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News Release: CreditRiskMonitor's Revenue Grows 37% for Third Quarter of 2009
NEWS RELEASE CONTACT: CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 ir@crmz.com FOR IMMEDIATE RELEASE CreditRiskMonitor's Revenue Grows 37% for Third Quarter of 2009 VALLEY COTTAGE, NY--November 3, 2009--CreditRiskMonitor (OTCBB: CRMZ) reported that revenues increased 37% and 34% to $2.05 million and $5.72 million for the 3 and 9 months ended September 30, 2009, respectively. Cash, cash equivalents and marketable securities at the end of the nine-month period totaled $4.97 million, up $1.10 million from fiscal 2008 year-end. Jerry Flum, CEO said, "Our revenue continues to be counter-cyclical during these turbulent economic times. Our operating profit for the 3rd quarter was the highest in our history. In addition to the usual metrics for evaluating performance we also utilize cash return on net worth and tangible net worth, as shown in the table below. We are achieving these high rates of return without any long-term debt and with working capital at the highest level in our history." style="FONT-SIZE: 8pt"> style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt"> 9 Months Ended September 30, style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt"> 2009 2008 style="FONT-SIZE: 7.5pt"> Net increase in cash, cash equivalents & marketable securities $ 1,098,203 $ 284,178 Net worth at beginning of period $2,389,514 $1,958,777 style="FONT-SIZE: 7.5pt; FONT-STYLE: italic">Return on net worth 46% 15% style="FONT-SIZE: 7.5pt">Tangible net worth at beginning of period $ 435,054 $ 4,317 style="FONT-SIZE: 7.5pt; FONT-STYLE: italic">Return on tangible net worth 252% --N/M-- style="FONT-SIZE: 8pt"> style="FONT-SIZE: 8pt"> size=1>CREDITRISKMONITOR.COM, INC. color=black size=1>style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black">STATEMENTS OF OPERATIONS color=black size=1>style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black">FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt"> 3 Months Ended 9 Months Ended style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt"> September 30, September 30, style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt"> 2009 2008 2009 2008 style="FONT-SIZE: 7.5pt; FONT-VARIANT: small-caps"> style="FONT-SIZE: 7.5pt">Operating revenues $ 2,052,310 $ 1,493,498 $ 5,717,872 $ 4,263,138 style="FONT-SIZE: 7.5pt; FONT-VARIANT: small-caps"> style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial">Operating expenses: style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> Data and product costs 519,005 456,891 1,584,503 1,335,862 style="FONT-SIZE: 7.5pt"> Selling, general and style="FONT-SIZE: 7.5pt"> administrative expenses 1,101,815 909,565 3,641,310 2,723,308 style="FONT-SIZE: 7.5pt"> Depreciation and amortization 26,533 19,818 75,524 57,829 style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> Total operating expenses 1,647,353 1,386,274 5,301,337 4,116,999 style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> Income from operations 404,957 107,224 416,535 146,139 Other income, net 2,564 6,741 12,907 30,432color=#0000ff> color=#000000>c style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> Income before income taxes 407,521 113,965 429,442 176,571 style="FONT-SIZE: 7.5pt">Provision for income taxes 1,020 880 3,513 3,237 style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> Net income $ 406,501 $ 113,085 $ 425,929 $ 173,334 style="FONT-SIZE: 7.5pt"> Net income per share: style="FONT-SIZE: 7.5pt; FONT-VARIANT: small-caps"> B diluted $ 0.05 $ 0.01 $ 0.05 $ 0.02 style="FONT-SIZE: 7.5pt"> face=Arial size=1>style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"> style="PAGE-BREAK-BEFORE: always" clear=all> face=Arial size=1>style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt; FONT-FAMILY: Arial">CREDITRISKMONITOR.COM, INC. color=black size=1>style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black">BALANCE SHEETS color=black size=1>style="FONT-WEIGHT: bold; FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black">SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> Sept. 30, Dec. 31, style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> 2009 2008class=255264213-03112009> color=#000000>h style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> (Unaudited) style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> style="FONT-WEIGHT: normal; FONT-SIZE: 7.5pt">ASSETSstyle="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black">Current assets: style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> Cash and cash equivalentsstyle="FONT-WEIGHT: bold"> $style="FONT-WEIGHT: bold"> 4,969,790 $ 912,591 style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> Marketable securities -- 2,958,996 style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> Accounts receivable, net of allowancestyle="FONT-WEIGHT: bold"> 833,320 1,146,066 style="FONT-SIZE: 7.5pt; LAYOUT-GRID-MODE: line; COLOR: black"> Other current assetsstyle="FONT-WEIGHT: bold"> &nb
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