SOURCE: CreditRiskMonitor.com, Inc.

CreditRiskMonitor.com, Inc.

August 11, 2015 09:56 ET

CreditRiskMonitor Announces 2Q Results

VALLEY COTTAGE, NY--(Marketwired - Aug 11, 2015) - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 4% for both the 3 and 6 months ended June 30, 2015, to $3.11 million and $6.18 million, respectively. For the same periods, income from operations was $237,000 and $293,900, respectively, compared to $262,100 and $127,000 for the comparable 2014 periods. Cash, cash equivalents and marketable securities at the end of the six-month period increased $367,000 to $9.26 million from the 2014 year-end balance of $8.89 million.

Jerry Flum, CEO, said, "This year's operating results compare favorably to last year after factoring out the $220,000 refund received during 2014's second quarter for sales taxes previously paid on third party content. We remain debt free and continue to invest in marketing and product development while still generating strong free cash flow."

 
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF INCOME
FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2015 AND 2014
(Unaudited)
 
    3 Months Ended
June 30,
    6 Months Ended
June 30,
 
    2015     2014     2015     2014  
                                 
Operating revenues   $ 3,107,106     $ 2,998,010     $ 6,177,312     $ 5,967,398  
                                 
Operating expenses:                                
  Data and product costs     1,170,236       1,021,519       2,399,972       2,322,964  
  Selling, general and administrative expenses     1,639,430       1,657,116       3,370,243       3,403,526  
  Depreciation and amortization     60,438       57,240       113,185       113,911  
                                 
    Total operating expenses     2,870,104       2,735,875       5,883,400       5,840,401  
                                 
Income from operations     237,002       262,135       293,912       126,997  
Other income, net     738       13,247       5,694       21,822  
                                 
Income before income taxes     237,740       275,382       299,606       148,819  
Provision for income taxes     (102,667 )     (58,613 )     (128,012 )     (71,241 )
                                 
Net income   $ 135,073     $ 216,769     $ 171,594     $ 77,578  
                                 
Net income per share:                                
  Basic and diluted   $ 0.02     $ 0.03     $ 0.02     $ 0.01  
                                 
Weighted average number of shares outstanding:                                
  Basic     8,163,302       7,959,200       8,112,830       7,958,926  
  Diluted     8,310,376       8,211,239       8,271,619       8,223,004  
                                   
                                   
 
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
JUNE 30, 2015 AND DECEMBER 31, 2014
 
    June 30, 2015     Dec. 31, 2014  
    (Unaudited)        
                 
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 7,916,225     $ 7,529,468  
  Marketable securities     1,344,107       1,363,439  
  Accounts receivable, net of allowance     1,617,270       2,078,710  
  Other current assets     824,048       516,585  
                 
    Total current assets     11,701,650       11,488,202  
                 
Property and equipment, net     411,824       337,339  
Goodwill     1,954,460       1,954,460  
Other assets     40,780       23,682  
                 
    Total assets   $ 14,108,714     $ 13,803,683  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Deferred revenue   $ 7,796,280     $ 7,612,836  
  Accounts payable     83,040       137,258  
  Accrued expenses     1,096,056       1,230,966  
                 
    Total current liabilities     8,975,376       8,981,060  
                 
Deferred taxes on income     720,867       743,691  
Other liabilities     364       2,546  
                 
    Total liabilities     9,696,607       9,727,297  
                 
Stockholders' equity:                
  Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued     -       -  
  Common stock, $.01 par value; authorized 25,000,000 shares; issued and outstanding 8,201,387 and 8,055,365 shares, respectively     82,014       80,553  
  Additional paid-in capital     29,338,706       29,176,040  
  Accumulated deficit     (25,008,613 )     (25,180,207 )
                 
    Total stockholders' equity     4,412,107       4,076,386  
                 
    Total liabilities and stockholders' equity   $ 14,108,714     $ 13,803,683  
                     

Overview

CreditRiskMonitor (http://www.crmz.com) is a web-based publisher of financial information that helps busy corporate credit and procurement professionals stay ahead of and manage risk quickly, productively and accurately. The service offers comprehensive commercial credit reports and analysis covering public companies worldwide in competition with Dun & Bradstreet. Additionally, the Company collects from subscribers more than $90 billion of trade accounts receivable data on both public and a select group of private companies every month. Over 35% of the Fortune 1,000 depend 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® scores, which have been proven 95% predictive in anticipating corporate financial stress, including bankruptcy.

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.

Contact Information

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