SOURCE: CreditRiskMonitor

CreditRiskMonitor

November 02, 2017 11:17 ET

CreditRiskMonitor Announces 3Q Results

VALLEY COTTAGE, NY--(Marketwired - Nov 2, 2017) - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.39 million and $9.96 million for the 3 and 9 months ended September 30, 2017, respectively, an increase of 4.6% and 4.5% over the comparable periods last year. For the same periods, income (loss) from operations was ($4,800) and ($439,500), respectively, compared to $126,500 and ($82,000) for the comparable 2016 periods. Cash and cash equivalents at the end of the nine-month period increased $62,300 to $9.28 million versus the 2016 year-end balance of $9.22 million.

Jerry Flum, CEO, said, "Our marketing efforts are continuing in addition to investment in product enhancements. We're starting to see some tangible results from our new website, launched last year, as we're seeing traction in new sales. Our balance sheet remains strong, allowing us to continue to follow the path of investing in our services with the long-term goal of enhancing shareholder value."

   
CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF OPERATIONS  
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2017 AND 2016  
(Unaudited)  
                         
    3 Months Ended     9 Months Ended  
    September30,     September30,  
    2017     2016     2017     2016  
                         
Operating revenues   $ 3,385,352     $ 3,237,687     $ 9,963,078     $ 9,530,462  
                                 
Operating expenses:                                
  Data and product costs     1,332,759       1,254,151       4,058,940       3,682,612  
  Selling, general and administrative expenses     2,013,962       1,808,184       6,200,518       5,781,867  
  Depreciation and amortization     43,410       48,894       143,132       148,026  
                                 
    Total operating expenses     3,390,131       3,111,229       10,402,590       9,612,505  
                                 
Income from operations     (4,779 )     126,458       (439,512 )     (82,043 )
Other income (expense), net     15,362       (589 )     29,932       33,592  
                                 
Income (loss) before income taxes     10,583       125,869       (409,580 )     (48,451 )
Benefit from (provision for) income taxes     (29,700 )     (45,916 )     62,483       17,424  
                                 
Net income (loss)   $ (19,117 )   $ 79,953     $ (347,097 )   $ (31,027 )
                                 
Net income (loss) per share:                                
  Basic   $ 0.00     $ 0.01     $ (0.03 )   $ 0.00  
  Diluted   $ 0.00     $ 0.01     $ (0.03 )   $ 0.00  
                                   
   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
SEPTEMBER 30, 2017 AND DECEMBER 31, 2016  
             
    Sept. 30     Dec. 31,  
    2017     2016  
    (Unaudited)        
             
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 9,284,650     $ 9,222,343  
  Accounts receivable, net of allowance     1,512,766       2,090,676  
  Other current assets     554,607       487,257  
                 
    Total current assets     11,352,023       11,800,276  
                 
Property and equipment, net     385,434       430,324  
Goodwill     1,954,460       1,954,460  
Other assets     33,599       23,763  
                 
    Total assets   $ 13,725,516     $ 14,208,823  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Deferred revenue   $ 7,891,863     $ 8,088,958  
  Accounts payable     136,009       96,725  
  Accrued expenses     1,267,269       1,282,126  
                 
    Total current liabilities     9,295,141       9,467,809  
                 
Deferred taxes on income     689,831       762,403  
Other liabilities     15,709       12,574  
                 
    Total liabilities     10,000,681       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, respectively     107,224       107,224  
  Additional paid-in capital     29,525,358       29,419,463  
  Accumulated deficit     (25,907,747 )     (25,560,650 )
                 
    Total stockholders' equity     3,724,835       3,966,037  
                 
    Total liabilities and stockholders' equity   $ 13,725,516     $ 14,208,823  
                 

Overview

CreditRiskMonitor (http://www.creditriskmonitor.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.

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