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