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CreditRiskMonitor Operating Results for 1st Half of 2011
Aug 08, 2011 (04:08 PM EDT)
VALLEY COTTAGE, N.Y., Aug. 8, 2011 /PRNewswire/ -- CreditRiskMonitor (OTCQB: CRMZ) reported that revenues increased 10% for both the 3 and 6 months ended June 30, 2011 to $2.54 million and $4.98 million, respectively. For the same periods, income from operations was $267,000 and $487,000, respectively, compared to $353,000 and $665,000 for the comparable 2010 periods. Cash, cash equivalents and marketable securities at the end of the six-month period increased $782,000 to $7.63 million from the 2010 year-end balance of $6.85 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 this strategy reduces our profitability in the short-term. However, our free cash flow net of dividend payment for the trailing 12 months is over 80% of our beginning tangible net worth, and our current balance of cash, cash equivalents and marketable securities, which is currently producing very low returns, is almost 3 times tangible net worth. Furthermore, we continue to be debt free and cash on our Balance Sheet provides us with financial flexibility in case new opportunities arise."
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. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.