SOURCE: CreditRiskMonitor

CreditRiskMonitor

August 08, 2016 13:07 ET

CreditRiskMonitor Announces 2Q Results

VALLEY COTTAGE, NY--(Marketwired - Aug 8, 2016) -  CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 2% for both the 3 and 6 months ended June 30, 2016, to $3.18 million and $6.29 million, respectively. Net loss the periods was approximately ($20,700) and ($111,000), respectively, compared net income of $135,100 and $171,600 for the comparable 2015 periods. Cash, cash equivalents and marketable securities at the end of the six-month period increased approximately $600,100 to $9.56 million from the 2015 year-end balance of $8.96 million.

Jerry Flum, CEO said, "This year's operating results continue to be impacted by planned incremental marketing expenditures that are an integral component of our initiative to drive increased traffic to our website. Our redesigned website launched early in the second quarter and to date the results are measuring up to our expectations. We remain debt free and will continue to invest in these marketing programs."

   
CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF OPERATIONS  
FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2016 AND 2015  
(Unaudited)  
                         
    3 Months Ended     6 Months Ended  
    June 30,     June 30,  
    2016     2015     2016     2015  
                                 
Operating revenues   $ 3,175,632     $ 3,107,106     $ 6,292,775     $ 6,177,312  
                                 
Operating expenses:                                
  Data and product costs     1,172,669       1,170,236       2,428,461       2,399,972  
  Selling, general and                                
  administrative expenses     2,003,244       1,639,430       3,973,683       3,370,243  
  Depreciation and amortization     48,506       60,438       99,132       113,185  
                                 
    Total operating expenses     3,224,419       2,870,104       6,501,276       5,883,400  
                                 
Income (loss) from operations     (48,787 )     237,002       (208,501 )     293,912  
Other income, net     16,270       738       34,181       5,694  
                                 
Income (loss) before income taxes     (32,517 )     237,740       (174,320 )     299,606  
Benefit from (provision for) income taxes     11,863       (102,667 )     63,340       (128,012 )
                                 
Net income (loss)   $ (20,654 )   $ 135,073     $ (110,980 )   $ 171,594  
                                 
Net income (loss) per share:                                
  Basic and diluted   $ (0.00 )   $ 0.01     $ (0.01 )   $ 0.02  
                                 
Weighted average number of                                
shares outstanding:                                
  Basic     10,722,321       10,612,293       10,722,321       10,546,679  
  Diluted     10,722,321       10,803,489       10,722,321       10,753,105  
                                 
                                 
                                 
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
JUNE 30, 2016 AND DECEMBER 31, 2015  
             
    June 30,     Dec. 31,  
    2016     2015  
    (Unaudited)        
                 
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 9,286,932     $ 8,717,899  
  Marketable securities     276,587       245,474  
  Accounts receivable, net of allowance     1,555,259       1,927,428  
  Other current assets     911,709       749,925  
                 
    Total current assets     12,030,487       11,640,726  
                 
Property and equipment, net     437,971       395,026  
Goodwill     1,954,460       1,954,460  
Other assets     51,293       33,999  
                 
    Total assets   $ 14,474,211     $ 14,024,211  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Deferred revenue   $ 7,958,319     $ 7,436,764  
  Accounts payable     132,985       78,267  
  Accrued expenses     1,159,658       1,241,317  
                 
    Total current liabilities     9,250,962       8,756,348  
                 
Deferred taxes on income     790,464       806,161  
Other liabilities     9,490       4,314  
                 
    Total liabilities     10,050,916       9,566,823  
                 
Stockholders' equity:                
  Preferred stock, $.01 par value; authorized 5,000,000                
  shares; none issued     -       -  
  Common stock, $.01 par value; authorized 32,500,000                
  shares; issued and outstanding 10,722,321 shares     107,223       107,223  
  Additional paid-in capital     29,550,732       29,473,845  
  Accumulated deficit     (25,234,660 )     (25,123,680 )
                 
    Total stockholders' equity     4,423,295       4,457,388  
                 
    Total liabilities and stockholders' equity   $ 14,474,211     $ 14,024,211  
                 

Overview

CreditRiskMonitor (http://www.creditriskmonitor.com) is a web-based publisher and aggregator of financial information that helps corporate credit and procurement professionals stay ahead of and manage financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus like Dun & Bradstreet, CreditRiskMonitor's primary expertise and focus is on financial analysis of public debt and equity companies.

Additionally, the Company collects from subscribers more than $100 billion of trade receivable data on both public and a select group of private companies every month.

Over 35% of the Fortune 1000 depends on CreditRiskMonitor's timely news alerts and reports featuring detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, as well as the company's proprietary FRISK® score.

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. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.

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