SOURCE: CreditRiskMonitor.com, Inc.

November 01, 2013 06:00 ET

CreditRiskMonitor Announces 3Q Results

VALLEY COTTAGE, NY--(Marketwired - Nov 1, 2013) - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.01 million and $8.81 million for the 3 and 9 months ended September 30, 2013, respectively, an increase of 7% over the comparable periods last year. For the same periods, income from operations was $313,800 and $482,100, respectively, compared to $442,200 and $724,400 for the comparable 2012 periods. Cash, cash equivalents and marketable securities at the end of the nine-month period increased $506,000 to $8.66 million versus the 2012 year-end balance of $8.15 million.

Jerry Flum, CEO said, "We're continuing to follow our long-term business strategy of building our infrastructure, adding new data elements and creating new tools for subscribers, realizing that our short-term results continue to be adversely impacted. Sales are still growing and our balance sheet continues to be strong, thus providing us with the flexibility of managing our company toward the long-term goal of creating greater shareholder value."

CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF OPERATIONS  
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2013 AND 2012  
(Unaudited)  
   
  3 Months Ended     9 Months Ended  
  September 30,     September 30,  
  2013     2012     2013     2012  
                               
Operating revenues $ 3,014,156     $ 2,822,056     $ 8,813,415     $ 8,207,538  
                               
Operating expenses:                              
  Data and product costs   1,075,271       914,186       3,248,237       2,777,343  
  Selling, general andadministrative expenses   1,578,149       1,427,830       4,965,559       4,591,402  
  Depreciation and amortization   46,943       37,880       117,496       114,436  
                               
    Total operating expenses   2,700,363       2,379,896       8,331,292       7,483,181  
                               
Income from operations   313,793       442,160       482,123       724,357  
Other income (expense), net   4,260       13,851       (38,170 )     26,468  
                               
Income before income taxes   318,053       456,011       443,953       750,825  
Provision for income taxes   (126,506 )     (182,473 )     (176,450 )     (312,352 )
                               
Net income $ 191,547     $ 273,538     $ 267,503     $ 438,473  
                               
Net income per share:                              
  Basic $ 0.02     $ 0.03     $ 0.03     $ 0.06  
  Diluted $ 0.02     $ 0.03     $ 0.03     $ 0.05  
                                 
                                 
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
SEPTEMBER 30, 2013 AND DECEMBER 31, 2012  
   
  Sept. 30,     Dec. 31,  
  2013     2012  
  (Unaudited)        
ASSETS              
Current assets:              
  Cash and cash equivalents $ 7,230,896     $ 6,422,458  
  Marketable securities   1,422,813       1,725,633  
  Accounts receivable, net of allowance   1,062,078       1,776,151  
  Other current assets   583,054       548,838  
               
    Total current assets   10,298,841       10,473,080  
               
Property and equipment, net   384,654       260,438  
Goodwill   1,954,460       1,954,460  
Prepaid and other assets   34,058       21,970  
               
    Total assets $ 12,672,013     $ 12,709,948  
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
Current liabilities:              
  Deferred revenue $ 6,517,388     $ 6,978,797  
  Accounts payable   76,962       44,097  
  Accrued expenses   1,154,484       1,161,498  
               
    Total current liabilities   7,748,834       8,184,392  
               
Deferred taxes on income   591,355       591,355  
Other liabilities   5,413       5,190  
               
    Total liabilities   8,345,602       8,780,937  
               
Stockholders' equity:              
  Preferred stock, $.01 par value; authorized5,000,000 shares; none issued   --       --  
  Common stock, $.01 par value; authorized 25,000,000shares; issued and outstanding 7,958,568 and7,946,462 shares, respectively  
79,585
     
79,464
 
  Additional paid-in capital   28,925,272       28,795,496  
  Accumulated deficit   (24,678,446 )     (24,945,949 )
               
    Total stockholders' equity   4,326,411       3,929,011  
               
    Total liabilities and stockholders' equity $ 12,672,013     $ 12,709,948  
                   

Overview

CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial risk analysis and news, designed to save time for busy corporate credit and procurement/supply-chain professionals. The service offers comprehensive commercial credit reports covering over 40,000 public companies worldwide. Over 30% of the Fortune 1,000 already use CreditRiskMonitor's timely news alerts and reports that feature detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, as well as the Company's proprietary FRISK® scores.

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

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