Science & Technology
Science and Technology
Science and Technology 
Fri, August 10, 2012
Thu, August 9, 2012
CreditRiskMonitor Announces 2Q Results and New Service Options
August 09, 2012 17:16 ET
CreditRiskMonitor Announces 2Q Results and New Service Options
VALLEY COTTAGE, NY--(Marketwire - Aug 9, 2012) - CreditRiskMonitor (
Jerry Flum, CEO, said, "Our short-term income from operations continues to be adversely impacted by the cost of building our sales and service staff, adding new data elements, and creating new tools for subscribers. We continue to be debt free, generating strong free cash flow after dividends. Both of these conditions provide us with financial flexibility in case new opportunities arise.
"We recently launched a new set of tools that subscribers can use to analyze their trade accounts receivable data on both public and private companies, if they contribute this data to our service. We are seeing a very positive reaction to these new tools, and an increasing number of subscribers are contributing their data."
| CREDITRISKMONITOR.COM, INC. | ||||||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||||||
| FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2012 AND 2011 | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| 3 Months Ended | 6 Months Ended | |||||||||||||||||
| June 30, | June 30, | |||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||||
| Operating revenues | $ | 2,740,227 | $ | 2,539,350 | $ | 5,385,482 | $ | 4,979,311 | ||||||||||
| Operating expenses: | ||||||||||||||||||
| Data and product costs | 936,411 | 734,890 | 1,863,156 | 1,480,237 | ||||||||||||||
| Selling, general and administrative expenses | 1,566,213 | 1,495,659 | 3,163,572 | 2,929,752 | ||||||||||||||
| Depreciation and amortization | 38,415 | 41,507 | 76,556 | 82,729 | ||||||||||||||
| Total operating expenses | 2,541,039 | 2,272,056 | 5,103,284 | 4,492,718 | ||||||||||||||
| Income from operations | 199,188 | 267,294 | 282,198 | 486,593 | ||||||||||||||
| Other income, net | 15,428 | 33,367 | 12,616 | 34,918 | ||||||||||||||
| Income before income taxes | 214,616 | 300,661 | 294,814 | 521,511 | ||||||||||||||
| Provision for income taxes | (97,735 | ) | (91,012 | ) | (129,879 | ) | (182,451 | ) | ||||||||||
| Net income | $ | 116,881 | $ | 209,649 | $ | 164,935 | $ | 339,060 | ||||||||||
| Net income per share: | ||||||||||||||||||
| Basic and diluted | $ | 0.01 | $ | 0.03 | $ | 0.02 | $ | 0.04 | ||||||||||
| CREDITRISKMONITOR.COM, INC. | ||||||||||
| BALANCE SHEETS | ||||||||||
| JUNE 30, 2012 AND DECEMBER 31, 2011 | ||||||||||
| June 30, | Dec. 31, | |||||||||
| 2012 | 2011 | |||||||||
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 7,673,989 | $ | 6,531,204 | ||||||
| Marketable securities | 1,740,978 | 1,753,072 | ||||||||
| Accounts receivable, net of allowance | 1,012,168 | 1,551,213 | ||||||||
| Other current assets | 269,519 | 451,143 | ||||||||
| Total current assets | 10,696,654 | 10,286,632 | ||||||||
| Property and equipment, net | 296,382 | 306,810 | ||||||||
| Goodwill | 1,954,460 | 1,954,460 | ||||||||
| Prepaid and other assets | 38,269 | 23,232 | ||||||||
| Total assets | $ | 12,985,765 | $ | 12,571,134 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Deferred revenue | $ | 6,937,675 | $ | 6,471,494 | ||||||
| Accounts payable | 75,346 | 60,941 | ||||||||
| Accrued expenses | 662,804 | 1,087,163 | ||||||||
| Deferred taxes on income | 255,142 | 157,385 | ||||||||
| Total current liabilities | 7,930,967 | 7,776,983 | ||||||||
| Other liabilities | 4,862 | 3,714 | ||||||||
| Total liabilities | 7,935,829 | 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 7,943,462 and 7,920,462 shares, respectively | 79,434 | 79,204 | ||||||||
| Additional paid-in capital | 28,692,013 | 28,597,679 | ||||||||
| Accumulated deficit | (23,721,511 | ) | (23,886,446 | ) | ||||||
| Total stockholders' equity | 5,049,936 | 4,790,437 | ||||||||
| Total liabilities and stockholders' equity | $ | 12,985,765 | $ | 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. 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.