17 January 2018
visit www.ebaday.com

Nyfix posts net losses for first half 2002

06 August 2002  |  812 views  |  0 Nyfix posts net losses for first half 2002

Electronic trading systems vendor Nyfix has moved to cut $5 million from its cost base after reporting a net loss for the second quarter and first half ended 30 June 2002.

Nyfix is reporting revenue for the second quarter ended June 30, 2002 increased to $13,086,093 from $9,511,359 in the same quarter last year. The company's net loss was $2,919,191 or ($0.10) per basic and diluted share. This compares with net earnings of $1,601,995 or $0.06 per basic and diluted share for the same period last year.

For the six months ended June 30, 2002, revenue was $23,156,626, a 29 per cent increase from revenue of $17,933,510 for the first six months of 2001. Net loss was $2,821,445 or $0.10 per basic and diluted share for the first half of 2002, compared with net earnings of $3,065,537 or $0.12 per basic and $0.11 per diluted share for the same period last year.

The company attributes some of these losses to heavy investment in funding new businesses in a bid to move into new markets. These include Nyfix Millennium, Nyfix Transaction Services, EuroLink Network and most recently, Javelin Technologies. But it remains optimistic that it will see new revenue generation from these new businesses in the third quarter and beyond.

The company has also taken steps to streamline its costs, operations and organisation in order to deliver positive results and growth in upcoming quarters. However, Nyfix does not say where its expected $5 million in cost savings will come from or the implications for staffing levels.

Peter Kilbinger Hansen, chief executive officer of Nyfix, says the company believes its new methods for generating recurring subscriptions and the integration of transaction revenues into execution process is key to delivering strong revenue growth during the second half of this year.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nyfix licenses Beast ETS for streaming market data

Nyfix licenses Beast ETS for streaming market data

29 July 2002  |  2780 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11279 views comments | 15 tweets | 17 linkedin
BNP Paribas Asset Management completes fund transaction blockchain testBNP Paribas Asset Management completes fun...
9923 views comments | 14 tweets | 33 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9107 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
8807 views comments | 17 tweets | 13 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
8806 views comments | 30 tweets | 34 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job