Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CREDITRISKMONITOR COM INC | form8k.htm |
Exhibit 99.1
NEWS RELEASE
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@creditriskmonitor.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor Announces 1Q Results
VALLEY COTTAGE, NY—May 9, 2017—CreditRiskMonitor (OTCQX: CRMZ) reported that for the 3 months ended March 31, 2017 revenues increased 4% to $3.24 million compared to $3.12 million in last year’s first quarter. Net loss for the quarter was approximately $244,300 compared to a net loss of approximately $90,300 in the prior year period. Cash and cash equivalents decreased approximately $378,900 since 2016 year-end, to $8.84 million, and was down $39,000 from the balance at March 31, 2016.
Jerry Flum, CEO, said, “Our quarterly results were negatively impacted primarily by a planned increase in our staff to support new product and marketing efforts. The Company had a change in our marketing leadership in early 2017 resulting in a deferral of planned programs. We have hired a new Chief Marketing Officer who is currently reviewing our 2017 marketing plans. We’re still debt free and our strong cash position will allow us to implement these marketing initiatives.”
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 MONTHS ENDED MARCH 31, 2017 AND 2016
(Unaudited)
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2017
|
2016
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|||||||
|
Operating revenues
|
$
|
3,236,250
|
$
|
3,117,143
|
||||
|
Operating expenses:
|
||||||||
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Data and product costs
|
1,396,160
|
1,255,792
|
||||||
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Selling, general and administrative expenses
|
2,113,245
|
1,970,439
|
||||||
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Depreciation and amortization
|
50,006
|
50,626
|
||||||
|
Total operating expenses
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3,559,411
|
3,276,857
|
||||||
|
Loss from operations
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(323,161
|
)
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(159,714
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)
|
||||
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Other income, net
|
4,807
|
17,911
|
||||||
|
Loss before income taxes
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(318,354
|
)
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(141,803
|
)
|
||||
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Benefit from income taxes
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74,061
|
51,477
|
||||||
|
Net loss
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$
|
(244,293
|
)
|
$
|
(90,326
|
)
|
||
|
Net loss per common share of stock:
|
||||||||
|
Basic and diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
||
|
Weighted average number of common shares outstanding:
|
||||||||
|
Basic and diluted
|
10,722,401
|
10,722,321
|
||||||
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
MARCH 31, 2017 AND DECEMBER 31, 2016
|
March 31,
2017
|
Dec. 31,
2016
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
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Cash and cash equivalents
|
$
|
8,843,482
|
$
|
9,222,343
|
||||
|
Accounts receivable, net of allowance
|
1,921,864
|
2,090,676
|
||||||
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Other current assets
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359,962
|
487,257
|
||||||
|
Total current assets
|
11,125,308
|
11,800,276
|
||||||
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Property and equipment, net
|
438,493
|
430,324
|
||||||
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Goodwill
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1,954,460
|
1,954,460
|
||||||
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Other assets
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48,762
|
23,763
|
||||||
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Total assets
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$
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13,567,023
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$
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14,208,823
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current liabilities:
|
||||||||
|
Deferred revenue
|
$
|
8,283,321
|
$
|
8,088,958
|
||||
|
Accounts payable
|
66,983
|
96,725
|
||||||
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Accrued expenses
|
764,869
|
1,282,126
|
||||||
|
Total current liabilities
|
9,115,173
|
9,467,809
|
||||||
|
Deferred taxes on income
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681,198
|
762,403
|
||||||
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Other liabilities
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13,907
|
12,574
|
||||||
|
|
||||||||
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Total liabilities
|
9,810,278
|
10,242,786
|
||||||
|
Stockholders’ equity:
|
||||||||
|
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued
|
-
|
-
|
||||||
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Common stock, $.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares
|
107,224
|
107,224
|
||||||
|
Additional paid-in capital
|
29,454,464
|
29,419,463
|
||||||
|
Accumulated deficit
|
(25,804,943
|
)
|
(25,560,650
|
)
|
||||
|
Total stockholders’ equity
|
3,756,745
|
3,966,037
|
||||||
|
|
||||||||
|
Total liabilities and stockholders’ equity
|
$
|
13,567,023
|
$
|
14,208,823
|
||||
Overview
CreditRiskMonitor (http://www.crmz.com) is a Web-based publisher of financial information, designed to save time and help busy corporate credit and procurement professionals manage risk. The service offers comprehensive commercial credit reports covering public companies worldwide. Over 35% of the Fortune 1000 already use CreditRiskMonitor’s timely news alerts and reports that feature detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, as well as the Company’s proprietary FRISK® scores, which have been proven predictive in anticipating corporate financial stress, including bankruptcy.
Safe Harbor Statement
Certain statements in this press release may 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. More information about these risks, uncertainties and factors can be found in the “Risk Factors” of the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.