CreditRiskMonitor Announces 1Q Results


VALLEY COTTAGE, N.Y., May 09, 2018 (GLOBE NEWSWIRE) -- CreditRiskMonitor (OTCQX:CRMZ) reported that for the 3 months ended March 31, 2018 revenues increased 4% to $3.37 million compared to $3.24 million in last year’s first quarter. Net loss for the quarter was approximately $255,400 compared to a net loss of approximately $244,300 in the prior year period. Cash and cash equivalents decreased approximately $15,300 since 2017 year-end, to $8.72 million, and was down $123,700 from the balance at March 31, 2017.

 Jerry Flum, CEO, said, “The Company is committed to its philosophy of investing in new products, such as private company Financial Statement Sourcing (launched 4Q 2017) and the PAYCE™ private company neural network score (launched 1Q 2018), as well as our other marketing efforts. We’re still debt free and our strong cash position will allow us to implement these marketing initiatives.”

  
CREDITRISKMONITOR.COM, INC. 
STATEMENTS OF INCOME 
FOR THE 3 MONTHS ENDED MARCH 31, 2018 AND 2017 
       
    2018   2017  
       
       
Operating revenues$3,371,924  $3,236,250  
       
Operating expenses:    
 Data and product costs 1,483,991   1,396,160  
 Selling, general and administrative expenses 2,188,124   2,113,245  
 Depreciation and amortization 47,048   50,006  
       
  Total operating expenses 3,719,163   3,559,411  
       
Loss from operations (347,239)  (323,161) 
Other income, net 21,042   4,807  
       
Loss before income taxes (326,197)  (318,354) 
Benefit from income taxes 70,761   74,061  
       
Net loss$(255,436) $(244,293) 
       
Net loss per share of common stock:    
 Basic and diluted$(0.02) $(0.01) 
       
Weighted average number of common shares outstanding:    
 Basic and diluted 10,722,401   10,722,321  
          


CREDITRISKMONITOR.COM, INC. 
BALANCE SHEETS 
MARCH 31, 2017 AND DECEMBER 31, 2016 
       
       
   March 31, December 31, 
    2017   2017  
   (Unaudited)   
ASSETS    
Current assets:    
 Cash and cash equivalents$8,719,826  $8,735,148  
 Accounts receivable, net of allowance of $30,000 1,974,655   2,139,707  
 Other current assets 504,928   530,699  
       
  Total current assets 11,199,409   11,405,554  
   . . 
Property and equipment, net 399,426   437,216  
Goodwill 1,954,460   1,954,460  
Other assets 49,768   23,463  
       
  Total assets$13,603,063  $13,820,693  
       
       
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
 Deferred revenue$8,893,546  $8,304,877  
 Accounts payable 145,578   58,901  
 Accrued expenses 756,506   1,344,526  
       
  Total current liabilities 9,795,630   9,708,304  
       
Deferred taxes on income, net 439,281   514,333  
Other liabilities 15,787   15,748  
       
  Total liabilities 10,250,698   10,238,385  
       
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 107,224   107,224  
 Additional paid-in capital 29,585,277   29,559,784  
 Accumulated deficit (26,340,136)  (26,084,700) 
       
  Total stockholders’ equity 3,352,365   3,582,308  
       
  Total liabilities and stockholders’ equity$13,603,063  $13,820,693  
           

Overview

CreditRiskMonitor (http://www.crmz.com) 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 like Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.

The Company also collects more than $130 billion 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 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® 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
845.230.3030
ir@creditriskmonitor.com