CreditRiskMonitor (OTCQX: CRMZ) reported that for the 3 months
ended March 31, 2013 revenues increased 8% to $2.87 million
compared to $2.65 million in last year's first quarter. Operating
income for the quarter was $58,600, down from $83,000 in the prior
year period. Cash and marketable securities increased $409,000
since 2012 year-end, to $8.56 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 this
strategy reduces our profitability in the short-term. We continue
to be debt free, generating strong free cash flow after
dividends."
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited)
2013 2012
------------- -------------
Operating revenues $ 2,865,507 $ 2,645,255
------------- -------------
Operating expenses:
Data and product costs 1,036,728 926,745
Selling, general and administrative expenses 1,734,728 1,597,360
Depreciation and amortization 35,436 38,141
------------- -------------
Total operating expenses 2,806,892 2,562,246
------------- -------------
Income from operations 58,615 83,009
Other income (expense), net (6,361) (2,811)
------------- -------------
Income before income taxes 52,254 80,198
Provision for income taxes (20,651) (32,144)
------------- -------------
Net income $ 31,603 $ 48,054
============= =============
Net income per common share of stock:
Basic $ 0.00 $ 0.01
============= =============
Diluted $ 0.00 $ 0.01
============= =============
Weighted average number of common shares
outstanding:
Basic 7,946,462 7,939,165
Diluted 8,260,233 8,216,064
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
MARCH 31, 2013 AND DECEMBER 31, 2012
March 31, Dec. 31,
2013 2012
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 6,837,881 $ 6,422,458
Marketable securities 1,718,979 1,725,633
Accounts receivable, net of allowance 1,547,573 1,776,151
Other current assets 876,501 548,838
------------- -------------
Total current assets 10,980,934 10,473,080
Property and equipment, net 235,376 260,438
Goodwill 1,954,460 1,954,460
Other assets 48,802 21,970
------------- -------------
Total assets $ 13,219,572 $ 12,709,948
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 7,509,898 $ 6,978,797
Accounts payable 64,667 44,097
Accrued expenses 1,048,005 1,161,498
------------- -------------
Total current liabilities 8,622,570 8,184,392
Deferred taxes on income 591,355 591,355
Other liabilities 5,273 5,190
------------- -------------
Total liabilities 9,219,198 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 28,835,256 28,795,496
Accumulated deficit (24,914,346) (24,945,949)
------------- -------------
Total stockholders' equity 4,000,374 3,929,011
------------- -------------
Total liabilities and stockholders' equity $ 13,219,572 $ 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 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 may 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. More
information about these risks, uncertainties and factors can be
found in the "Risk Factors" of the Company's Registration
Statements or Securities and Exchange Commission Reports. We
disclaim any intention or obligation to update or 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
Credit Risk Monitor Com (QX) (USOTC:CRMZ)
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