Science & Technology
Science and Technology
Science and Technology
Tue, November 3, 2009 CreditRiskMonitor's Revenue Grows 37% for Third Quarter of 2009
VALLEY COTTAGE, NY--(Marketwire - November 3, 2009) - CreditRiskMonitor (
Jerry Flum, CEO, said, "Our revenue continues to be counter-cyclical during these turbulent economic times. Our operating profit for the 3rd quarter was the highest in our history. In addition to the usual metrics for evaluating performance we also utilize cash return on net worth and tangible net worth, as shown in the table below. We are achieving these high rates of return without any long-term debt and with working capital at the highest level in our history."
9 Months Ended September 30, 2009 2008 ------------ ------------ Net increase in cash, cash equivalents & marketable securities $ 1,098,203 $ 284,178 Net worth at beginning of period $ 2,389,514 $ 1,958,777 Return on net worth 46% 15% Tangible net worth at beginning of period $ 435,054 $ 4,317 Return on tangible net worth 252% --N/M-- CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 3 Months Ended 9 Months Ended September 30, September 30, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Operating revenues $ 2,052,310 $ 1,493,498 $ 5,717,872 $ 4,263,138 Operating expenses: Data and product costs 519,005 456,891 1,584,503 1,335,862 Selling, general and administrative expenses 1,101,815 909,565 3,641,310 2,723,308 Depreciation and amortization 26,533 19,818 75,524 57,829 ----------- ----------- ----------- ----------- Total operating expenses 1,647,353 1,386,274 5,301,337 4,116,999 ----------- ----------- ----------- ----------- Income from operations 404,957 107,224 416,535 146,139 Other income, net 2,564 6,741 12,907 30,432 ----------- ----------- ----------- ----------- Income before income taxes 407,521 113,965 429,442 176,571 Provision for income taxes 1,020 880 3,513 3,237 ----------- ----------- ----------- ----------- Net income $ 406,501 $ 113,085 $ 425,929 $ 173,334 =========== =========== =========== =========== Net income per share: Basic and diluted $ 0.05 $ 0.01 $ 0.05 $ 0.02 =========== =========== =========== =========== CREDITRISKMONITOR.COM, INC. BALANCE SHEETS SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 Sept. 30, Dec. 31, 2009 2008 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,969,790 $ 912,591 Marketable securities -- 2,958,996 Accounts receivable, net of allowance 833,320 1,146,066 Other current assets 144,120 237,883 ------------ ------------ Total current assets 5,947,230 5,255,536 Property and equipment, net 261,038 213,142 Goodwill 1,954,460 1,954,460 Prepaid and other assets 30,365 28,109 ------------ ------------ Total assets $ 8,193,093 $ 7,451,247 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 4,787,475 $ 4,394,803 Accounts payable 46,940 52,758 Accrued expenses 502,812 610,748 ------------ ------------ Total current liabilities 5,337,227 5,058,309 Other liabilities -- 3,424 ------------ ------------ Total liabilities 5,337,227 5,061,733 ------------ ------------ 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 shares 78,494 78,494 Additional paid-in capital 28,319,691 28,279,268 ------------ ------------ Accumulated deficit (25,542,319) (25,968,248) ------------ ------------ Total stockholders' equity 2,855,866 2,389,514 ------------ ------------ Total liabilities and stockholders' equity $ 8,193,093 $ 7,451,247 ============ ============
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.
