VALLEY COTTAGE, N.Y., Nov. 08, 2018 (GLOBE NEWSWIRE) -- CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.48 million and $10.33 million for the 3 and 9 months ended September 30, 2018, respectively, an increase of 2.8% and 3.7% over the comparable periods last year. For the same periods, loss from operations was approximately ($45,300) and ($521,000), respectively, versus approximately ($4,800) and ($439,500) for the comparable 2017 periods. Cash and cash equivalents at the end of the nine-month period decreased $128,700 to $8.61 million versus the 2017 year-end balance of $8.74 million.
Jerry Flum, CEO said, “We’re continuing to develop new products. As previously noted, we launched our private company Financial Statement Sourcing in 4Q 2017 and the PAYCE™ private company neural network score in 1Q 2018. Our debt-free liquid balance sheet remains strong, allowing us to continue 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, 2018 AND 2017 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| 3 Months Ended | 9 Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Operating revenues | $ | 3,481,359 | $ | 3,385,352 | $ | 10,331,106 | $ | 9,963,078 | |||||||
| Operating expenses: | |||||||||||||||
| Data and product costs | 1,416,783 | 1,332,759 | 4,314,468 | 4,058,940 | |||||||||||
| Selling, general and administrative expenses | 2,060,322 | 2,013,962 | 6,398,936 | 6,200,518 | |||||||||||
| Depreciation and amortization | 49,583 | 43,410 | 138,670 | 143,132 | |||||||||||
| Total operating expenses | 3,526,688 | 3,390,131 | 10,852,074 | 10,402,590 | |||||||||||
| Income from operations | (45,329 | ) | (4,779 | ) | (520,968 | ) | (439,512 | ) | |||||||
| Other income, net | 36,710 | 15,362 | 88,354 | 29,932 | |||||||||||
| Income (loss) before income taxes | (8,619 | ) | 10,583 | (432,614 | ) | (409,580 | ) | ||||||||
| Benefit from (provision for) income taxes | (2,527 | ) | (29,700 | ) | 79,195 | 62,483 | |||||||||
| $ | (11,146 | ) | $ | (19,117 | ) | $ | (353,419 | ) | $ | (347,097 | ) | ||||
| Net loss per share: | |||||||||||||||
| Basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.03 | ) | |||
| CREDITRISKMONITOR.COM, INC. | |||||||
| BALANCE SHEETS | |||||||
| SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 | |||||||
| September 30, | December 31, | ||||||
| 2018 | 2017 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 8,606,450 | $ | 8,735,148 | |||
| Accounts receivable, net of allowance | 1,570,236 | 2,139,707 | |||||
| Other current assets | 530,563 | 530,699 | |||||
| Total current assets | 10,707,249 | 11,405,554 | |||||
| . | . | ||||||
| Property and equipment, net | 552,538 | 437,216 | |||||
| Goodwill | 1,954,460 | 1,954,460 | |||||
| Other assets | 48,282 | 23,463 | |||||
| Total assets | $ | 13,262,529 | $ | 13,820,693 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Deferred revenue | $ | 8,210,492 | $ | 8,304,877 | |||
| Accounts payable | 145,462 | 58,901 | |||||
| Accrued expenses | 1,160,313 | 1,344,526 | |||||
| Total current liabilities | 9,516,267 | 9,708,304 | |||||
| Deferred taxes on income, net | 425,876 | 514,333 | |||||
| Other liabilities | 19,310 | 15,748 | |||||
| Total liabilities | 9,961,453 | 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 | 29,631,971 | 29,559,784 | |||||
| Accumulated deficit | (26,438,119 | ) | (26,084,700 | ) | |||
| Total stockholders’ equity | 3,301,076 | 3,582,308 | |||||
| Total liabilities and stockholders’ equity | $ | 13,262,529 | $ | 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 approximately $140 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 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
[email protected]
