CreditRiskMonitor Announces 2012 Operating Results

CreditRiskMonitor (OTCQX: CRMZ) reported that for the year ended December 31, 2012 revenues increased 9% to $11.06 million compared to fiscal 2011, while income from operations was $0.97 million versus $1.21 million in the prior year. Cash, cash equivalents and marketable securities at the end of 2012 decreased $0.14 million, after the payment of a cash dividend of $1.59 million in the fourth quarter of 2012, to $8.15 million from the 2011 year-end balance of $8.28 million.

 

Jerry Flum, CEO, said, "Our profits are down despite growing sales as the Company continues to invest in an enhanced infrastructure and additional content, which is in addition to strengthening our sales and customer service staffs. These strategic investments adversely impact our short-term results, but we strongly believe they will enhance our long-term prospects. We continue to be debt-free and our strong balance sheet provides us with financial flexibility to manage our company to achieve our long-term goals."

 

 

 

 

CREDITRISKMONITOR.COM, INC.

 

STATEMENTS OF INCOME

 

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

11,062,619

 

 

$

10,154,200

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Data and product costs

 

 

3,731,218

 

 

 

3,310,779

 

 

Selling, general and administrative expenses

 

 

6,206,917

 

 

 

5,468,802

 

 

Depreciation and amortization

 

 

150,069

 

 

 

162,482

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

10,088,204

 

 

 

8,942,063

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

974,415

 

 

 

1,212,137

 

Other income, net

 

 

21,945

 

 

 

98,592

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

996,360

 

 

 

1,310,729

 

Provision for income taxes

 

 

(466,543

)

 

 

(402,140

)

 

 

 

 

 

 

 

 

 

Net income

 

$

529,817

 

 

$

908,589

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.07

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.06

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDITRISKMONITOR.COM, INC.

 

BALANCE SHEETS

 

DECEMBER 31, 2012 AND 2011

 

 

 

 

 

2012

 

 

2011

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,422,458

 

 

$

6,531,204

 

 

Marketable securities

 

 

1,725,633

 

 

 

1,753,072

 

 

Accounts receivable, net of allowance of $30,000

 

 

1,776,151

 

 

 

1,551,213

 

 

Other current assets

 

 

548,838

 

 

 

451,143

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

10,473,080

 

 

 

10,286,632

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

260,438

 

 

 

306,810

 

Goodwill

 

 

1,954,460

 

 

 

1,954,460

 

Other assets

 

 

21,970

 

 

 

23,232

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

12,709,948

 

 

$

12,571,134

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Deferred revenue

 

$

6,978,797

 

 

$

6,471,494

 

 

Accounts payable

 

 

44,097

 

 

 

60,941

 

 

Accrued expenses

 

 

1,161,498

 

 

 

1,087,163

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

8,184,392

 

 

 

7,619,598

 

 

 

 

 

 

 

 

 

 

Deferred taxes on income

 

 

591,355

 

 

 

157,385

 

Other liabilities

 

 

5,190

 

 

 

3,714

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

8,780,937

 

 

 

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 7,946,462 and 7,920,462 shares, respectively

 

 

79,464

 

 

 

79,204

 

 

Additional paid-in capital

 

 

28,795,496

 

 

 

28,597,679

 

 

Accumulated deficit

 

 

(24,945,949

)

 

 

(23,886,446

)

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

3,929,011

 

 

 

4,790,437

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

12,709,948

 

 

$

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 and competes with Dun & Bradstreet. 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(R) 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 FlumCEO(845) 230-3030 ir@crmz.com

 

 

SOURCE: CreditRiskMonitor.com, Inc.

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