CreditRiskMonitor 2017 Operating Results


VALLEY COTTAGE, N.Y., March 22, 2018 (GLOBE NEWSWIRE) -- CreditRiskMonitor (OTCQX:CRMZ) reported that revenues for the year ended December 31, 2017 increased to $13.39 million up 4% compared to 2016. Net income for 2017 was approximately $12,100 compared to $52,400 in the prior year. Cash and cash equivalents at the end of 2017 decreased to $8.74 million from the 2016 year-end balance of $9.22 million.

Jerry Flum, CEO, said, “We did not see significant results yet from our new Financial Statement Sourcing (launched 4Q 2017) or PAYCE™ (launched 1Q 2018) products, or from our other new marketing efforts, but we’re committed to continue investing in new products and marketing infrastructure.  There is a natural lag on these expenses and the impact on revenue. The Company is still debt-free and our strong cash position allows us to continue to undertake these initiatives.”

  
CREDITRISKMONITOR.COM, INC. 
STATEMENTS OF INCOME 
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 
       
    2017   2016  
       
       
Operating revenues$  13,385,068  $  12,814,390  
       
Operating expenses:    
 Data and product costs   5,426,779     4,944,053  
 Selling, general and administrative expenses   8,044,256     7,495,742  
 Depreciation and amortization   191,960     200,136  
           
  Total operating expenses   13,662,995     12,639,931  
           
Income (loss) from operations   (277,927)    174,459  
Other income, net   47,216     27,183  
           
Income (loss) before income taxes   (230,711)    201,642  
Benefit (provision) for income taxes   242,781     (149,199) 
           
Net income$  12,070  $  52,443  
           
Net income per share of common stock:    
 Basic and diluted$  -   $  -   
       

 

  
CREDITRISKMONITOR.COM, INC. 
BALANCE SHEETS 
DECEMBER 31, 2017 AND 2016 
       
       
    2017   2016  
       
ASSETS    
Current assets:    
 Cash and cash equivalents$  8,735,148  $  9,222,343  
 Accounts receivable, net of allowance of $30,000   2,139,707     2,090,676  
 Other current assets   530,699     487,257  
           
  Total current assets   11,405,554     11,800,276  
       
Property and equipment, net   437,216     430,324  
Goodwill   1,954,460     1,954,460  
Other assets   23,463     23,763  
           
  Total assets$  13,820,693  $  14,208,823  
           
       
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
 Deferred revenue$  8,304,877  $  8,088,958  
 Accounts payable   58,901     96,725  
 Accrued expenses   1,344,526     1,282,126  
           
  Total current liabilities   9,708,304     9,467,809  
       
Deferred taxes on income, net   514,333     762,403  
Other liabilities   15,748     12,574  
           
  Total liabilities   10,238,385     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   107,224     107,224  
 Additional paid-in capital   29,559,784     29,419,463  
 Accumulated deficit   (26,084,700)    (25,560,650) 
           
  Total stockholders’ equity   3,582,308     3,966,037  
           
  Total liabilities and stockholders’ equity$  13,820,693  $  14,208,823  
           


About CreditRiskMonitor

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
8452303030
ir@creditriskmonitor.com