SOURCE: CreditRiskMonitor.com, Inc.

CreditRiskMonitor 2013 Operating Results

VALLEY COTTAGE, NY - March 7, 2014 - CreditRiskMonitor (OTCQX: 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:
CreditRiskMonitor.com, Inc.
Jerry Flum
CEO
(845) 230-3030
info@creditriskmonitor.com

 

 

SOURCE: CreditRiskMonitor.com, Inc.