CreditRiskMonitor 2019 Operating Results

Valley Cottage, NY - (NewMediaWire) - March 16, 2020 - 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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