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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  CreditRiskMonitor.com, Inc.    CRMZ

CREDITRISKMONITOR.COM, INC.

(CRMZ)
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CreditRiskMonitor Announces 3Q Results

11/12/2019 | 04:08pm EST

VALLEY COTTAGE, N.Y., Nov. 12, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.67 million and $10.74 million for the 3 and 9 months ended September 30, 2019, respectively, an increase of 5.5% and 3.9% over the comparable periods last year. For the same periods, the Company reported net income of approximately $203,600 and $55,600, respectively, versus a net loss of approximately ($11,100) and ($353,400) for the comparable 2018 periods. Cash and cash equivalents at the end of the nine-month period increased $501,500 to $8.57 million versus the 2018 year-end balance of $8.07 million.

Jerry Flum, CEO, said, “While our operating profitability improved we will continue to invest in our service and people to build a dynamic company even though the market for our services is impacted by a difficult environment for the sale of credit/debt/loan risk analysis. Our development plan is made possible in these difficult circumstances because we are debt-free and generate free cash flow. Assuming that business cycles have not been permanently banished from the earth, a simple return towards historical norms and the associated credit concerns should reward our investments. I believe that we are in those rarest of times where being a company with contra-cyclical products is viewed as a negative by some within the investment community.

“There is no line item on our balance sheet to reflect the value of our collecting and processing approximately $2 TRILLION of trade receivable data on an annualized basis on both public and private companies which allows us to extend our company coverage and maintain our commitment of having the most accurate risk scores available. Over 35% of the Fortune 1000 and 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, bond rating agencies, crowd sourcing in real-time of thousands of risk professionals as well as our proprietary FRISK® and PAYCE® scores.”



CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(Unaudited)
           
    3 Months Ended 9 Months Ended
    September 30, September 30,
     2019   2018   2019   2018 
           
Operating revenues $3,673,241  $3,481,359  $10,736,581  $10,331,106 
           
Operating expenses:        
 Data and product costs  1,421,290   1,416,783   4,316,780   4,314,468 
 Selling, general and administrative expenses  1,962,150   2,060,322   6,277,294   6,398,936 
 Depreciation and amortization  52,667   49,583   153,701   138,670 
           
  Total operating expenses  3,436,107   3,526,688   10,747,775   10,852,074 
           
Income (loss) from operations  237,134   (45,329)  (11,194)  (520,968)
Other income, net  40,223   36,710   124,322   88,354 
           
Income (loss) before income taxes  277,357   (8,619)  113,128   (432,614)
Benefit from (provision for) income taxes  (73,767)  (2,527)  (57,536)  79,195 
           
Net income (loss) $203,590  $(11,146) $55,592  $(353,419)
           
Net income (loss) per share:        
 Basic and diluted $0.02  $-  $0.01  $(0.03)
           



CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
SEPTEMBER 30, 2019 AND DECEMBER 31, 2018
      
   September 30,  December 31,
    2019   2018 
   (Unaudited)  
      
ASSETS   
Current assets:   
 Cash and cash equivalents$8,568,350  $8,066,899 
 Accounts receivable, net of allowance 1,845,325   2,454,585 
 Other current assets 522,645   561,861 
      
  Total current assets 10,936,320   11,083,345 
      
Property and equipment, net 514,917   543,762 
Operating lease right-of-use asset 2,425,195   -- 
Goodwill 1,954,460   1,954,460 
Other assets 48,654   35,613 
      
  Total assets$15,879,546  $13,617,180 
      
      
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
 Unexpired subscription revenue$8,358,081  $8,560,316 
 Accounts payable 25,970   94,767 
 Current portion of operating lease liability 143,694   -- 
 Accrued expenses 1,234,271   1,311,218 
      
  Total current liabilities 9,762,016   9,966,301 
      
Deferred taxes on income, net 511,656   490,381 
Unexpired subscription revenue, less current portion 213,955   178,129 
Operating lease liability, less current portion 2,337,973   -- 
Other liabilities --   24,537 
      
  Total liabilities 12,825,600   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 29,691,282   29,650,760 
 Accumulated deficit (26,744,560)  (26,800,152)
      
  Total stockholders’ equity 3,053,946   2,957,832 
      
  Total liabilities and stockholders’ equity$15,879,546  $13,617,180 
      


Overview

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.

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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© GlobeNewswire 2019
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Financials (USD)
Sales 2019 14,5 M - -
Net income 2019 0,22 M - -
Net cash 2019 5,83 M - -
P/E ratio 2019 78,5x
Yield 2019 3,18%
Capitalization 27,3 M 27,3 M -
EV / Sales 2018 0,89x
EV / Sales 2019 0,76x
Nbr of Employees 98
Free-Float 31,1%
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Managers and Directors
NameTitle
Jerome S. Flum Chairman & Chief Executive Officer
Michael I. Flum President & Chief Operating Officer
Steven Gargano Chief Financial Officer & Senior Vice President
Michael Broos Chief Technology Officer
Michael Clark Senior Vice President-Information Technology