CreditRiskMonitor 2013 Operating Results
07 Marzo 2014 - 2:00PM
Marketwired
CreditRiskMonitor 2013 Operating Results
VALLEY COTTAGE, NY--(Marketwired - Mar 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 |
|
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2013 |
|
|
2012 |
|
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|
|
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Operating revenues |
|
$ |
11,837,211 |
|
|
$ |
11,062,619 |
|
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|
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|
|
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Operating expenses: |
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|
|
|
|
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|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
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Net income per share of common stock: |
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Basic |
|
$ |
0.04 |
|
|
$ |
0.07 |
|
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|
|
|
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|
|
|
|
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Diluted |
|
$ |
0.04 |
|
|
$ |
0.06 |
|
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CREDITRISKMONITOR.COM, INC. |
|
BALANCE SHEETS |
|
DECEMBER 31, 2013 AND 2012 |
|
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|
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|
|
|
|
2013 |
|
|
2012 |
|
ASSETS |
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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 |
|
|
|
|
|
|
|
|
|
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Property and equipment, net |
|
|
422,682 |
|
|
|
260,438 |
|
Goodwill |
|
|
1,954,460 |
|
|
|
1,954,460 |
|
Other assets |
|
|
23,653 |
|
|
|
21,970 |
|
|
|
|
|
|
|
|
|
|
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Total
assets |
|
$ |
12,736,963 |
|
|
$ |
12,709,948 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
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|
|
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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 |
|
|
|
|
|
|
|
|
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Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value; authorized
5,000,000 |
|
|
|
|
|
|
|
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|
|
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 |
|
|
|
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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
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