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: CreditRiskMonitor.com, Inc. Jerry Flum CEO (845)
230-3030 ir@crmz.com
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