Nyfix to restate results relating to Millennium acquisition

greenspun.com : LUSENET : Y2K discussion group : One Thread

31 March 2004 - NYFIX, Inc. (NASDAQ: NYFX), a leader in technology solutions for the financial marketplace, today announced that it will delay the filing of its 2003 Annual Report on Form 10-K for the year ended December 31, 2003 currently due March 30, 2004. The delay is a result of the Company's ongoing discussions with the staff of the SEC's Division of Corporation Finance regarding the Company's accounting for its investment in and acquisition of its 80%-owned subsidiary, NYFIX Millennium, L.L.C. ("NYFIX Millennium"). As previously announced, the discussions are part of the comment process in connection with the SEC's review of a registration statement on Form S-3 filed by the Company in 2003.

Based on its discussions with the SEC staff, the Company will restate its audited results for the years ended December 31, 1999 through 2002 to change the manner in which it accounted for the 1999 original investment in, and 2002 acquisition of an additional interest of, NYFIX Millennium. The Company is continuing these discussions with the SEC staff relating to the complex accounting treatment applicable to its investment in and acquisition of NYFIX Millennium and the allocation of losses incurred by NYFIX Millennium to the Company.

The Company is unable, at this time, to determine the full extent of changes that will be necessary. Inasmuch as all the changes relate to non-cash items, the Company believes that any changes to the historical accounting for its investment in and acquisition of NYFIX Millennium will have no effect on its current cash position or future cash flows from operations.

Finextra

-- Anonymous, April 06, 2004


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