Science & Technology
Science and Technology
Science and Technology
Tue, March 17, 2009 CreditRiskMonitor.com, Inc.: CreditRiskMonitor Reports Record Sales for 2008
VALLEY COTTAGE, NY--(Marketwire - March 17, 2009) - CreditRiskMonitor (
Jerry Flum, CEO, said, "2008 was another record sales year for our company in spite of the powerful economic contraction being experienced globally. Our belief that corporate credit analysis and monitoring has a counter-cyclical component has been borne out in our monthly sales results since September of 2008. Awareness of the need for these services grows during economic turbulence. Monthly bookings of new business subscriptions for the six months ended February 2009 were the highest for any comparable period in our history. We intend to continue to improve our service over the coming year, while keeping our prices low. Our cash and marketable securities of nearly $4 million, or approximately 50¢ per share, supports a debt free balance sheet and gives our Company stability in these turbulent times."
CREDITRISKMONITOR.COM, INC. STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 2008 2007 ----------- ----------- Operating revenues $ 5,872,996 $ 4,989,177 Operating expenses: Data and product costs 1,753,338 1,651,606 Selling, general and administrative expenses 3,795,232 2,953,648 Depreciation and amortization 81,531 65,895 ----------- ----------- Total operating expenses 5,630,101 4,671,149 ----------- ----------- Income from operations 242,895 318,028 Other income 142,923 93,344 Interest expense (9,875) (37,535) ----------- ----------- Income before income taxes 375,943 373,837 Provision for state and local income taxes 4,117 3,606 ----------- ----------- Net income $ 371,826 $ 370,231 =========== =========== Net income per share of common stock: Basic and diluted $ 0.05 $ 0.05 =========== =========== CREDITRISKMONITOR.COM, INC. BALANCE SHEETS DECEMBER 31, 2008 AND 2007 2008 2007 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $ 912,591 $ 2,973,263 Marketable securities 2,958,996 -- Accounts receivable, net of allowance of $30,000 1,146,066 737,436 Other current assets 237,883 260,657 ----------- ----------- Total current assets 5,255,536 3,971,356 Property and equipment, net 213,142 149,773 Goodwill 1,954,460 1,954,460 Other assets 28,109 27,753 ----------- ----------- Total assets $ 7,451,247 $ 6,103,342 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 4,394,803 $ 3,391,339 Accounts payable 52,758 51,119 Accrued expenses 610,748 348,745 Current portion of long-term debt -- 136,141 ----------- ----------- Total current liabilities 5,058,309 3,927,344 Long-term debt, net of current portion -- 150,799 Other liabilities 3,424 66,422 ----------- ----------- Total liabilities 5,061,733 4,144,565 ----------- ----------- 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 7,849,462 and 7,694,462 shares, respectively 78,494 76,944 Additional paid-in capital 28,279,268 28,221,907 Accumulated deficit (25,968,248) (26,340,074) ----------- ----------- Total stockholders' equity 2,389,514 1,958,777 ----------- ----------- Total liabilities and stockholders' equity $ 7,451,247 $ 6,103,342 =========== ===========
CreditRiskMonitor ([ http://www.crmz.com ]) is an Internet-based publisher of financial information, designed to save time for busy corporate credit professionals, that competes with Dun & Bradstreet, Equifax and Experian.
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.
