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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.COM, INC.

STATEMENTS OF OPERATIONS

FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited)



3 Months Ended
June 30,

6 Months Ended
June 30,


2011

2010

2011

2010






Operating revenues

$2,539,350

$2,304,873

$4,979,311

$4,516,575






Operating expenses:





   Data and product costs

734,890

573,274

1,480,237

1,171,041

   Selling, general and administrative expenses

1,495,659

1,347,086

2,929,752

2,621,234

   Depreciation and amortization

41,507

31,548

82,729

59,255






       Total operating expenses

2,272,056

1,951,908

4,492,718

3,851,530






Income from operations

267,294

352,965

486,593

665,045

Other income, net

33,367

13,864

34,918

14,591






Income before income taxes

300,661

366,829

521,511

679,636

Provision for income taxes

(91,012)

(147,411)

(182,451)

(276,742)






Net income

$209,649

$219,418

$339,060

$402,894






Net income per share:





   Basic and diluted

$0.03

$0.03

$0.04

$0.05



CREDITRISKMONITOR.COM, INC.

BALANCE SHEETS

JUNE 30, 2011 AND DECEMBER 31, 2010





June 30,

Dec. 31,


2011

2010


(Unaudited)





ASSETS



Current assets:



   Cash and cash equivalents

$6,414,918

$5,642,568

   Marketable securities

1,214,083

1,204,234

   Accounts receivable, net of allowance

1,489,209

1,406,865

   Other current assets

233,307

480,922




       Total current assets

9,351,517

8,734,589




Property and equipment, net

332,190

364,360

Goodwill

1,954,460

1,954,460

Deferred taxes on income

58,198

233,873

Prepaid and other assets

45,675

23,225




       Total assets

$11,742,040

$11,310,507







LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:



   Deferred revenue

$6,564,993

$5,997,862

   Accounts payable

56,151

24,024

   Accrued expenses

578,021

1,167,196




       Total current liabilities

7,199,165

7,189,082




Other liabilities

2,527

1,149




       Total liabilities

7,201,692

7,190,231




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 7,914,462 and
    7,899,462 shares, respectively

79,144

78,994

   Additional paid-in capital

28,521,448

28,440,586

   Accumulated deficit

(24,060,244)

(24,399,304)




       Total stockholders' equity

4,540,348

4,120,276




       Total liabilities and stockholders' equity

$11,742,040

$11,310,507



Overview

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.

CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@crmz.com

SOURCE CreditRiskMonitor