CreditRiskMonitor 2019 Operating Results
VALLEY COTTAGE, N.Y., March 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CreditRiskMonitor (OTCQX: CRMZ) reported that revenues for the year ended December 31, 2019 increased to $14.50 million up 4% from $13.89 million in 2018. The Company reported pre-tax income of approximately $343,100 for 2019 compared to a pre-tax loss of approximately $192,200 in the prior year. Net income for 2019 was approximately $217,600 compared to a net loss of approximately $179,300 in the prior year. Cash and cash equivalents at the end of 2019 increased to $8.28 million from the 2018 year-end balance of $8.07 million.
Jerry Flum, CEO, said, “I’m happy to report that we reversed the losses incurred last year while continuing to add new content into our product. We remain debt-free and our strong balance sheet provides us with financial flexibility should investment opportunities present themselves. We continue to invest in our business as we wait for the corporate responses to the super difficult health and financial environment. Until there is a definitive resolution of the current worldwide pandemic situation, we expect a slowdown in corporate decision making which may negatively impact our ability to sign new business.”
| CREDITRISKMONITOR.COM, INC. | |||||||||
| STATEMENTS OF OPERATIONS | |||||||||
| FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 | |||||||||
| 2019 | 2018 | ||||||||
| Operating revenues | $ | 14,501,173 | $ | 13,891,004 | |||||
| Operating expenses: | |||||||||
| Data and product costs | 5,759,660 | 5,764,535 | |||||||
| Selling, general and administrative expenses | 8,347,083 | 8,257,619 | |||||||
| Depreciation and amortization | 207,224 | 190,156 | |||||||
| Total operating expenses | 14,313,967 | 14,212,310 | |||||||
| Income (loss) from operations | 187,206 | (321,306 | ) | ||||||
| Other income, net | 155,852 | 129,111 | |||||||
| Income (loss) before income taxes | 343,058 | (192,195 | ) | ||||||
| Benefit from (provision for) income taxes | (125,464 | ) | 12,863 | ||||||
| Net income (loss) | $ | 217,594 | $ | (179,332 | ) | ||||
| Net income (loss) per share of common stock: | |||||||||
| Basic and diluted | $ | 0.02 | $ | (0.02 | ) | ||||
| CREDITRISKMONITOR.COM, INC. | |||||||||
| BALANCE SHEETS | |||||||||
| DECEMBER 31, 2019 AND 2018 | |||||||||
| 2019 | 2018 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 8,275,836 | $ | 8,066,899 | |||||
| Accounts receivable, net of allowance of $30,000 | 2,287,921 | 2,454,585 | |||||||
| Other current assets | 549,821 | 561,861 | |||||||
| Total current assets | 11,113,578 | 11,083,345 | |||||||
| Property and equipment, net | 477,973 | 543,762 | |||||||
| Operating lease right-to-use asset | 2,380,974 | -- | |||||||
| Goodwill | 1,954,460 | 1,954,460 | |||||||
| Other assets | 35,723 | 35,613 | |||||||
| Total assets | $ | 15,962,708 | $ | 13,617,180 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Unexpired subscription income | $ | 8,651,843 | $ | 8,560,316 | |||||
| Accounts payable | 137,500 | 94,767 | |||||||
| Current portion of operating lease liability | 147,229 | -- | |||||||
| Accrued expenses | 1,344,550 | 1,311,218 | |||||||
| Total current liabilities | 10,281,122 | 9,966,301 | |||||||
| Deferred taxes on income, net | 521,765 | 490,381 | |||||||
| Unexpired subscription income, less current portion | 166,169 | 178,129 | |||||||
| Operating lease liability, less current portion | 2,299,433 | -- | |||||||
| Other liabilities | -- | 24,537 | |||||||
| Total liabilities | 13,268,489 | 10,659,348 | |||||||
| 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 | 29,705,673 | 29,650,760 | |||||||
| Accumulated deficit | (27,118,678 | ) | (26,800,152 | ) | |||||
| Total stockholders’ equity | 2,694,219 | 2,957,832 | |||||||
| Total liabilities and stockholders’ equity | $ | 15,962,708 | $ | 13,617,180 | |||||
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, such as Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.
The Company also collects a significant amount 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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