CreditRiskMonitor Announces 2Q Results
/EINPresswire.com/ -- VALLEY COTTAGE, NY -- (Marketwired) -- 08/08/16 -- CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 2% for both the 3 and 6 months ended June 30, 2016, to $3.18 million and $6.29 million, respectively. Net loss the periods was approximately ($20,700) and ($111,000), respectively, compared net income of $135,100 and $171,600 for the comparable 2015 periods. Cash, cash equivalents and marketable securities at the end of the six-month period increased approximately $600,100 to $9.56 million from the 2015 year-end balance of $8.96 million.
Jerry Flum, CEO said, "This year's operating results continue to be impacted by planned incremental marketing expenditures that are an integral component of our initiative to drive increased traffic to our website. Our redesigned website launched early in the second quarter and to date the results are measuring up to our expectations. We remain debt free and will continue to invest in these marketing programs."
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited)
3 Months Ended 6 Months Ended
June 30, June 30,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Operating revenues $ 3,175,632 $ 3,107,106 $ 6,292,775 $ 6,177,312
----------- ----------- ----------- -----------
Operating expenses:
Data and product costs 1,172,669 1,170,236 2,428,461 2,399,972
Selling, general and
administrative
expenses 2,003,244 1,639,430 3,973,683 3,370,243
Depreciation and
amortization 48,506 60,438 99,132 113,185
----------- ----------- ----------- -----------
Total operating
expenses 3,224,419 2,870,104 6,501,276 5,883,400
----------- ----------- ----------- -----------
Income (loss) from
operations (48,787) 237,002 (208,501) 293,912
Other income, net 16,270 738 34,181 5,694
----------- ----------- ----------- -----------
Income (loss) before
income taxes (32,517) 237,740 (174,320) 299,606
Benefit from (provision
for) income taxes 11,863 (102,667) 63,340 (128,012)
----------- ----------- ----------- -----------
Net income (loss) $ (20,654) $ 135,073 $ (110,980) $ 171,594
=========== =========== =========== ===========
Net income (loss) per
share:
Basic and diluted $ (0.00) $ 0.01 $ (0.01) $ 0.02
Weighted average number
of
shares outstanding:
Basic 10,722,321 10,612,293 10,722,321 10,546,679
Diluted 10,722,321 10,803,489 10,722,321 10,753,105
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
JUNE 30, 2016 AND DECEMBER 31, 2015
June 30, Dec. 31,
2016 2015
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,286,932 $ 8,717,899
Marketable securities 276,587 245,474
Accounts receivable, net of allowance 1,555,259 1,927,428
Other current assets 911,709 749,925
------------ ------------
Total current assets 12,030,487 11,640,726
Property and equipment, net 437,971 395,026
Goodwill 1,954,460 1,954,460
Other assets 51,293 33,999
------------ ------------
Total assets $ 14,474,211 $ 14,024,211
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 7,958,319 $ 7,436,764
Accounts payable 132,985 78,267
Accrued expenses 1,159,658 1,241,317
------------ ------------
Total current liabilities 9,250,962 8,756,348
Deferred taxes on income 790,464 806,161
Other liabilities 9,490 4,314
------------ ------------
Total liabilities 10,050,916 9,566,823
------------ ------------
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 10,722,321
shares 107,223 107,223
Additional paid-in capital 29,550,732 29,473,845
Accumulated deficit (25,234,660) (25,123,680)
------------ ------------
Total stockholders' equity 4,423,295 4,457,388
------------ ------------
Total liabilities and stockholders' equity $ 14,474,211 $ 14,024,211
============ ============
Overview
CreditRiskMonitor (http://www.creditriskmonitor.com) is a web-based publisher and aggregator of financial information that helps corporate credit and procurement professionals stay ahead of and manage financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit 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.
Additionally, the Company collects from subscribers more than $100 billion of trade receivable data on both public and a select group of private companies every month.
Over 35% of the Fortune 1000 depends 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® score.
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.com, Inc.
Jerry Flum
(845) 230-3030
ir@creditriskmonitor.com
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