CreditRiskMonitor Reports 2011 Operating Results

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Feb 23, 2012, 01:28 ET

VALLEY COTTAGE, N.Y., Feb. 23, 2012 /PRNewswire/ -- CreditRiskMonitor (Symbol: CRMZ) announced that for the year ended December 31, 2011 revenues increased 9% to $10.15 million compared to fiscal 2010, while income from operations was $1.21 million versus $1.68 million last year. Cash, cash equivalents and marketable securities at the end of 2011 increased $1.44 million, after the payment of a cash dividend of $396,000 in the third quarter of 2011, to $8.28 million from the 2010 year-end balance of $6.85 million.

Jerry Flum, CEO, said, "Due to the Company's continuing investment in sales and service staff, new data for subscribers and enhanced infrastructure, our profit was reduced despite the higher sales we achieved in 2011 over 2010. We continue to strongly believe that these expenditures will enhance our long-term prospects and we will be rewarded by this current investment. We remain debt-free and our strong balance sheet provides us with financial flexibility should investment opportunities present themselves."

CREDITRISKMONITOR.COM, INC. STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

				2011	2010


Operating revenues				$10,154,200	$9,343,011

Operating expenses:
	Data and product costs			2,937,279	2,429,745
	Selling, general and administrative expenses			5,842,302	5,102,805
	Depreciation and amortization			162,482	133,564

			Total operating expenses	8,942,063	7,666,114

Income from operations				1,212,137	1,676,897
Other income, net				98,592	23,443

Income before income taxes				1,310,729	1,700,340
Provision for income taxes				(402,140)	(687,030)

Net income				$908,589	$1,013,310


Net income per share of common stock:

		Basic		$0.11	$0.13

		Diluted		$0.11	$0.12

CREDITRISKMONITOR.COM, INC. BALANCE SHEETS DECEMBER 31, 2011 AND 2010




			2011	2010
ASSETS
Current assets:
	Cash and cash equivalents		$6,531,204	$5,642,568
	Marketable securities		1,753,072	1,204,234
	Accounts receivable, net of allowance of $30,000		1,551,213	1,406,865
	Other current assets		451,143	480,922

		Total current assets	10,286,632	8,734,589

Property and equipment, net			306,810	364,360
Goodwill			1,954,460	1,954,460
Deferred taxes on income			-	233,873
Other assets			23,232	23,225

		Total assets	$12,571,134	$11,310,507


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Deferred revenue		$6,471,494	$5,997,862
	Accounts payable		60,941	24,024
	Accrued expenses		1,087,163	1,167,196
	Deferred taxes on income		157,385	-

		Total current liabilities	7,776,983	7,189,082

Other liabilities			3,714	1,149

		Total liabilities	7,780,697	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 7,902,462 and 7,899,462 shares, respectively		79,204	78,994
	Additional paid-in capital		28,597,679	28,440,586
	Accumulated deficit		(23,886,446)	(24,399,304)

		Total stockholders' equity	4,790,437	4,120,276

		Total liabilities and stockholders' equity	$12,571,134	$11,310,507

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
[email protected]

SOURCE CreditRiskMonitor