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CreditRiskMonitor 2017 Operating Results

VALLEY COTTAGE, N.Y., March 22, 2018 (GLOBE NEWSWIRE) -- CreditRiskMonitor (OTCQX:CRMZ) reported that revenues for the year ended December 31, 2017 increased to $13.39 million up 4% compared to 2016. Net income for 2017 was approximately $12,100 compared to $52,400 in the prior year. Cash and cash equivalents at the end of 2017 decreased to $8.74 million from the 2016 year-end balance of $9.22 million.

Jerry Flum, CEO, said, “We did not see significant results yet from our new Financial Statement Sourcing (launched 4Q 2017) or PAYCE™ (launched 1Q 2018) products, or from our other new marketing efforts, but we’re committed to continue investing in new products and marketing infrastructure.  There is a natural lag on these expenses and the impact on revenue. The Company is still debt-free and our strong cash position allows us to continue to undertake these initiatives.”

   
CREDITRISKMONITOR.COM, INC.  
STATEMENTS OF INCOME  
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016  
             
        2017       2016    
             
             
Operating revenues $   13,385,068     $   12,814,390    
             
Operating expenses:        
  Data and product costs     5,426,779         4,944,053    
  Selling, general and administrative expenses     8,044,256         7,495,742    
  Depreciation and amortization     191,960         200,136    
                     
    Total operating expenses     13,662,995         12,639,931    
                     
Income (loss) from operations     (277,927 )       174,459    
Other income, net     47,216         27,183    
                     
Income (loss) before income taxes     (230,711 )       201,642    
Benefit (provision) for income taxes     242,781         (149,199 )  
                     
Net income $   12,070     $   52,443    
                     
Net income per share of common stock:        
  Basic and diluted $   -      $   -     
             

 

   
CREDITRISKMONITOR.COM, INC.  
BALANCE SHEETS  
DECEMBER 31, 2017 AND 2016  
             
             
        2017       2016    
             
ASSETS        
Current assets:        
  Cash and cash equivalents $   8,735,148     $   9,222,343    
  Accounts receivable, net of allowance of $30,000     2,139,707         2,090,676    
  Other current assets     530,699         487,257    
                     
    Total current assets     11,405,554         11,800,276    
             
Property and equipment, net     437,216         430,324    
Goodwill     1,954,460         1,954,460    
Other assets     23,463         23,763    
                     
    Total assets $   13,820,693     $   14,208,823    
                     
             
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
  Deferred revenue $   8,304,877     $   8,088,958    
  Accounts payable     58,901         96,725    
  Accrued expenses     1,344,526         1,282,126    
                     
    Total current liabilities     9,708,304         9,467,809    
             
Deferred taxes on income, net     514,333         762,403    
Other liabilities     15,748         12,574    
                     
    Total liabilities     10,238,385         10,242,786    
                     
Stockholders’ equity:        
  Preferred stock, $.01 par value; authorized 5,000,000         
    shares; none issued    --         --     
  Common stock, $.01 par value; authorized 32,500,000        
    shares; issued and outstanding 10,722,401 shares     107,224         107,224    
  Additional paid-in capital     29,559,784         29,419,463    
  Accumulated deficit     (26,084,700 )       (25,560,650 )  
                     
    Total stockholders’ equity     3,582,308         3,966,037    
                     
    Total liabilities and stockholders’ equity $   13,820,693     $   14,208,823    
                     


About CreditRiskMonitor

CreditRiskMonitor (http://www.crmz.com) is a web-based publisher of financial information that helps corporate credit and procurement professionals stay ahead of business financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit reports and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus like Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.

The Company also collects more than $130 billion of trade receivable data on both public and a select group of private companies every month, to help subscribers determine payment performance.

Over 35% of the Fortune 1000 depend on CreditRiskMonitor's timely news alerts and reports featuring detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, as well as the company's proprietary FRISK® and PAYCE™ scores.

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.

Jerry Flum
8452303030
ir@creditriskmonitor.com

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