SOURCE: CreditRiskMonitor Inc.

November 08, 2011 13:41 ET

CreditRiskMonitor Reports 9 Month Operating Results for 2011

VALLEY COTTAGE, NY--(Marketwire - Nov 8, 2011) - CreditRiskMonitor (OTCQB: CRMZ) (OTCBB: CRMZ) reported that revenues were $2.58 million and $7.56 million for the 3 and 9 months ended September 30, 2011, respectively, an increase of 8% and 9% over the comparable periods last year. For the same periods, income from operations was $249,000 and $736,000, respectively, compared to $551,000 and $1,216,000 for the comparable 2010 periods. Cash, cash equivalents and marketable securities at the end of the nine-month period increased $1.08 million to $7.93 million from the 2010 year-end balance of $6.85 million, after the payment of a cash dividend of $396,000 in the third quarter of 2011.

Jerry Flum, CEO, said, "Within the current difficult economic environment we're still seeing growing sales. As noted in past earnings releases, we continue to invest heavily in infrastructure, new data content, and new employees to improve our service. While this impacts profitability in the short-term, we believe our long-term prospects are enhanced. Our balance sheet is strong, allowing us the flexibility to manage our company toward longer-term goals and to create greater shareholder value."

CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(Unaudited)
3 Months Ended 9 Months Ended
September 30, September 30,
2011 2010 2011 2010
Operating revenues $ 2,580,339 $ 2,389,932 $ 7,559,650 $ 6,906,507
Operating expenses:
Data and product costs 716,226 580,184 2,196,463 1,751,224
Selling, general and administrative expenses 1,572,311 1,223,686 4,502,063 3,844,920
Depreciation and amortization 42,753 35,345 125,482 94,600
Total operating expenses 2,331,290 1,839,215 6,824,008 5,690,744
Income from operations 249,049 550,717 735,642 1,215,763
Other income, net 52,096 39,570 87,015 54,161
Income before income taxes 301,145 590,287 822,657 1,269,924
Provision for income taxes (72,260 ) (236,870 ) (254,711 ) (513,612 )
Net income $ 228,885 $ 353,417 $ 567,946 $ 756,312
Net income per share:
Basic $ 0.03 $ 0.04 $ 0.07 $ 0.10
Diluted $ 0.03 $ 0.04 $ 0.07 $ 0.09
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
SEPTEMBER 30, 2011 AND DECEMBER 31, 2010
Sept. 30, Dec. 31,
2011 2010
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 6,162,612 $ 5,642,568
Marketable securities 1,765,874 1,204,234
Accounts receivable, net of allowance 1,224,953 1,406,865
Other current assets 322,387 480,922
Total current assets 9,475,826 8,734,589
Property and equipment, net 321,448 364,360
Goodwill 1,954,460 1,954,460
Deferred taxes on income -- 233,873
Prepaid and other assets 39,187 23,225
Total assets $ 11,790,921 $ 11,310,507
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 6,476,571 $ 5,997,862
Accounts payable 66,252 24,024
Accrued expenses 824,565 1,167,196
Accrued income taxes 12,096 --
Total current liabilities 7,379,484 7,189,082
Other liabilities 3,140 1,149
Total liabilities 7,382,624 7,190,231
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 7,914,462 and 7,899,462 shares, respectively 79,144 78,994
Additional paid-in capital 28,556,242 28,440,586
Accumulated deficit (24,227,089 ) (24,399,304 )
Total stockholders' equity 4,408,297 4,120,276
Total liabilities and stockholders' equity $ 11,790,921 $ 11,310,507

Overview

CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial information, designed to save time for busy corporate credit professionals that competes with Dun & Bradstreet, Equifax and Experian.

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