NEWS RELEASECONTACT:CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 ir@crmz.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor's Revenue Growth Continues in 1st Half of 2008VALLEY COTTAGE, NY -- (MARKET WIRE) -- 08/06/08 -- CreditRiskMonitor (OTCBB: CRMZ) reported that revenues increased 14% and 16% to $1.40 million and $2.77 million for the 3 and 6 months ended June 30, 2008, respectively. Also, the Company reported net income of $20,000 and $60,000 for the 3 and 6 months ended June 30, 2008, respectively, versus net income of $58,000 and $78,000 for the same periods last year. Jerry Flum, CEO, stated, "Our revenues continue to grow at double-digit levels despite the weakening U.S. economy. We continue to believe the demand for corporate credit analysis and monitoring will have a counter-cyclical component, as awareness of the need for these services grows during the current economic turbulence. "We are profitable and maintaining positive cash flow even as we aggressively invest in additional content, expand our sales force, and add infrastructure to support our future growth. We also prepaid all the debt on our balance sheet this quarter." 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. CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2008 AND 2007 3 Months Ended 6 Months Ended June 30, June 30, ------------------------ ------------------------ 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Operating revenues $ 1,404,450 $ 1,233,177 $ 2,769,640 $ 2,391,977 Operating expenses: Data and product costs 447,743 408,046 878,971 829,302 Selling, general and administrative expenses 921,497 754,042 1,813,743 1,457,186 Depreciation and amortization 20,471 16,688 38,010 33,327 ----------- ----------- ----------- ----------- Total operating expenses 1,389,711 1,178,776 2,730,724 2,319,815 ----------- ----------- ----------- ----------- Income from operations 14,739 54,401 38,916 72,162 Other income 8,738 18,390 33,464 36,780 Interest expense (2,528) (9,889) (9,773) (20,726) ----------- ----------- ----------- ----------- Income before income taxes 20,949 62,902 62,607 88,216 Provision for income taxes 467 5,014 2,357 10,182 ----------- ----------- ----------- ----------- Net income $ 20,482 $ 57,888 $ 60,250 $ 78,034 =========== =========== =========== =========== Net income per share: Basic and diluted $ 0.00 $ 0.01 $ 0.01 $ 0.01 =========== =========== =========== =========== 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. |