EX-99.1 2 d76485_ex99-1.htm PRESS RELEASE

Exhibit 99.1

 

NEWS RELEASE

 

CONTACT:

CreditRiskMonitor.com, Inc.

Jerry Flum, CEO

(845) 230-3030

info@creditriskmonitor.com

 

FOR IMMEDIATE RELEASE

 

CreditRiskMonitor Reports Record Sales for 2008

 

VALLEY COTTAGE, NY—March 17, 2009—CreditRiskMonitor (Symbol: CRMZ) announced that for the year ended December 31, 2008 revenues increased 18% to $5.87 million and net income was $372,000 versus $370,000 last year.

 

Jerry Flum, CEO, said, “2008 was another record sales year for our company in spite of the powerful economic contraction being experienced globally. Our belief that corporate credit analysis and monitoring has a counter-cyclical component has been borne out in our monthly sales results since September of 2008. Awareness of the need for these services grows during economic turbulence. Monthly bookings of new business subscriptions for the six months ended February 2009 were the highest for any comparable period in our history. We intend to continue to improve our service over the coming year, while keeping our prices low. Our cash and marketable securities of nearly $4 million, or approximately 50¢ per share, supports a debt free balance sheet and gives our Company stability in these turbulent times.”

 

CREDITRISKMONITOR.COM, INC.

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

 

 

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

5,872,996

 

$

4,989,177

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Data and product costs

 

 

1,753,338

 

 

1,651,606

 

Selling, general and administrative expenses

 

 

3,795,232

 

 

2,953,648

 

Depreciation and amortization

 

 

81,531

 

 

65,895

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

5,630,101

 

 

4,671,149

 

 

 

 

 

 

 

 

 

Income from operations

 

 

242,895

 

 

318,028

 

Other income

 

 

142,923

 

 

93,344

 

Interest expense

 

 

(9,875

)

 

(37,535

)

 

 

 

 

 

 

 

 

Income before income taxes

 

 

375,943

 

 

373,837

 

Provision for state and local income taxes

 

 

4,117

 

 

3,606

 

 

 

 

 

 

 

 

 

Net income

 

$

371,826

 

$

370,231

 

 

 

 

 

 

 

 

 

Net income per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.05

 

$

0.05

 

 

 


 

CREDITRISKMONITOR.COM, INC.

BALANCE SHEETS

DECEMBER 31, 2008 AND 2007

 

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

912,591

 

$

2,973,263

 

Marketable securities

 

 

2,958,996

 

 

 

Accounts receivable, net of allowance of $30,000

 

 

1,146,066

 

 

737,436

 

Other current assets

 

 

237,883

 

 

260,657

 

 

 

 

 

 

 

 

 

Total current assets

 

 

5,255,536

 

 

3,971,356

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

213,142

 

 

149,773

 

Goodwill

 

 

1,954,460

 

 

1,954,460

 

Other assets

 

 

28,109

 

 

27,753

 

 

 

 

 

 

 

 

 

Total assets

 

$

7,451,247

 

$

6,103,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Deferred revenue

 

$

4,394,803

 

$

3,391,339

 

Accounts payable

 

 

52,758

 

 

51,119

 

Accrued expenses

 

 

610,748

 

 

348,745

 

Current portion of long-term debt

 

 

 

 

136,141

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

5,058,309

 

 

3,927,344

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

 

 

150,799

 

Other liabilities

 

 

3,424

 

 

66,422

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

5,061,733

 

 

4,144,565

 

 

 

 

 

 

 

 

 

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 7,849,462 and

 

 

 

 

 

 

 

7,694,462 shares, respectively

 

 

78,494

 

 

76,944

 

Additional paid-in capital

 

 

28,279,268

 

 

28,221,907

 

Accumulated deficit

 

 

(25,968,248

)

 

(26,340,074

)

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

2,389,514

 

 

1,958,777

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

7,451,247

 

$

6,103,342

 

 

CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial information, designed to save time for busy corporate credit professionals that competes with Dun & Bradstreet, Equifax and Experian.

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.