VALLEY COTTAGE, NY--(Marketwired - Aug 11, 2015) - CreditRiskMonitor (
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