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NYFIX, Inc. Establishes Valuation Allowance for Deferred Tax Assets, Revises Guidance for the Third Quarter of 2004 and Sets Date for Third Quarter 2004 Conference Call and Business Update on the Web.
Publication:
PR Newswire
Publication Date: 19-OCT-04 |
Format: Online
Delivery: Immediate Online Access |
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Article Excerpt
NYFIX, Inc. , a leader in technology solutions for the financial marketplace, today announced that, at September 30, 2004, it is establishing a valuation allowance of approximately $20.6 million for deferred tax assets consisting primarily of tax credit carryforwards and net operating loss carryforwards.
The Company is establishing the valuation allowance in accordance with Statement of Financial Accounting Standard No. 109 "Accounting for Income Taxes" ("SFAS No. 109"). Where there are cumulative operating losses in recent years, SFAS No. 109 requires, except in very limited circumstances, that a valuation allowance be established. The Company had operating income in 2001, but did not in 2002 and 2003. The Company previously estimated that the deferred tax assets would be realized and no valuation...
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