CreditRiskMonitor Announces 2Q Results

Marketwired

VALLEY COTTAGE, NY--(Marketwired - Aug 2, 2013) - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 7% and 8% to $2.93 million and $5.80 million for the 3 and 6 months ended June 30, 2013, respectively, compared to prior year periods. For the same periods, income from operations was $109,700 and $168,300, respectively, compared to $199,200 and $282,200 for the comparable 2012 periods. Cash, cash equivalents and marketable securities at the end of the six-month period increased $809,000 to $8.96 million versus the 2012 year-end balance of $8.15 million.

Jerry Flum, CEO, said, "Sales are still growing in spite of the current economic environment. However, our short-term results continue to be adversely impacted by the continuing cost of building our infrastructure, adding new data elements and creating new tools for subscribers. Although this strategy impacts profitability in the short-term, we believe our long-term prospects are enhanced. Our balance sheet continues to be strong, thus allowing us the flexibility of managing our company toward the long-term goal of creating greater shareholder value."

   
CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF OPERATIONS  
FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2013 AND 2012  
(Unaudited)  
   
  3 Months Ended     6 Months Ended  
  June 30,     June 30,  
  2013     2012     2013     2012  
Operating revenues $ 2,933,752     $ 2,740,227     $ 5,799,259     $ 5,385,482  
                               
Operating expenses:                              
  Data and product costs   1,136,238       936,411       2,172,966       1,863,156  
  Selling, general and administrative expenses  
1,652,682
     
1,566,213
     
3,387,410
     
3,163,572
 
  Depreciation and amortization   35,117       38,415       70,553       76,556  
                                 
    Total operating expenses   2,824,037       2,541,039       5,630,929       5,103,284  
Income from operations   109,715       199,188       168,330       282,198  
Other income (expense), net   (36,069 )     15,428       (42,430 )     12,616  
                               
Income before income taxes   73,646       214,616       125,900       294,814  
Provision for income taxes   (29,293 )     (97,735 )     (49,944 )     (129,879 )
                               
Net income $ 44,353     $ 116,881     $ 75,956     $ 164,935  
                               
Net income per share:                              
  Basic and diluted $ 0.01     $ 0.01     $ 0.01     $ 0.02  
                                 
   
   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
JUNE 30, 2013 AND DECEMBER 31, 2012  
   
  June 30,     Dec. 31,  
  2013     2012  
  (Unaudited)        
ASSETS              
Current assets:              
  Cash and cash equivalents $ 7,297,992     $ 6,422,458  
  Marketable securities   1,658,666       1,725,633  
  Accounts receivable, net of allowance   1,077,151       1,776,151  
  Other current assets   728,251       548,838  
                 
    Total current assets   10,762,060       10,473,080  
                   
Property and equipment, net   285,465       260,438  
Goodwill   1,954,460       1,954,460  
Prepaid and other assets   38,951       21,970  
               
    Total assets $ 13,040,936     $ 12,709,948  
                   
LIABILITIES AND STOCKHOLDERS' EQUITY              
Current liabilities:              
  Deferred revenue $ 7,190,539     $ 6,978,797  
  Accounts payable   118,178       44,097  
  Accrued expenses   1,053,161       1,161,498  
                 
    Total current liabilities   8,361,878       8,184,392  
                   
Deferred taxes on income   591,355       591,355  
Other liabilities   5,475       5,190  
               
    Total liabilities   8,958,708       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   28,872,757       28,795,496  
  Accumulated deficit   (24,869,993 )     (24,945,949 )
                 
    Total stockholders' equity   4,082,228       3,929,011  
                   
    Total liabilities and stockholders' equity $ 13,040,936     $ 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
ir@crmz.com

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