CreditRiskMonitor Announces 1Q Results

Marketwired

VALLEY COTTAGE, NY--(Marketwired - May 9, 2013) - CreditRiskMonitor (OTCQX: CRMZ) reported that for the 3 months ended March 31, 2013 revenues increased 8% to $2.87 million compared to $2.65 million in last year's first quarter. Operating income for the quarter was $58,600, down from $83,000 in the prior year period. Cash and marketable securities increased $409,000 since 2012 year-end, to $8.56 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 this strategy reduces our profitability in the short-term. We continue to be debt free, generating strong free cash flow after dividends."

 
 
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited)
             
    2013     2012  
                 
Operating revenues   $ 2,865,507     $ 2,645,255  
                 
Operating expenses:                
  Data and product costs     1,036,728       926,745  
  Selling, general and administrative expenses     1,734,728       1,597,360  
  Depreciation and amortization     35,436       38,141  
                 
    Total operating expenses     2,806,892       2,562,246  
                 
Income from operations     58,615       83,009  
Other income (expense), net     (6,361 )     (2,811 )
                 
Income before income taxes     52,254       80,198  
Provision for income taxes     (20,651 )     (32,144 )
                 
Net income   $ 31,603     $ 48,054  
                 
Net income per common share of stock:                
  Basic   $ 0.00     $ 0.01  
  Diluted   $ 0.00     $ 0.01  
                 
Weighted average number of common shares outstanding:                
  Basic     7,946,462       7,939,165  
  Diluted     8,260,233       8,216,064  
                   
                   
                   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
MARCH 31, 2013 AND DECEMBER 31, 2012  
         
  March 31,   Dec. 31,  
  2013   2012  
  (Unaudited)      
             
ASSETS            
Current assets:            
  Cash and cash equivalents $ 6,837,881   $ 6,422,458  
  Marketable securities   1,718,979     1,725,633  
  Accounts receivable, net of allowance   1,547,573     1,776,151  
  Other current assets   876,501     548,838  
             
    Total current assets   10,980,934     10,473,080  
             
Property and equipment, net   235,376     260,438  
Goodwill   1,954,460     1,954,460  
Other assets   48,802     21,970  
             
    Total assets $ 13,219,572   $ 12,709,948  
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
  Deferred revenue $ 7,509,898   $ 6,978,797  
  Accounts payable   64,667     44,097  
  Accrued expenses   1,048,005     1,161,498  
             
    Total current liabilities   8,622,570     8,184,392  
             
Deferred taxes on income   591,355     591,355  
Other liabilities   5,273     5,190  
             
    Total liabilities   9,219,198     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 7,946,462 shares   79,464     79,464  
  Additional paid-in capital   28,835,256     28,795,496  
  Accumulated deficit   (24,914,346 )   (24,945,949 )
             
    Total stockholders' equity   4,000,374     3,929,011  
             
    Total liabilities and stockholders' equity $ 13,219,572   $ 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 and competes with Dun & Bradstreet. 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 may 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. More information about these risks, uncertainties and factors can be found in the "Risk Factors" of the Company's Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to update or 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
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