CreditRiskMonitor (OTCQX: CRMZ) reported that for the year ended
December 31, 2012 revenues increased 9% to $11.06 million compared
to fiscal 2011, while income from operations was $0.97 million
versus $1.21 million in the prior year. Cash, cash equivalents and
marketable securities at the end of 2012 decreased $0.14 million,
after the payment of a cash dividend of $1.59 million in the fourth
quarter of 2012, to $8.15 million from the 2011 year-end balance of
$8.28 million.
Jerry Flum, CEO, said, "Our profits are down despite growing
sales as the Company continues to invest in an enhanced
infrastructure and additional content, which is in addition to
strengthening our sales and customer service staffs. These
strategic investments adversely impact our short-term results, but
we strongly believe they will enhance our long-term prospects. 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, 2012 AND 2011
2012 2011
------------ ------------
Operating revenues $ 11,062,619 $ 10,154,200
Operating expenses:
Data and product costs 3,731,218 3,310,779
Selling, general and administrative expenses 6,206,917 5,468,802
Depreciation and amortization 150,069 162,482
------------ ------------
Total operating expenses 10,088,204 8,942,063
------------ ------------
Income from operations 974,415 1,212,137
Other income, net 21,945 98,592
------------ ------------
Income before income taxes 996,360 1,310,729
Provision for income taxes (466,543) (402,140)
------------ ------------
Net income $ 529,817 $ 908,589
============ ============
Net income per share of common stock:
Basic $ 0.07 $ 0.11
============ ============
Diluted $ 0.06 $ 0.11
============ ============
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
DECEMBER 31, 2012 AND 2011
2012 2011
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,422,458 $ 6,531,204
Marketable securities 1,725,633 1,753,072
Accounts receivable, net of allowance of
$30,000 1,776,151 1,551,213
Other current assets 548,838 451,143
------------ ------------
Total current assets 10,473,080 10,286,632
Property and equipment, net 260,438 306,810
Goodwill 1,954,460 1,954,460
Other assets 21,970 23,232
------------ ------------
Total assets $ 12,709,948 $ 12,571,134
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 6,978,797 $ 6,471,494
Accounts payable 44,097 60,941
Accrued expenses 1,161,498 1,087,163
------------ ------------
Total current liabilities 8,184,392 7,619,598
Deferred taxes on income 591,355 157,385
Other liabilities 5,190 3,714
------------ ------------
Total liabilities 8,780,937 7,780,697
------------ ------------
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 and 7,920,462 shares, respectively 79,464 79,204
Additional paid-in capital 28,795,496 28,597,679
Accumulated deficit (24,945,949) (23,886,446)
------------ ------------
Total stockholders' equity 3,929,011 4,790,437
------------ ------------
Total liabilities and stockholders' equity $ 12,709,948 $ 12,571,134
============ ============
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 and competes with Dun & Bradstreet. 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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