CreditRiskMonitor 2013 Operating Results

Marketwired

VALLEY COTTAGE, NY--(Marketwired - Mar 7, 2014) - CreditRiskMonitor (CRMZ) reported that for the year ended December 31, 2013 revenues increased 7% to $11.84 million compared to fiscal 2012, while income from operations was $0.62 million versus $0.97 million in the prior year. Cash, cash equivalents and marketable securities at the end of 2013 decreased to $8.05 million from the 2012 year-end balance of $8.15 million.

Jerry Flum, CEO, said, "We're continuing to follow our long-term business strategy of investing in infrastructure and new data content to make our product more attractive, realizing that while this strategy reduces our profitability in the short-term it will enhance our long-term prospects. Additionally, we continue to be debt-free and our strong balance sheet provides us with financial flexibility to manage our company to achieve our long-term goals."

CREDITRISKMONITOR.COM, INC.    
STATEMENTS OF INCOME    
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012    
   
    2013     2012  
                 
Operating revenues   $ 11,837,211     $ 11,062,619  
                 
Operating expenses:                
  Data and product costs     4,438,542       3,731,218  
  Selling, general and administrative expenses     6,611,687       6,206,917  
  Depreciation and amortization     168,080       150,069  
                 
    Total operating expenses     11,218,309       10,088,204  
                 
Income from operations     618,902       974,415  
Other income (expense), net     (38,560 )     21,945  
                 
Income before income taxes     580,342       996,360  
Provision for income taxes     (238,529 )     (466,543 )
                 
Net income   $ 341,813     $ 529,817  
                 
Net income per share of common stock:                
                 
  Basic   $ 0.04     $ 0.07  
                 
  Diluted   $ 0.04     $ 0.06  
                   
                   
                   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
DECEMBER 31, 2013 AND 2012  
             
    2013     2012  
ASSETS            
  Current assets:                
  Cash and cash equivalents   $ 6,649,432     $ 6,422,458  
  Marketable securities     1,398,022       1,725,633  
  Accounts receivable, net of allowance of $30,000     1,707,582       1,776,151  
  Other current assets     581,132       548,838  
                 
    Total current assets     10,336,168       10,473,080  
                 
Property and equipment, net     422,682       260,438  
Goodwill     1,954,460       1,954,460  
Other assets     23,653       21,970  
                 
    Total assets   $ 12,736,963     $ 12,709,948  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Deferred revenue   $ 6,692,052     $ 6,978,797  
  Accounts payable     86,478       44,097  
  Accrued expenses     1,280,316       1,161,498  
                 
    Total current liabilities     8,058,846       8,184,392  
                 
Deferred taxes on income     636,856       591,355  
Other liabilities     5,099       5,190  
                 
    Total liabilities     8,700,801       8,780,937  
                 
Stockholders' equity:                
  Preferred stock, $.01 par value; authorized 5,000,000                
    shares; none issued     -       -  
  Common stock, $.01 par value; authorized 25,000,000                
    shares; issued and outstanding 7,958,564 and                
    7,946,462 shares, respectively     79,585       79,464  
  Additional paid-in capital     28,958,648       28,795,496  
  Accumulated deficit     (25,002,071 )     (24,945,949 )
                 
    Total stockholders' equity     4,036,162       3,929,011  
                 
    Total liabilities and stockholders' equity   $ 12,736,963     $ 12,709,948  
                     
                     
                     

Overview

CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial risk analysis and news, designed to save time for busy corporate credit and procurement/supply-chain professionals. The service offers comprehensive commercial credit reports covering over 40,000 public companies worldwide. Over 30% of the Fortune 1,000 already use CreditRiskMonitor's timely news alerts and reports that feature detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, as well as the Company's proprietary FRISK® 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.

Contact:
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum
CEO
(845) 230-3030
info@creditriskmonitor.com

Rates

View Comments (0)