CreditRiskMonitor Announces 1Q Results


VALLEY COTTAGE, N.Y., May 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CreditRiskMonitor (OTCQX: CRMZ) reported that for the 3 months ended March 31, 2019 revenues increased 4% to $3.50 million compared to $3.37 million in last year’s first quarter. Net loss for the quarter was approximately $136,500 compared to a net loss of approximately $255,400 in the prior year period. Cash and cash equivalents increased approximately $323,100 since 2018 year-end, to $8.39 million, and was down $329,900 from the balance at March 31, 2018.

Jerry Flum, CEO, said, “While we’re still reporting a net loss for the quarter we’re starting to see positive results from our investment in infrastructure and new data. Our loss from operations for the 3 months ended March 31, 2019 decreased significantly from the same period last year. Additionally, 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 INCOME
FOR THE 3 MONTHS ENDED MARCH 31, 2019 AND 2018
(Unaudited)
    
 2019 2018
    
Operating revenues$3,495,809  $3,371,924 
    
Operating expenses:   
Data and product costs 1,468,993   1,483,991 
Selling, general and administrative expenses 2,167,411   2,188,124 
Depreciation and amortization 50,989   47,048 
    
Total operating expenses 3,687,393   3,719,163 
    
Loss from operations (191,584)  (347,239)
Other income, net 40,890   21,042 
    
Loss before income taxes (150,694)  (326,197)
Benefit from income taxes 14,226   70,761 
    
Net loss$(136,468) $(255,436)
    
Net loss per common share of stock:   
Basic and diluted$(0.01) $(0.02)
    
Weighted average number of common shares outstanding:   
Basic and diluted 10,722,401   10,722,401 
        

 

CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
MARCH 31, 2019 AND DECEMBER 31, 2018
    
    
 March 31, December 31,
 2019 2018
 (Unaudited)  
ASSETS   
Current assets:   
Cash and cash equivalents$8,389,953  $8,066,899 
Accounts receivable, net of allowance 1,954,108   2,454,585 
Other current assets 655,315   561,861 
    
Total current assets 10,999,376   11,083,345 
    
Property and equipment, net 532,624   543,762 
Operating lease right-to-use asset 2,512,484   - 
Goodwill 1,954,460   1,954,460 
Other assets 44,513   35,613 
    
Total assets$16,043,457  $13,617,180 
    
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Unexpired subscription revenue$9,120,049  $8,738,445 
Accounts payable 226,434   94,767 
Current portion of operating lease liability 136,815   - 
Accrued expenses 837,118   1,311,218 
    
Total current liabilities 10,320,416   10,144,430 
    
Deferred taxes on income, net 476,155   490,381 
Operating lease liability, less current portion 2,411,258   - 
Other liabilities -   24,537 
    
Total liabilities 13,207,829   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 shares 107,224   107,224 
Additional paid-in capital 29,665,024   29,650,760 
Accumulated deficit (26,936,620)  (26,800,152)
    
Total stockholders’ equity 2,835,628   2,957,832 
    
Total liabilities and stockholders’ equity$16,043,457  $13,617,180 
 

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 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
845-230-3030
ir@creditriskmonitor.com