CreditRiskMonitor Reports Record Results for 2009
FOR IMMEDIATE RELEASE VALLEY COTTAGE, NY--March 10, 2010--CreditRiskMonitor (Symbol: CRMZ) announced that for the year ended December 31, 2009 revenues increased 34% to $7.85 million and net income was $1.74 million versus $372,000 last year. Jerry Flum, CEO, said, "2009 was a banner year for our company -- with record operating revenues and operating income, our cash balance at year-end was the highest in our history even after payment of our first-ever dividend to shareholders in December. The Company's 2009 earnings were augmented by the reversal of the tax valuation allowance, because we now expect that the Company will be able to utilize its net operating loss carry-forwards prior to their expiration. Plus, this strong performance was achieved during a period of economic contraction." CREDITRISKMONITOR.COM, INC.
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 2009 2008 Operating revenues $ 7,848,010 $ 5,872,996 Operating expenses:
Data and product costs 2,118,316 1,753,338
Selling, general and administrative expenses 4,813,064 3,795,232
Depreciation and amortization 103,909 81,531 Total operating expenses 7,035,289 5,630,101 Income from operations 812,721 242,895
Other income, net 13,893 133,048 Income before income taxes 826,614 375,943
Benefit (provision) for state and local income taxes 908,960 (4,117) Net income $ 1,735,574 $ 371,826 Net income per share of common stock: Basic $ 0.22 $ 0.05 Diluted $ 0.21 $ 0.05
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
DECEMBER 31, 2009 AND 2008 2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 4,679,466 $ 912,591
Marketable securities - 2,958,996
Accounts receivable, net of allowance of $30,000 1,370,523 1,146,066
Other current assets 253,857 237,883 Total current assets 6,303,846 5,255,536 Property and equipment, net 261,591 213,142
Goodwill 1,954,460 1,954,460
Deferred taxes on income 913,503 -
Other assets 23,116 28,109 Total assets $ 9,456,516 $ 7,451,247 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 5,321,116 $ 4,394,803
Accounts payable 42,614 52,758
Accrued expenses 698,832 610,748 Total current liabilities 6,062,562 5,058,309 Other liabilities - 3,424 Total liabilities 6,062,562 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 28,333,094 28,279,268
Accumulated deficit (25,017,634) (25,968,248) Total stockholders' equity 3,393,954 2,389,514 Total liabilities and stockholders' equity $ 9,456,516 $ 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. CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
info@creditriskmonitor.com
|
Webinars
