SOURCE: CreditRiskMonitor.com, Inc.

August 06, 2008 08:09 ET

CreditRiskMonitor's Revenue Growth Continues in 1st Half of 2008

VALLEY COTTAGE, NY--(Marketwire - August 6, 2008) - CreditRiskMonitor (OTCBB: CRMZ) reported that revenues increased 14% and 16% to $1.40 million and $2.77 million for the 3 and 6 months ended June 30, 2008, respectively. Also, the Company reported net income of $20,000 and $60,000 for the 3 and 6 months ended June 30, 2008, respectively, versus net income of $58,000 and $78,000 for the same periods last year.

Jerry Flum, CEO, stated, "Our revenues continue to grow at double-digit levels despite the weakening U.S. economy. We continue to believe the demand for corporate credit analysis and monitoring will have a counter-cyclical component, as awareness of the need for these services grows during the current economic turbulence.

"We are profitable and maintaining positive cash flow even as we aggressively invest in additional content, expand our sales force, and add infrastructure to support our future growth. We also prepaid all the debt on our balance sheet this quarter."

CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial information, designed to save time for busy corporate credit professionals that competes with Dun & Bradstreet, Equifax and Experian.

                       CREDITRISKMONITOR.COM, INC.
                        STATEMENTS OF OPERATIONS
           FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2008 AND 2007

                             3 Months Ended            6 Months Ended
                                June 30,                  June 30,
                        ------------------------  ------------------------
                            2008         2007         2008         2007
                        -----------  -----------  -----------  -----------
Operating revenues      $ 1,404,450  $ 1,233,177  $ 2,769,640  $ 2,391,977

Operating expenses:
  Data and product
   costs                    447,743      408,046      878,971      829,302
  Selling, general and
   administrative
   expenses                 921,497      754,042    1,813,743    1,457,186
  Depreciation and
   amortization              20,471       16,688       38,010       33,327
                        -----------  -----------  -----------  -----------

      Total operating
       expenses           1,389,711    1,178,776    2,730,724    2,319,815
                        -----------  -----------  -----------  -----------

Income from operations       14,739       54,401       38,916       72,162
Other income                  8,738       18,390       33,464       36,780
Interest expense             (2,528)      (9,889)      (9,773)     (20,726)
                        -----------  -----------  -----------  -----------

Income before income
 taxes                       20,949       62,902       62,607       88,216
Provision for income
 taxes                          467        5,014        2,357       10,182
                        -----------  -----------  -----------  -----------

Net income              $    20,482  $    57,888  $    60,250  $    78,034
                        ===========  ===========  ===========  ===========

Net income per share:
  Basic and diluted     $      0.00  $      0.01  $      0.01  $      0.01
                        ===========  ===========  ===========  ===========

Safe Harbor Statement: Certain statements in this press release, including statements prefaced by the words "anticipates," "estimates," "believes," "expects" or words of similar meaning, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as "risk factors" or otherwise in the Company's Registration Statements or Securities and Exchange Commission Reports.

Contact Information

  • CONTACT:
    CreditRiskMonitor.com, Inc.
    Jerry Flum
    CEO
    (845) 230-3030
    ir@crmz.com