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CreditRiskMonitor Announces 3Q Results

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
ir@creditriskmonitor.com

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