-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LoZQOZziZj5XgcqzmR9Gtewh13hOTGOjrSOvJPm+ZRYPqbNfL3iYRz13J7Q0CFcW gt6+XszjZWUkk0iW4eOwkw== 0001144204-07-040430.txt : 20070806 0001144204-07-040430.hdr.sgml : 20070806 20070806161828 ACCESSION NUMBER: 0001144204-07-040430 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060825 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070806 DATE AS OF CHANGE: 20070806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NYFIX INC CENTRAL INDEX KEY: 0000099047 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 061344888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-21324 FILM NUMBER: 071028138 BUSINESS ADDRESS: STREET 1: 100 WALL STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-809-3542 MAIL ADDRESS: STREET 1: 100 WALL STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: TRINITECH SYSTEMS INC DATE OF NAME CHANGE: 19940404 FORMER COMPANY: FORMER CONFORMED NAME: TRANS AIRE ELECTRONICS INC DATE OF NAME CHANGE: 19910916 8-K/A 1 v083050_8-ka.htm Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
 
FORM 8-K/A
Amendment No. 1

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): August 25, 2006
 
NYFIX, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation)
0-21324
(Commission File Number)
06-1344888
(IRS Employer
Identification No.)
 
100 Wall Street, 26th Floor, New York, New York  10005
(Address of principal executive offices)
 
Registrant’s telephone number, including area code: 646-525-3000
 
                    333 Ludlow Street, Stamford, CT 06902                    
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
EXPLANATORY NOTE
 
This Amendment No. 1 on Form 8-K/A is filed solely to include the pro forma financial information called for by Item 9.01(b) of the Current Report on Form 8-K filed by NYFIX, Inc. (the “Company”) on August 31, 2006 (the “Initial Filing”). At the time that the Initial Filing was made, the pro forma financial information included herewith was unavailable.
 
Item 9.01. Financial Statements and Exhibits.
 
(b) Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is set forth on pages F-1 through F-4 of this Current Report on Form 8-K/A.

In connection with the previously reported sale of its NYFIX Overseas, Inc. subsidiary, the Company has prepared the following unaudited pro forma condensed consolidated financial statements which are based on its historical consolidated financial statements.
 
The unaudited pro forma condensed consolidated balance sheet at June 30, 2006 has been prepared to reflect the sale of NYFIX Overseas, Inc. as if the transaction had occurred on June 30, 2006. The unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2006 and the fiscal year ended December 31, 2005 have been prepared to present the results of the Company’s continuing operations as if the transaction had occurred on January 1, 2005.
 
The following unaudited pro forma condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto in its Annual Report on Form 10-K for the year ended December 31, 2005 and Quarterly Report on Form 10-Q for the period ended June 30, 2006. The adjustments necessary to fairly present these unaudited pro forma condensed consolidated financial statements are described in the accompanying notes. The adjustments have been made based on available information and in the opinion of management are reasonable. The unaudited pro forma condensed consolidated financial statements are presented for illustrative purposes only, do not necessarily reflect the actual results that would have occurred had the sale occurred on the assumed dates and are not necessarily indicative of future results of operations of the Company after the completion of the transaction.
 
(d) Exhibits

99.1  
   Press Release of NYFIX, Inc., issued August 28, 2006.
 
2
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1 on Form 8-K/A to be signed on its behalf by the undersigned hereunto duly authorized.
     
  NYFIX, INC.
 
 		  
 		  
 
Date: August 6, 2007 By:   /s/ Steven R. Vigliotti
 
Name: Steven R. Vigliotti
Title: Chief Financial Officer


3
 
 NYFIX, Inc. and Subsidiaries
 Condensed Consolidated Balance Sheet (Unaudited)
 As of June 30, 2006
 (in thousands, except share and per share amounts)
 
 
 NYFIX, Inc.
  
 NYFIX
  
 Pro forma
      
   
 Historical
  
 Overseas,
  
 adjustments
      
   
 (a)
  
 Inc. (c)
  
 (d)
  
 Pro Forma
  
Assets
                   
Current assets:
                   
 Cash and cash equivalents
  
$
23,125
  
$
192
  
$
7,170
  
$
30,103
  
 Short-term investments
    
500
    
-
    
-
    
500
  
 Accounts receivable
    
12,921
    
3,235
    
-
    
9,686
  
 Clearing broker assets
    
509,935
    
-
    
-
    
509,935
  
 Prepaid expenses and other current assets
    
4,339
    
224
    
-
    
4,115
  
 Total current assets
    
550,820
    
3,651
    
7,170
    
554,339
  
Property and equipment, net
    
12,620
    
341
    
-
    
12,279
  
Product enhancement costs, net
    
9,010
    
2,097
    
-
    
6,913
  
Goodwill
    
58,215
    
-
    
-
    
58,215
  
Acquired intangible assets, net
    
3,079
    
-
    
-
    
3,079
  
Other assets, net
    
1,632
    
101
    
-
    
1,531
  
 Total assets
  
$
635,376
  
$
6,190
  
$
7,170
  
$
636,356
  
                           
Liabilities and Stockholders' Equity
                          
Current liabilities:
                          
 Accounts payable and accrued expenses
  
$
18,748
  
$
2,106
  
$
-
  
$
16,642
  
 Clearing broker liabilities
    
512,314
    
-
    
-
    
512,314
  
 Current portion of capital lease obligations
    
704
    
-
    
-
    
704
  
 Current portion of long-term debt
    
259
    
-
    
-
    
259
  
 Current portion of other long-term liabilities
    
816
    
-
    
-
    
816
  
 Deferred revenue
    
4,873
    
1,158
    
-
    
3,715
  
 Total current liabilities
    
537,714
    
3,264
    
-
    
534,450
  
Long-term portion of capital lease obligations
    
603
    
-
    
-
    
603
  
Long-term debt
    
7,683
    
-
    
-
    
7,683
  
Other long-term liabilities
    
3,036
    
-
    
-
    
3,036
  
 Total liabilities
    
549,036
    
3,264
    
-
    
545,772
  
Commitments and contingencies
                          
Stockholders' equity:
                          
 Preferred stock, $1.00 par value; 5,000,000 shares
                         
 authorized; none issued
    
-
    
-
    
-
    
-
  
 Common stock, $0.001 par value; 60,000,000 shares
                         
 authorized; 33,784,293 shares issued
    
34
    
-
    
-
    
34
  
 Additional paid-in capital
    
238,702
    
-
    
-
    
238,702
  
 Accumulated deficit
    
(135,141
)
  
2,892
    
7,170
    
(130,863
)
 Treasury stock, 1,188,290 shares, at cost
    
(17,004
)
  
-
    
-
    
(17,004
)
 Notes receivable issued for common stock
    
(71
)
  
-
    
-
    
(71
)
 Accumulated other comprehensive loss
    
(180
)
  
34
    
-
    
(214
)
 Total stockholders' equity
    
86,340
    
2,926
    
7,170
    
90,584
  
Total liabilities and stockholders' equity
  
$
635,376
  
$
6,190
  
$
7,170
  
$
636,356
  
                           
See notes to pro forma statements

F-1
 
NYFIX, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations (Unaudited)
For the six months ended June 30, 2006
 (in thousands, except per share amounts)
  
       
 NYFIX
      
   
 NYFIX, Inc.
  
 Overseas,
      
 
  
 Historical (a)
  
  Inc. (c)
  
  Pro Forma
  
Revenue:
                    
 Subscription and maintenance
  
$
34,410
  
$
3,024
  
$
31,386
  
 Product sales and services
    
1,892
    
551
    
1,341
  
 Transaction
    
13,948
    
-
    
13,948
  
 Total revenue
    
50,250
    
3,575
    
46,675
  
                     
Cost of revenue:
                    
 Subscription and maintenance
    
16,584
    
635
    
15,949
  
 Product sales and services
    
2,968
    
1,972
    
996
  
 Transaction
    
7,989
    
-
    
7,989
  
 Total cost of revenue
    
27,541
    
2,607
    
24,934
  
                     
Gross profit
    
22,709
    
968
    
21,741
  
                     
Operating expense:
                    
 Selling, general and administrative
    
23,341
    
1,293
    
22,048
  
 Restatement, SEC investigation and related expenses
    
7,742
    
-
    
7,742
  
 Depreciation and amortization
    
707
    
69
    
638
  
                     
Loss from operations
    
(9,081
)
  
(394
)
  
(8,687
)
                     
Interest expense
    
(416
)
  
-
    
(416
)
Investment income
    
314
    
2
    
312
  
Other income (expense), net
    
19
    
-
    
19
  
Loss from continuing operations before income tax provision
    
(9,164
)
  
(392
)
  
(8,772
)
Income tax provision
    
94
    
-
    
94
  
Loss from continuing operations
  
$
(9,258
)
$
(392
)
$
(8,866
)
                     
Basic and diluted loss from continuing operations per common share
  
$
(0.28
)
$
(0.01
)
$
(0.27
)
Basic and diluted weighted average common shares outstanding
    
32,596
    
32,596
    
32,596
  
                     
See notes to pro forma statements

F-2
 
 NYFIX, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations (Unaudited)
For the year ended December 31, 2005
 (in thousands, except per share amounts)
 
       
 NYFIX
      
   
 NYFIX, Inc.
  
 Overseas, Inc.
      
 
  
 Historical (b)
  
  (c)
  
  Pro Forma
  
Revenue:
              
 Subscription and maintenance
  
$
62,370
  
$
2,650
  
$
59,720
  
 Product sales and services
    
9,025
    
5,868
    
3,157
  
 Transaction
    
26,222
    
-
    
26,222
  
 Total revenue
    
97,617
    
8,518
    
89,099
  
                     
Cost of revenue:
                    
 Subscription and maintenance
    
31,777
    
1,389
    
30,388
  
 Product sales and services
    
5,304
    
3,102
    
2,202
  
 Transaction
    
15,949
    
-
    
15,949
  
 Total cost of revenue
    
53,030
    
4,491
    
48,539
  
                     
Gross profit
    
44,587
    
4,027
    
40,560
  
                     
Operating expense:
                    
 Selling, general and administrative
    
45,035
    
4,056
    
40,979
  
 Restatement, SEC investigation and related expenses
    
3,069
    
-
    
3,069
  
 Depreciation and amortization
    
2,061
    
147
    
1,914
  
                     
Loss from operations
    
(5,578
)
  
(176
)
  
(5,402
)
                     
Interest expense
    
(728
)
  
-
    
(728
)
Investment income
    
267
    
4
    
263
  
Other (expense) income, net
    
(189
)
  
(2
)
  
(187
)
Loss from continuing operations before income tax provision
    
(6,228
)
  
(174
)
  
(6,054
)
Income tax provision
    
189
    
-
    
189
  
Loss from continuing operations
  
$
(6,417
)
$
(174
)
$
(6,243
)
                     
Basic and diluted loss from continuing operations per common share
  
$
(0.20
)
$
(0.01
)
$
(0.19
)
Basic and diluted weighted average common shares outstanding
    
32,509
    
32,509
    
32,509
  
                     
 See notes to pro forma statements

F-3

Notes to Pro Forma Statements

(a)  
The Company’s consolidated balance sheet as of June 30, 2006 and consolidated statement of operations for the six months ended June 30, 2006 as reported in its Quarterly Report on Form 10-Q for the period ended June 30, 2006.
 
(b)  
The Company’s consolidated statement of operations for the year ended December 31, 2005 as reported in its Annual Report on Form 10-K for the year ended December 31, 2005.
 
(c)  
Elimination of amounts attributable to NYFIX Overseas, Inc.
 
(d)  
Net proceeds realized upon the sale of NYFIX Overseas, Inc.
 

F-4
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