NEWS RELEASECONTACT:CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 ir@crmz.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor's Revenue Grows 27% for First Quarter of 2010VALLEY COTTAGE, NY-May 14, 2010-CreditRiskMonitor (OTCBB: CRMZ) reported that revenues increased 27% to $2.21 million and operating income grew faster for the 3 months ended March 31, 2010. Cash and cash equivalents at the end of the first quarter totaled $5.11 million, up from $4.68 million at 2009 year-end. Jerry Flum, CEO said, "The first quarter of 2010 produced record 1st quarter revenues and operating income. Further, our cash balance at March 31st was the highest in our history even after the payment last December of our first-ever dividend. We are achieving these results with no debt."
CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 MONTHS ENDED MARCH 31, 2010 AND 2009
(Unaudited)
2010 2009
------------- -------------
Operating revenues $ 2,211,702 $ 1,743,125
Operating expenses:
Data and product costs 597,767 500,442
Selling, general and administrative
expenses 1,274,148 1,234,890
Depreciation and amortization 27,707 23,654
------------- -------------
Total operating expenses 1,899,622 1,758,986
------------- -------------
Income (loss) from operations 312,080 (15,861)
Other income 727 22,548
------------- -------------
Income before income taxes 312,807 6,687
Provision for income taxes 129,331 1,463
------------- -------------
Net income $ 183,476 $ 5,224
============= =============
Net income per common share of stock:
Basic $ 0.02 $ 0.00
============= =============
Diluted $ 0.02 $ 0.00
============= =============
Weighted average number of common shares
outstanding:
Basic 7,889,785 7,849,462
Diluted 8,298,814 7,923,630
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
MARCH 31, 2010 AND DECEMBER 31, 2009
March 31, Dec. 31,
2010 2009
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 5,108,948 $ 4,679,466
Accounts receivable, net of allowance 1,454,191 1,370,523
Other current assets 220,111 253,857
------------- -------------
Total current assets 6,783,250 6,303,846
Property and equipment, net 261,935 261,591
Goodwill 1,954,460 1,954,460
Deferred taxes on income 788,381 913,503
Prepaid and other assets 47,086 23,116
------------- -------------
Total assets $ 9,835,112 $ 9,456,516
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 5,705,359 $ 5,321,116
Accounts payable 46,850 42,614
Accrued expenses 442,589 698,832
------------- -------------
Total current liabilities 6,194,798 6,062,562
------------- -------------
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
7,899,462 and 7,849,462 shares,
respectively 78,994 78,494
Additional paid-in capital 28,395,478 28,333,094
Accumulated deficit (24,834,158) (25,017,634)
------------- -------------
Total stockholders' equity 3,640,314 3,393,954
------------- -------------
Total liabilities and stockholders'
equity $ 9,835,112 $ 9,456,516
============= =============
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. |