Nyfix (Nasdaq:NYFX) ("NYFIX" or the "Company"), a trusted provider of innovative solutions that optimize trading efficiency, today reported results for second quarter and first half 2009.
Continued growth in order routing channels connected on the NYFIX Marketplace and a lower cost structure translated into improved results over second quarter and first half 2008.
Revenues were $26.6 million for second quarter 2009, compared to $28.6 million of revenues generated in second quarter 2008. Overall expenses declined 15% during second quarter 2009, compared to second quarter 2008. EBITDA was $(0.7) million for second quarter 2009 reflecting the impact of a lease restructuring charge of $(0.7) million and break-even EBITDA from other operations. EBITDA was $(4.2) million for second quarter 2008, reflecting the impact of integration costs of $(0.6) million, a restructuring charge for the discontinuation of the Fusion OMS business of $(0.4) million, $(0.1) million in costs related to historical stock options matters and $(3.1) million of EBITDA from other operations. On a GAAP basis, the Company's net loss narrowed to $(3.8) million compared to $(6.8) million for second quarter 2008.
Other positive developments during the second quarter included:
- a net increase of 115 billable order routing channels on the NYFIX Marketplace, bringing the total number to 9,910;
- a 30% growth over first quarter 2009 in average daily matched value in Euro Millennium to EUR 81.1 million ($110.8 million);
- a 3% increase in revenues on a sequential basis over first quarter 2009; and
- the preservation of cash and cash equivalents, resulting in a balance of $51.7 million at both June 30, 2009 and March 31, 2009.
‘We are pleased that strong sales during the second quarter for NYFIX Marketplaceorder routing channels were able to more than offset the cancellations that were brought about by the challenging market conditions," said Howard Edelstein, CEO of NYFIX. "I believe that our rightsizing effort and investment in product and infrastructure have made us a more efficient business and therefore better able to deal with these difficult macro market conditions that hopefully will return to normal in the not too distant future."
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