CreditRiskMonitor Announces 2Q Results

VALLEY COTTAGE, N.Y., Aug. 06, 2019 (GLOBE NEWSWIRE) -- CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.57 million and $7.06 million for the 3 and 6 months ended June 30, 2019, respectively, an increase of 2.6% and 3.1% over the comparable periods last year. For the same periods in 2019, loss from operations was approximately ($56,700) and ($248,300), respectively, versus approximately ($128,400) and ($475,600) for the comparable 2018 periods. Cash and cash equivalents at the end of the six-month period increased $336,300 to $8.40 million versus the 2018 year-end balance of $8.07 million.

Jerry Flum, CEO, said, “While our sales growth remains sluggish in the present economic environment as the sales cycle has lengthened, our loss from operations for the 3 and 6 months ended June 30, 2019 decreased from the same periods last year and continued to show improvement between the first and second quarters of 2019, reflecting continued positive results from our investment in infrastructure and new data. We continue to remain debt free, thus providing us with financial flexibility.”


   3 Months Ended
 6 Months Ended
  June 30, June 30,
  2019 2018 2019 2018 
Operating revenues $3,567,531  $3,477,823  $7,063,340  $6,849,747  
Operating expenses:         
Data and product costs  1,426,497   1,413,694   2,895,490   2,897,685  
Selling, general and administrative expenses  2,147,733   2,150,490   4,315,144   4,338,614  
Depreciation and amortization 50,045   42,039   101,034   89,087  
Total operating expenses  3,624,275   3,606,223   7,311,668   7,325,386  
Loss from operations  (56,744)  (128,400)  (248,328)  (475,639) 
Other income, net  43,209   30,602   84,099   51,644  
Loss before income taxes  (13,535)  (97,798)  (164,229)  (423,995) 
Benefit from income taxes 2,005   10,961   16,231   81,722  
Net loss  $(11,530) $(86,837) $(147,998) $(342,273) 
Net loss per share:         
Basic and diluted $(0.00) $(0.01) $(0.01) $(0.03) 

JUNE 30, 2019 AND DECEMBER 31, 2018
   June 30,  December 31,
   2019 2018
Current assets:      
Cash and cash equivalents$8,403,179  $8,066,899 
Accounts receivable, net of allowance1,928,960   2,454,585 
Other current assets  832,965   561,861 
Total current assets  11,165,104   11,083,345 
Property and equipment, net  554,820   543,762 
Operating lease right-of-use asset  2,469,025   -- 
Goodwill   1,954,460   1,954,460 
Other assets  31,607   35,613 
Total assets $16,175,016  $13,617,180 
Current liabilities:       
Unexpired subscription revenue$8,860,837  $8,560,316 
Accounts payable  126,553   94,767 
Current portion of operating lease liability140,217   -- 
Accrued expenses  1,131,349   1,311,218 
Total current liabilities 10,258,956   9,966,301 
Deferred taxes on income, net  473,194   490,381 
Unexpired subscription revenue, less current portion  229,524   178,129 
Operating lease liability, less current portion  2,375,451   -- 
Other liabilities  --   24,537 
Total liabilities  13,337,125   10,659,348 
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 shares107,224   107,224 
Additional paid-in capital 29,678,817   29,650,760 
Accumulated deficit  (26,948,150)  (26,800,152)
Total stockholders’ equity 2,837,891   2,957,832 
Total liabilities and stockholders’ equity$16,175,016  $13,617,180 


CreditRiskMonitor ( is a web-based publisher of financial information that helps corporate credit and procurement professionals stay ahead of business financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit reports and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus, such as Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.

The Company also collects a significant amount of trade receivable data on both public and a select group of private companies every month, to help subscribers determine payment performance.

Over 35% of the Fortune 1000 plus over 1,000 other large companies worldwide 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, crowdsourcing of risk professionals as well as the Company’s proprietary FRISK® and PAYCE® 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.

Jerry Flum, CEO
(845) 230-3030