NEWS RELEASECONTACT:CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 ir@crmz.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor Reports Strong Operating Income for 1st Half of 2010VALLEY COTTAGE, NY-August 4, 2010-CreditRiskMonitor (OTCBB: CRMZ) reported that revenues increased 20% and 23% to $2.30 million and $4.52 million for the 3 and 6 months ended June 30, 2010, respectively. For the same periods, income from operations of $353,000 and $665,000, respectively, was up sharply from $27,000 and $12,000 in the comparable periods of 2009. Cash, cash equivalents and marketable securities at the end of the six-month period increased $1.36 million to $6.04 million from the 2009 year-end balance of $4.68 million. Jerry Flum, CEO said, "We continue to strongly invest in people, infrastructure and content even though it does and will impact profitability because it's a fundamental part of our business strategy and we are not restrained by financial leverage."
CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2010 AND 2009 3 Months Ended 6 Months Ended June 30, June 30, ---------------------- ----------------------- 2010 2009 2010 2009 ----------- ---------- ----------- ----------- Operating revenues $ 2,304,873 $1,922,437 $ 4,516,575 $ 3,665,563 Operating expenses: Data and product costs 573,274 565,056 1,171,041 1,065,498 Selling, general and administrative expenses 1,347,086 1,304,604 2,621,234 2,539,495 Depreciation and amortization 31,548 25,337 59,255 48,992 ----------- ---------- ----------- ----------- Total operating expenses 1,951,908 1,894,997 3,851,530 3,653,985 ----------- ---------- ----------- ----------- Income from operations 352,965 27,440 665,045 11,578 Other income (expense), net 13,864 (12,206) 14,591 10,343 ----------- ---------- ----------- ----------- Income before income taxes 366,829 15,234 679,636 21,921 Provision for income taxes 147,411 1,030 276,742 2,493 ----------- ---------- ----------- ----------- Net income $ 219,418 $ 14,204 $ 402,894 $ 19,428 =========== ========== =========== =========== Net income per share: Basic and diluted $ 0.03 $ 0.00 $ 0.05 $ 0.00 =========== ========== =========== =========== CREDITRISKMONITOR.COM, INC. BALANCE SHEETS JUNE 30, 2010 AND DECEMBER 31, 2009 June 30, Dec. 31, 2010 2009 ------------- ------------- (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,822,427 $ 4,679,466 Marketable securities 1,220,931 -- Accounts receivable, net of allowance 1,229,719 1,370,523 Other current assets 105,166 253,857 ------------- ------------- Total current assets 7,378,243 6,303,846 Property and equipment, net 295,019 261,591 Goodwill 1,954,460 1,954,460 Deferred taxes on income 641,651 913,503 Prepaid and other assets 37,914 23,116 ------------- ------------- Total assets $ 10,307,287 $ 9,456,516 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 5,898,206 $ 5,321,116 Accounts payable 48,216 42,614 Accrued expenses 488,337 698,832 ------------- ------------- Total current liabilities 6,434,759 6,062,562 Stockholders' equity: Preferred stock, 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. |