Science & Technology
Science and Technology
Science and Technology
Mon, May 17, 2010
Sun, May 16, 2010
Sat, May 15, 2010
Fri, May 14, 2010 CreditRiskMonitor's Revenue Grows 27% for First Quarter of 2010
VALLEY COTTAGE, NY--(Marketwire - May 14, 2010) - CreditRiskMonitor (
Jerry Flum, CEO, said, "The first quarter of 2010 produced record 1st quarter revenues and operating income. Further, our cash balance at March 31st was the highest in our history even after the payment last December of our first-ever dividend. We are achieving these results with no debt."
CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE 3 MONTHS ENDED MARCH 31, 2010 AND 2009 (Unaudited) 2010 2009 ------------- ------------- Operating revenues $ 2,211,702 $ 1,743,125 Operating expenses: Data and product costs 597,767 500,442 Selling, general and administrative expenses 1,274,148 1,234,890 Depreciation and amortization 27,707 23,654 ------------- ------------- Total operating expenses 1,899,622 1,758,986 ------------- ------------- Income (loss) from operations 312,080 (15,861) Other income 727 22,548 ------------- ------------- Income before income taxes 312,807 6,687 Provision for income taxes 129,331 1,463 ------------- ------------- Net income $ 183,476 $ 5,224 ============= ============= Net income per common share of stock: Basic $ 0.02 $ 0.00 ============= ============= Diluted $ 0.02 $ 0.00 ============= ============= Weighted average number of common shares outstanding: Basic 7,889,785 7,849,462 Diluted 8,298,814 7,923,630 CREDITRISKMONITOR.COM, INC. BALANCE SHEETS MARCH 31, 2010 AND DECEMBER 31, 2009 March 31, Dec. 31, 2010 2009 ------------- ------------- (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,108,948 $ 4,679,466 Accounts receivable, net of allowance 1,454,191 1,370,523 Other current assets 220,111 253,857 ------------- ------------- Total current assets 6,783,250 6,303,846 Property and equipment, net 261,935 261,591 Goodwill 1,954,460 1,954,460 Deferred taxes on income 788,381 913,503 Prepaid and other assets 47,086 23,116 ------------- ------------- Total assets $ 9,835,112 $ 9,456,516 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 5,705,359 $ 5,321,116 Accounts payable 46,850 42,614 Accrued expenses 442,589 698,832 ------------- ------------- Total current liabilities 6,194,798 6,062,562 ------------- ------------- 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 7,899,462 and 7,849,462 shares, respectively 78,994 78,494 Additional paid-in capital 28,395,478 28,333,094 Accumulated deficit (24,834,158) (25,017,634) ------------- ------------- Total stockholders' equity 3,640,314 3,393,954 ------------- ------------- Total liabilities and stockholders' equity $ 9,835,112 $ 9,456,516 ============= =============
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.
