EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
NEWS RELEASE
 
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
info@creditriskmonitor.com

FOR IMMEDIATE RELEASE

CreditRiskMonitor 2013 Operating Results

VALLEY COTTAGE, NY—March 7, 2014—CreditRiskMonitor (OTCQX: CRMZ) reported that for the year ended December 31, 2013 revenues increased 7% to $11.84 million compared to fiscal 2012, while income from operations was $0.62 million versus $0.97 million in the prior year. Cash, cash equivalents and marketable securities at the end of 2013 decreased to $8.05 million from the 2012 year-end balance of $8.15 million.

Jerry Flum, CEO, said, “We’re continuing to follow our long-term business strategy of investing in infrastructure and new data content to make our product more attractive, realizing that while this strategy reduces our profitability in the short-term it will enhance our long-term prospects. Additionally, 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, 2013 AND 2012

 
  
2013
    
2012
  
 
  
   
 
 
  
   
 
Operating revenues
  
$
11,837,211
    
$
11,062,619
  
 
                
Operating expenses:
                
Data and product costs
    
4,438,542
      
3,731,218
  
Selling, general and administrative expenses
    
6,611,687
      
6,206,917
  
Depreciation and amortization
    
168,080
      
150,069
  
 
                
Total operating expenses
    
11,218,309
      
10,088,204
  
 
                
Income from operations
    
618,902
      
974,415
  
Other income (expense), net
    
(38,560
)
    
21,945
  
 
                
Income before income taxes
    
580,342
      
996,360
  
Provision for income taxes
    
(238,529
)
    
(466,543
)
 
                
Net income
  
$
341,813
    
$
529,817
  
 
                
Net income per share of common stock:
                
 
                
Basic
  
$
0.04
    
$
0.07
  
 
                
Diluted
  
$
0.04
    
$
0.06
  

CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
DECEMBER 31, 2013 AND 2012


 
  
2013
    
2012
  
ASSETS
  
   
 
Current assets:
  
   
 
Cash and cash equivalents
  
$
6,649,432
    
$
6,422,458
  
Marketable securities
    
1,398,022
      
1,725,633
  
Accounts receivable, net of allowance of $30,000
    
1,707,582
      
1,776,151
  
Other current assets
    
581,132
      
548,838
  
 
                
Total current assets
    
10,336,168
      
10,473,080
  
 
                
Property and equipment, net
    
422,682
      
260,438
  
Goodwill
    
1,954,460
      
1,954,460
  
Other assets
    
23,653
      
21,970
  
 
                
Total assets
  
$
12,736,963
    
$
12,709,948
  
 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Deferred revenue
  
$
6,692,052
    
$
6,978,797
  
Accounts payable
    
86,478
      
44,097
  
Accrued expenses
    
1,280,316
      
1,161,498
  
 
                
Total current liabilities
    
8,058,846
      
8,184,392
  
 
                
Deferred taxes on income
    
636,856
      
591,355
  
Other liabilities
    
5,099
      
5,190
  
 
                
Total liabilities
    
8,700,801
      
8,780,937
  
 
                
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 7,958,564 and 7,946,462 shares, respectively
    
79,585
      
79,464
  
Additional paid-in capital
    
28,958,648
      
28,795,496
  
Accumulated deficit
    
(25,002,071
)
    
(24,945,949
)
 
                
Total stockholders’ equity
    
4,036,162
      
3,929,011
  
 
                
Total liabilities and stockholders’ equity
  
$
12,736,963
    
$
12,709,948
  

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.