CreditRiskMonitor Revenues Up 28%
April 30, 2009
NEWS RELEASE CONTACT: CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@crmz.com
FOR IMMEDIATE RELEASE CreditRiskMonitor Revenues Up 28% VALLEY COTTAGE, NY-April 30, 2009-CreditRiskMonitor (Symbol: CRMZ) reported revenues of $1.74 million for the first quarter ended March 31, 2009 compared to $1.37 million for the first quarter of 2008. Cash and marketable securities of $4.28 million at the end of the quarter increased $400,000 from the 2008 year-end balance. Jerry Flum, CEO, said, "Client retention and satisfaction are stronger than ever, as worries driven by the recession have driven usage of our service to new highs. New business bookings for the first quarter actually grew at a much quicker rate than overall revenue since we take bookings into revenue spread over the term of the subscription. Our operating income for the quarter was negatively impacted by a change in our commission rates on new sales that was implemented at the beginning of the second quarter of 2008, coupled with the Company's very conservative approach of recognizing the full commission expense when paid."
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 MONTHS ENDED MARCH 31, 2009 AND 2008
(UNAUDITED)
2009 2008
---------- ----------
Operating revenues $1,743,125 $1,365,190
Operating expenses:
Data and product costs 500,442 431,228
Selling, general and administrative
expenses 1,234,890 892,246
Depreciation and amortization 23,654 17,539
---------- ----------
Total operating expenses 1,758,986 1,341,013
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Income (loss) from operations (15,861) 24,177
Other income 22,548 24,726
Interest expense - (7,245)
---------- ----------
Income before income taxes 6,687 41,658
Provision for state and local income taxes 1,463 1,890
---------- ----------
Net income $ 5,224 $ 39,768
========== ==========
2009 2008
---------- ----------
Net income per share of common stock:
Basic $ 0.00 $ 0.01
========== ==========
Diluted $ 0.00 $ 0.00
========== ==========
Weighted average number of common shares outstanding:
Basic 7,894,462 7,694,462
Diluted 7,923,630 8,113,970
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
MARCH 31, 2009 AND DECEMBER 31, 2008
March 31, Dec. 31,
2009 2008
---------- ----------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 896,270 $ 912,591
Marketable securities 3,380,110 2,958,996
Accounts receivable, net of allowance 1,121,116 1,146,066
Other current assets 220,271 237,883
---------- ----------
Total current assets 5,617,767 5,255,536
Property and equipment, net 196,684 213,142
Goodwill 1,954,460 1,954,460
Prepaid and other assets 44,168 28,109
---------- ----------
Total assets $7,813,079 $7,451,247
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $4,889,939 $4,394,803
Accounts payable 38,513 52,758
Accrued expenses 474,459 610,748
---------- ----------
Total current liabilities 5,402,911 5,058,309
Other liabilities 1,956 3,424
---------- ----------
Total liabilities 5,404,867 5,061,733
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 shares 78,494 78,494
Additional paid-in capital 28,292,742 28,279,268
Accumulated deficit (25,963,024) (25,968,248)
---------- ----------
Total stockholders' equity 2,408,212 2,389,514
---------- ----------
Total liabilities and
stockholders' equity $7,813,079 $7,451,247
========== ==========
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.
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