SOURCE: CreditRiskMonitor

CreditRiskMonitor

August 14, 2017 08:40 ET

CreditRiskMonitor Announces 2Q Results

VALLEY COTTAGE, NY--(Marketwired - Aug 14, 2017) - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 5% for both the 3 and 6 months ended June 30, 2017, to $3.34 million and $6.58 million, respectively. Net loss in the periods was approximately ($83,700) and ($328,000), respectively, compared to net losses of ($20,700) and ($111,000) for the comparable 2016 periods. Cash and cash equivalents at the end of the six-month period decreased approximately $23,800 to $9.20 million from the 2016 year-end balance of $9.22 million.

Jerry Flum, CEO said, "Our operating results reflect the negative impact on earnings of our continuing investment in our marketing infrastructure and programs as this effort was slowed by employee turnover in late 2016 and early 2017. We expect to see traction for these efforts in 2018. We remain debt free and will continue to invest in these marketing programs, as well as enhancements to our product offering."

   
CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF OPERATIONS  
FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2017 AND 2016  
(Unaudited)  
   
  3 Months Ended     6 Months Ended  
  June 30,     June 30,  
  2017     2016     2017     2016  
                               
Operating revenues $ 3,341,476     $ 3,175,632     $ 6,577,726     $ 6,292,775  
                               
Operating expenses:                              
  Data and product costs   1,330,021       1,172,669       2,726,181       2,428,461  
  Selling, general and administrative expenses   2,073,311       2,003,244       4,186,556       3,973,683  
  Depreciation and amortization   49,716       48,506       99,722       99,132  
                               
    Total operating expenses   3,453,048       3,224,419       7,012,459       6,501,276  
                               
Loss from operations   (111,572 )     (48,787 )     (434,733 )     (208,501 )
Other income, net   9,763       16,270       14,570       34,181  
                               
Loss before income taxes   (101,809 )     (32,517 )     (420,163 )     (174,320 )
Benefit from income taxes   18,122       11,863       92,183       63,340  
                               
Net loss $ (83,687 )   $ (20,654 )   $ (327,980 )   $ (110,980 )
                               
Net loss per share:                              
  Basic and diluted $ (0.01 )   $ -     $ (0.03 )   $ (0.01 )
                               
Weighted average number of shares outstanding:                              
  Basic and diluted   10,722,401       10,722,321       10,722,401       10,722,321  
   
   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
JUNE 30, 2017 AND DECEMBER 31, 2016  
             
    June 30,     Dec. 31,  
    2017     2016  
    (Unaudited)        
                 
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 9,198,532     $ 9,222,343  
  Accounts receivable, net of allowance     1,793,306       2,090,676  
  Other current assets     652,740       487,257  
                 
    Total current assets     11,644,578       11,800,276  
                 
Property and equipment, net     399,394       430,324  
Goodwill     1,954,460       1,954,460  
Other assets     38,636       23,763  
                 
    Total assets   $ 14,037,068     $ 14,208,823  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Deferred revenue   $ 8,315,877     $ 8,088,958  
  Accounts payable     82,661       96,725  
  Accrued expenses     1,253,389       1,282,126  
                 
    Total current liabilities     9,651,927       9,467,809  
                 
Deferred taxes on income     661,578       762,403  
Other liabilities     15,240       12,574  
                 
    Total liabilities     10,328,745       10,242,786  
                 
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 10,722,401 shares    
107,224
     
107,224
 
  Additional paid-in capital     29,489,729       29,419,463  
  Accumulated deficit     (25,888,630 )     (25,560,650 )
                 
    Total stockholders' equity     3,708,323       3,966,037  
                 
    Total liabilities and stockholders' equity   $ 14,037,068     $ 14,208,823  
                 

Overview
CreditRiskMonitor (http://www.crmz.com) is a Web-based publisher of financial information, designed to save time and help busy corporate credit and procurement professionals manage risk. The service offers comprehensive commercial credit reports covering public companies worldwide. Over 35% of the Fortune 1000 already use CreditRiskMonitor's timely news alerts and reports that feature 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 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.

CREDITRISKMONITOR.COM, INC.

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