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
ir@creditriskmonitor.com

FOR IMMEDIATE RELEASE

CreditRiskMonitor 2018 Operating Results

VALLEY COTTAGE, NY—March 18, 2019—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues for the year ended December 31, 2018 increased to $13.89 million up 4% compared to 2017. The Company reported a pre-tax loss of $192,200 for 2018 compared to $230,700 in the prior year.  Net loss for 2018 was $179,300 compared to net income of $12,100 in the prior year, as the Company recorded a benefit from income taxes of almost $221,000 in 2017 related to the lowering corporate income tax rates from a maximum of 35% to a flat 21% rate effective January 1, 2018. Cash and cash equivalents at the end of 2018 decreased to $8.07 million from the 2017 year-end balance of $8.74 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 OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

   
2018
   
2017
 
             
Operating revenues
 
$
13,891,004
   
$
13,385,068
 
                 
Operating expenses:
               
Data and product costs
   
5,764,535
     
5,426,779
 
Selling, general and administrative expenses
   
8,257,619
     
8,044,256
 
Depreciation and amortization
   
190,156
     
191,960
 
                 
Total operating expenses
   
14,212,310
     
13,662,995
 
                 
Loss from operations
   
(321,306
)
   
(277,927
)
Other income, net
   
129,111
     
47,216
 
                 
Loss before income taxes
   
(192,195
)
   
(230,711
)
Benefit from income taxes
   
12,863
     
242,781
 
                 
Net income (loss)
 
$
(179,332
)
 
$
12,070
 
                 
Net income (loss) per share of common stock:
               
Basic and diluted
 
$
(0.02
)
 
$
0.00
 


CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
DECEMBER 31, 2018 AND 2017


 
2018
   
2017
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
8,066,899
   
$
8,735,148
 
Accounts receivable, net of allowance of $30,000
   
2,454,585
     
2,139,707
 
Other current assets
   
561,861
     
530,699
 
                 
Total current assets
   
11,083,345
     
11,405,554
 
                 
Property and equipment, net
   
543,762
     
437,216
 
Goodwill
   
1,954,460
     
1,954,460
 
Other assets
   
35,613
     
23,463
 
                 
Total assets
 
$
13,617,180
   
$
13,820,693
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities:
               
Unexpired subscription revenue
 
$
8,738,445
   
$
8,304,877
 
Accounts payable
   
94,767
     
58,901
 
Accrued expenses
   
1,311,218
     
1,344,526
 
                 
Total current liabilities
   
10,144,430
     
9,708,304
 
                 
Deferred taxes on income, net
   
490,381
     
514,333
 
Other liabilities
   
24,537
     
15,748
 
                 
Total liabilities
   
10,659,348
     
10,238,385
 
                 
Stockholders’ equity:
               
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued
   
-
     
-
 
Common stock, $.01 par value; authorized 32,500,000 shares; issued and outstanding 10,722,401 shares
   
107,224
     
107,224
 
Additional paid-in capital
   
29,650,760
     
29,559,784
 
Accumulated deficit
   
(26,800,152
)
   
(26,084,700
)
                 
Total stockholders’ equity
   
2,957,832
     
3,582,308
 
 
               
Total liabilities and stockholders’ equity
 
$
13,617,180
   
$
13,820,693
 

About CreditRiskMonitor

CreditRiskMonitor (http://www.crmz.com) is a web-based publisher of financial information that helps corporate credit and procurement professionals stay ahead of business financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit reports and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus like Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.

The Company also collects more than $140 billion of trade receivable data on both public and a select group of private companies every month, to help subscribers determine payment performance.

Over 35% of the Fortune 1000 plus over 1,000 other large companies worldwide depend on CreditRiskMonitor’s timely news alerts and reports featuring detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, crowdsourcing of risk professionals as well as the Company’s proprietary FRISK® and PAYCE® 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.