross Profit
Overall gross profit improved $1.5 million or 85% period over period. This
represents a 1.3 point margin improvement from 72.4% for the quarter ended March
31, 1999 to 73.7% for the same period in 2000. The increase in gross profit
margin was primarily attributable to favorable pricing obtained on renegotiated
contracts with our telecommunication line providers. Both subscription revenue
and service revenue had a positive gross profit improvement of 204% and 36%,
respectively, period over period. Gross profit on sales decreased by $11,000 or
1% due primarily to the increase in hardware sales.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the three-month period ended
March 31, 2000 were $2.1 million as compared to $1.6 million in the comparable
period in 1999, an increase of 35%. Part of the increase in expenses for the
Company is from continuing expansion of the development teams both in the U.S.
and in London. The expansion in development efforts relates to the Company's
plans of providing an increased number of product enhancements as well as new
additional services. As a result, the Company experienced increases in salaries
and related personnel costs, travel expenses and various office expenses. The
Company's recruitment effort continues to strengthen the Company's
infrastructure and position the Company to respond to increasing market and
revenue opportunities. In addition, during June 1999, the Company relocated its
London office, which resulted in higher office occupancy costs. Management
believes that the continued investment in development of the NYFIX data center,
and its services, are designed to better leverage the existing products together
with providing additional sources of revenue. The Company has improved its
customer service by adding resources in its installation and project management
organization. Research and development (new explorative research) expenses for
the three month period ended March 31, 2000 were $102,000, as compared to
$127,500 for the comparable period in 1999, a decrease of 20%, and are included
in selling, general and administrative expenses. The decrease resulted from the
continuation of the Company's strategy to balance resources between research and
development and product enhancements, which strengthen our existing product
lines.
10
<PAGE>
Depreciation and Amortization Expense
Depreciation and amortization expense for the three-month period ended March 31,
2000 was $228,000 as compared to $133,000 in the comparable period in 1999, an
increase of 71%. Such increases principally reflect the continued investment in
the Company's infrastructure in its NYFIX data center.
Interest (Expense) Income
Interest expense for the three-month period ended March 31, 2000 was $66,000 as
compared to $50,000 for the comparable period in 1999. The increase was
primarily due to higher balances outstanding on the Company's line of credit
during 2000, combined with an increase in interest rates during 2000 and the
effect of financing expense on the warrants issued in connection with the line
of credit (see Liquidity and Capital Resources below).
Interest income primarily consists of interest earned on cash balances and notes
receivable. Interest income for the three-month period ended March 31, 2000 was
$25,000 as compared to $38,000 in the same period in 1999. The decrease in
interest income was principally due to reduced average cash balances during the
three months ended March 31, 2000 versus the comparable period in 1999.
Net Earnings
Net earnings for the three months ended March 31, 2000 was $764,000 or $0.03 per
basic and diluted common share compared to net earnings of $30,000 or $0.00 per
basic and diluted common share for the three months ended March 31, 1999. The
net earnings principally resulted from the higher level of revenues and margins,
stable product costs and minimal increases in Selling, General and
Administrative expenses.
Management has made a considerable effort with respect to an expansion of its
operations, development of various trading systems, which began in 1993 and
continues into 2000 and changes to its business model to that of a
subscription-based product offering. The Company believes that this expansion of
personnel, facilities, product portfolio and subscription-based model has
positioned the Company to facilitate its future growth.
Liquidity and Capital Resources
The Company's primary source of liquidity has been equity capital and draw downs
from its line of credit. At March 31, 2000 cash balances increased to $4.1
million from $1.6 million at December 31, 1999 as a result of the increase in
net income and the exercise of options and warrants, partially offset by the
acquisition of equipment and other assets.
The Company at March 31, 2000 had total debt of $2.5 million, which represents
amounts drawn down from its line of credit. In addition, at March 31, 2000, the
Company had no material commitments for capital expenditures or inventory
purchases.
The Company believes that with its available capital, the line of credit
facility and anticipated funds generated from operations it will be able to fund
its cash needs through the end of 2000 without the need for additional capital
or financing. The Company intends to utilize its projected positive financial
position to internally finance its continuing research and development
activities and anticipated sales growth. The
11
<PAGE>
Company's financial requirements and its ability to meet them thereafter will
depend largely on its future financial performance. However, in the event the
Company's operations grow more rapidly than anticipated and do not generate cash
to the extent currently anticipated by management of the Company, it is possible
that the Company could require additional funds beyond 2000. At this time, the
Company does not know what sources, if any, would be available to it for such
funds, if required.
In addition, the Company has warrants outstanding for the purchase of 211,500
shares of its Common Stock. Assuming the exercise of all such outstanding
warrants, the Company would receive $551,000 in gross proceeds.
Working Capital
At March 31, 2000 and December 31, 1999 the Company had working capital of $5.8
million and $4.5 million, respectively. The Company's present capital resources
include proceeds from its September 1999 and November 1998 private placement of
Common Stock and draw downs from its bank credit facility.
Cash Provided by / Used in Operating Activities
During the three months ended March 31, 2000, net cash provided by operations
were $2.4 million compared to net cash used in operations for the three months
ended March 31, 1999 of $141,000.
Cash Used in Investing Activities
During the three months ended March 31, 2000 and 1999, net cash used in
investing activities was $1.3 million and $1.4 million, respectively, and
principally represents payments for the purchases of equipment related to the
Company's data center and subscription equipment and payments related to product
enhancement costs for the Company's product portfolio.
Proceeds From Financing Activities
During the three months ended March 31, 2000 and 1999, proceeds from financing
activities were $1.4 million and $23,000, respectively. The increase is
primarily due to the exercise of options and warrants.
Seasonality
The Company believes that its operations are not significantly effected by
seasonality.
New Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board issued Statement No. 133,
"Accounting for Derivative Instruments and Hedging Activities." This statement
establishes standards for the accounting and reporting for derivative
instruments and for hedging activities and requires the recognition of all
derivatives as assets or liabilities measured at their fair value. Gains or
losses resulting from changes in the fair value of derivatives would be
recognized in earnings in the period of change unless certain hedging criteria
are met. We do not expect the Statement to have a material impact on our
consolidated financial statements. SFAS No. 133, as amended by SFAS No. 137, is
effective for fiscal years beginning after June 15, 2000.
Risk Factors: Forward Looking Statements
This document 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
12
<PAGE>
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 document
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.
PART II
OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS
27 Financial Data Schedule, which is submitted
electronically to the Securities and Exchange Commission
for information purposes only and not filed.
(b) REPORTS ON FORM 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NYFIX, INC.
(Registrant)
By: /s/ Richard A. Castillo
---------------------------
Richard A. Castillo
Chief Financial Officer and Secretary
(Principal Financial and Accounting
Officer)
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 4,098,914
<SECURITIES> 0
<RECEIVABLES> 6,988,899
<ALLOWANCES> 125,000
<INVENTORY> 1,223,770
<CURRENT-ASSETS> 13,987,036
<PP&E> 9,392,152
<DEPRECIATION> 3,157,425
<TOTAL-ASSETS> 41,923,692
<CURRENT-LIABILITIES> 8,140,111
<BONDS> 0
0
0
<COMMON> 24,356
<OTHER-SE> 32,009,225
<TOTAL-LIABILITY-AND-EQUITY> 41,923,692
<SALES> 925,441
<TOTAL-REVENUES> 4,380,008
<CGS> 1,150,048
<TOTAL-COSTS> 3,482,013
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 66,082
<INCOME-PRETAX> 856,578
<INCOME-TAX> 92,818
<INCOME-CONTINUING> 763,760
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 763,760
<EPS-BASIC> 0.03
<EPS-DILUTED> 0.03
</TABLE>
