CreditRiskMonitor Announces 3Q Results
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E-mailVALLEY COTTAGE, NY -- (Marketwired) -- 11/02/17 -- CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.39 million and $9.96 million for the 3 and 9 months ended September 30, 2017, respectively, an increase of 4.6% and 4.5% over the comparable periods last year. For the same periods, income (loss) from operations was ($4,800) and ($439,500), respectively, compared to $126,500 and ($82,000) for the comparable 2016 periods. Cash and cash equivalents at the end of the nine-month period increased $62,300 to $9.28 million versus the 2016 year-end balance of $9.22 million.
Jerry Flum, CEO, said, "Our marketing efforts are continuing in addition to investment in product enhancements. We're starting to see some tangible results from our new website, launched last year, as we're seeing traction in new sales. Our balance sheet remains strong, allowing us to continue to follow the path of investing in our services with the long-term goal of enhancing shareholder value."
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(Unaudited)
3 Months Ended 9 Months Ended
September30, September30,
-------------------- --------------------
2017 2016 2017 2016
--------- --------- --------- ---------
Operating revenues 3,385,35 3,237,68 9,963,07 9,530,46
$ 2 $ 7 $ 8 $ 2
--------- --------- --------- ---------
Operating expenses:
Data and product costs 1,332,75 1,254,15 4,058,94 3,682,61
9 1 0 2
Selling, general and 2,013,96 1,808,18 6,200,51 5,781,86
administrative expenses 2 4 8 7
Depreciation and amortization 43,410 48,894 143,132 148,026
--------- --------- --------- ---------
Total operating expenses 3,390,13 3,111,22 10,402,5 9,612,50
1 9 90 5
--------- --------- --------- ---------
Income from operations (4,779) 126,458 (439,512) (82,043)
Other income (expense), net 15,362 (589) 29,932 33,592
--------- --------- --------- ---------
Income (loss) before income
taxes 10,583 125,869 (409,580) (48,451)
Benefit from (provision for)
income taxes (29,700) (45,916) 62,483 17,424
--------- --------- --------- ---------
Net income (loss) $ (19,117) $ 79,953 $(347,097) $ (31,027)
========= ========= ========= =========
Net income (loss) per share:
Basic $ 0.00 $ 0.01 $ (0.03) $ 0.00
Diluted $ 0.00 $ 0.01 $ (0.03) $ 0.00
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
SEPTEMBER 30, 2017 AND DECEMBER 31, 2016
Sept. 30 Dec. 31,
2017 2016
---------------- ----------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,284,650 $ 9,222,343
Accounts receivable, net of allowance 1,512,766 2,090,676
Other current assets 554,607 487,257
---------------- ----------------
Total current assets 11,352,023 11,800,276
Property and equipment, net 385,434 430,324
Goodwill 1,954,460 1,954,460
Other assets 33,599 23,763
---------------- ----------------
Total assets $ 13,725,516 $ 14,208,823
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 7,891,863 $ 8,088,958
Accounts payable 136,009 96,725
Accrued expenses 1,267,269 1,282,126
---------------- ----------------
Total current liabilities 9,295,141 9,467,809
Deferred taxes on income 689,831 762,403
Other liabilities 15,709 12,574
---------------- ----------------
Total liabilities 10,000,681 10,242,786
---------------- ----------------
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,
respectively 107,224 107,224
Additional paid-in capital 29,525,358 29,419,463
Accumulated deficit (25,907,747) (25,560,650)
---------------- ----------------
Total stockholders' equity 3,724,835 3,966,037
---------------- ----------------
Total liabilities and stockholders'
equity $ 13,725,516 $ 14,208,823
================ ================
Overview
CreditRiskMonitor (http://www.creditriskmonitor.com) is a Web-based publisher of financial information, designed to save time and help busy corporate credit and procurement professionals manage risk. The service offers comprehensive commercial credit reports covering public companies worldwide. Over 35% of the Fortune 1000 already use CreditRiskMonitor's timely news alerts and reports that feature detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, as well as the Company's proprietary FRISK® scores, which have been proven predictive in anticipating corporate financial stress, including bankruptcy.
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.
CreditRiskMonitor Jerry Flum 845.230.3030 [email protected]
Source: CreditRiskMonitor
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