CreditRiskMonitor Announces 3Q Results
01 Novembro 2013 - 8:00AM
Marketwired
CreditRiskMonitor Announces 3Q Results
VALLEY COTTAGE, NY--(Marketwired - Nov 1, 2013) -
CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.01
million and $8.81 million for the 3 and 9 months ended September
30, 2013, respectively, an increase of 7% over the comparable
periods last year. For the same periods, income from operations was
$313,800 and $482,100, respectively, compared to $442,200 and
$724,400 for the comparable 2012 periods. Cash, cash equivalents
and marketable securities at the end of the nine-month period
increased $506,000 to $8.66 million versus the 2012 year-end
balance of $8.15 million.
Jerry Flum, CEO said, "We're continuing to follow our long-term
business strategy of building our infrastructure, adding new data
elements and creating new tools for subscribers, realizing that our
short-term results continue to be adversely impacted. Sales are
still growing and our balance sheet continues to be strong, thus
providing us with the flexibility of managing our company toward
the long-term goal of creating greater shareholder value."
CREDITRISKMONITOR.COM, INC. |
|
STATEMENTS OF OPERATIONS |
|
FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2013 AND
2012 |
|
(Unaudited) |
|
|
|
|
3 Months Ended |
|
|
9 Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
$ |
3,014,156 |
|
|
$ |
2,822,056 |
|
|
$ |
8,813,415 |
|
|
$ |
8,207,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data and product costs |
|
1,075,271 |
|
|
|
914,186 |
|
|
|
3,248,237 |
|
|
|
2,777,343 |
|
|
Selling, general andadministrative expenses |
|
1,578,149 |
|
|
|
1,427,830 |
|
|
|
4,965,559 |
|
|
|
4,591,402 |
|
|
Depreciation and amortization |
|
46,943 |
|
|
|
37,880 |
|
|
|
117,496 |
|
|
|
114,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
2,700,363 |
|
|
|
2,379,896 |
|
|
|
8,331,292 |
|
|
|
7,483,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
313,793 |
|
|
|
442,160 |
|
|
|
482,123 |
|
|
|
724,357 |
|
Other income (expense), net |
|
4,260 |
|
|
|
13,851 |
|
|
|
(38,170 |
) |
|
|
26,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
318,053 |
|
|
|
456,011 |
|
|
|
443,953 |
|
|
|
750,825 |
|
Provision for income taxes |
|
(126,506 |
) |
|
|
(182,473 |
) |
|
|
(176,450 |
) |
|
|
(312,352 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
191,547 |
|
|
$ |
273,538 |
|
|
$ |
267,503 |
|
|
$ |
438,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.06 |
|
|
Diluted |
$ |
0.02 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
CREDITRISKMONITOR.COM, INC. |
|
BALANCE SHEETS |
|
SEPTEMBER 30, 2013 AND DECEMBER 31, 2012 |
|
|
|
|
Sept. 30, |
|
|
Dec. 31, |
|
|
2013 |
|
|
2012 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,230,896 |
|
|
$ |
6,422,458 |
|
|
Marketable securities |
|
1,422,813 |
|
|
|
1,725,633 |
|
|
Accounts receivable, net of allowance |
|
1,062,078 |
|
|
|
1,776,151 |
|
|
Other current assets |
|
583,054 |
|
|
|
548,838 |
|
|
|
|
|
|
|
|
|
|
|
Total
current assets |
|
10,298,841 |
|
|
|
10,473,080 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
384,654 |
|
|
|
260,438 |
|
Goodwill |
|
1,954,460 |
|
|
|
1,954,460 |
|
Prepaid and other assets |
|
34,058 |
|
|
|
21,970 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
12,672,013 |
|
|
$ |
12,709,948 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Deferred revenue |
$ |
6,517,388 |
|
|
$ |
6,978,797 |
|
|
Accounts payable |
|
76,962 |
|
|
|
44,097 |
|
|
Accrued expenses |
|
1,154,484 |
|
|
|
1,161,498 |
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
7,748,834 |
|
|
|
8,184,392 |
|
|
|
|
|
|
|
|
|
Deferred taxes on income |
|
591,355 |
|
|
|
591,355 |
|
Other liabilities |
|
5,413 |
|
|
|
5,190 |
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
8,345,602 |
|
|
|
8,780,937 |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value; authorized5,000,000
shares; none issued |
|
-- |
|
|
|
-- |
|
|
Common stock, $.01 par value; authorized
25,000,000shares; issued and outstanding 7,958,568 and7,946,462
shares, respectively |
|
79,585 |
|
|
|
79,464 |
|
|
Additional paid-in capital |
|
28,925,272 |
|
|
|
28,795,496 |
|
|
Accumulated deficit |
|
(24,678,446 |
) |
|
|
(24,945,949 |
) |
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
4,326,411 |
|
|
|
3,929,011 |
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
12,672,013 |
|
|
$ |
12,709,948 |
|
|
|
|
|
|
|
|
|
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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.
CONTACT: CreditRiskMonitor.com, Inc. Jerry Flum CEO (845) 230-3030
ir@crmz.com
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