SOURCE: CreditRiskMonitor.com, Inc.

CreditRiskMonitor.com, Inc.

November 06, 2015 09:30 ET

CreditRiskMonitor Announces 3Q Results

VALLEY COTTAGE, NY--(Marketwired - Nov 6, 2015) - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.15 million and $9.33 million for the 3 and 9 months ended September 30, 2015, respectively, an increase of 2% and 3% over the comparable periods last year. For the same periods, income from operations was $328,700 and $622,600, respectively, compared to $250,200 and $377,200 for the comparable 2014 periods. Cash, cash equivalents and marketable securities at the end of the nine-month period increased $673,000 to $9.57 million versus the 2014 year-end balance of $8.89 million.

Jerry Flum, CEO said, "To address the reduced rate of sales growth, we are building new marketing capabilities and we continue to invest in improving the utility of our product. Our balance sheet continues to be strong, which provides us the flexibility to manage our company for long-term shareholder value."

   
CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF OPERATIONS  
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2015 AND 2014  
(Unaudited)  
                         
    3 Months Ended     9 Months Ended  
    September30,     September30,  
    2015     2014     2015     2014  
                                 
Operating revenues   $ 3,153,249     $ 3,084,640     $ 9,330,561     $ 9,052,038  
                                 
Operating expenses:                                
  Data and product costs     1,134,296       1,165,970       3,534,268       3,488,934  
  Selling, general and administrative expenses     1,635,790       1,614,332       5,006,033       5,017,858  
  Depreciation and amortization     54,470       54,108       167,655       168,019  
                                 
    Total operating expenses     2,824,556       2,834,410       8,707,956       8,674,811  
                                 
Income from operations     328,693       250,230       622,605       377,227  
Other income (expense), net     (4,680 )     (5,721 )     1,014       16,101  
                                 
Income before income taxes     324,013       244,509       623,619       393,328  
Provision for income taxes     (129,606 )     (118,328 )     (257,618 )     (189,569 )
                                 
Net income   $ 194,407     $ 126,181     $ 366,001     $ 203,759  
                                 
Net income per common share of stock:                                
  Basic   $ 0.02     $ 0.02     $ 0.04     $ 0.03  
  Diluted   $ 0.02     $ 0.02     $ 0.04     $ 0.02  
                                   
                                   
   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
SEPTEMBER 30, 2015 AND DECEMBER 31, 2014  
             
    Sept. 30     Dec. 31,  
    2015     2014  
    (Unaudited)        
             
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 8,226,723     $ 7,529,468  
  Marketable securities     1,338,900       1,363,439  
  Accounts receivable, net of allowance     1,377,634       2,078,710  
  Other current assets     672,740       516,585  
                 
    Total current assets     11,615,997       11,488,202  
                 
Property and equipment, net     424,592       337,339  
Goodwill     1,954,460       1,954,460  
Other assets     45,049       23,682  
                 
    Total assets   $ 14,040,098     $ 13,803,683  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Deferred revenue   $ 7,330,952     $ 7,612,836  
  Accounts payable     111,577       137,258  
  Accrued expenses     1,163,896       1,230,966  
                 
    Total current liabilities     8,606,425       8,981,060  
                 
Deferred taxes on income     720,867       743,691  
Other liabilities     1,726       2,546  
                 
    Total liabilities     9,329,018       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 8,247,887 and 8,055,365 shares, respectively     82,479       80,553  
  Additional paid-in capital     29,442,807       29,176,040  
  Accumulated deficit     (24,814,206 )     (25,180,207 )
                 
    Total stockholders' equity     4,711,080       4,076,386  
                 
    Total liabilities and stockholders' equity   $ 14,040,098     $ 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 $100 billion of trade 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

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