NEWS RELEASECONTACT:CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 ir@crmz.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor Reports Strong Operating EarningsVALLEY COTTAGE, NY-November 4, 2010-CreditRiskMonitor (OTCBB: CRMZ) reported that revenues were $2.39 million and $6.91 million for the 3 and 9 months ended September 30, 2010, respectively, an increase 16% and 21% over the comparable periods last year. For the same periods, income from operations of $551,000 and $1.22 million, respectively, was up from $405,000 and $417,000 for the comparable periods of 2009. Cash, cash equivalents and marketable securities at the end of the nine-month period increased $1.57 million to $6.25 million from the 2009 year-end balance of $4.68 million, even after the payment of a cash dividend of $395,000 in the third quarter of fiscal 2010. Jerry Flum, CEO said, "Income from operations was at record levels for both of these reporting periods. Furthermore, our debt free balance sheet has never been as strong, as cash, cash equivalents and marketable securities as well as working capital are at the highest levels in the Company's history."
CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2010 AND 2009 3 Months Ended 9 Months Ended September 30, September 30, 2010 2009 2010 2009 ---------- ---------- --------- ---------- Operating revenues $2,389,932 $2,052,310 $6,906,507 $5,717,872 Operating expenses: Data and product costs 580,184 519,005 1,751,224 1,584,503 Selling, general and administrative expenses 1,223,686 1,101,815 3,844,920 3,641,310 Depreciation and amortization 35,345 26,533 94,600 75,524 ---------- ---------- ---------- ---------- Total operating expenses 1,839,215 1,647,353 5,690,744 5,301,337 ---------- ---------- ---------- ---------- Income from operations 550,717 404,957 1,215,763 416,535 Other income, net 39,570 2,564 54,161 12,907 ---------- ---------- ---------- ---------- Income before income taxes 590,287 407,521 1,269,924 429,442 Provision for income taxes 236,870 1,020 513,612 3,513 ---------- ---------- ---------- ---------- Net income $ 353,417 $ 406,501 $ 756,312 $ 425,929 ========== ========== ========== ========== Net income per share: Basic $ 0.04 $ 0.05 $ 0.10 $ 0.05 ========== ========== ========== ========== Diluted $ 0.04 $ 0.05 $ 0.09 $ 0.05 ========== ========== ========== ========== CREDITRISKMONITOR.COM, INC. BALANCE SHEETS SEPTEMBER 30, 2010 AND DECEMBER 31, 2009 Sept. 30, Dec. 31, 2010 2009 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,990,265 $ 4,679,466 Marketable securities 1,259,890 -- Accounts receivable, net of allowance 1,077,964 1,370,523 Other current assets 240,117 253,857 ------------ ------------ Total current assets 7,568,236 6,303,846 Property and equipment, net 310,644 261,591 Goodwill 1,954,460 1,954,460 Deferred taxes on income 406,041 913,503 Prepaid and other assets 34,335 23,116 ------------ ------------ Total assets $ 10,273,716 $ 9,456,516 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 5,759,656 $ 5,321,116 Accounts payable 73,670 42,614 Accrued expenses 596,248 698,832 ------------ ------------ Total current liabilities 6,429,574 6,062,562 Other liabilities 459 -- ------------ ------------ Total liabilities 6,430,033 6,062,562 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 7,899,462 and 7,849,462 shares, respectively 78,994 78,494 Additional paid-in capital 28,420,991 28,333,094 Accumulated deficit (24,656,302) (25,017,634) ------------ ------------ Total stockholders' equity 3,843,683 3,393,954 ------------ ------------ Total liabilities and stockholders' equity $ 10,273,716 $ 9,456,516 ============ ============ 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. |