NEWS RELEASECONTACT:CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 ir@creditriskmonitor.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor Reports Record Operating Results for 2007VALLEY COTTAGE, NY -- (MARKET WIRE) -- 02/27/08 -- CreditRiskMonitor (OTCBB: CRMZ) announced that for the year ended December 31, 2007, revenues increased 15% to $4.99 million, net income was $370,000 versus $15,000 last year and net cash flow increased 17% to over $505,000. Jerry Flum, CEO, said, "2007 continues the positive trend for our company. Our full year operating results are all records -- revenue level, income from operations and cash balance. We believe that the troubles in the mortgage-related markets will be spreading to the corporate credit/debt markets going forward. It is in these markets that our service is the benchmark for utility and price. During the past year we introduced our new proprietary credit score, the FRISK2 score, to our fundamental service. We plan to continue to improve our service over the coming year, while keeping our prices low."
CREDITRISKMONITOR.COM, INC. STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 2007 2006 ------------ ------------ Operating revenues $ 4,989,177 $ 4,322,785 Operating expenses: Data and product costs 1,651,606 1,404,182 Selling, general and administrative expenses 2,953,648 2,849,002 Depreciation and amortization 65,895 65,951 ------------ ------------ Total operating expenses 4,671,149 4,319,135 ------------ ------------ Income from operations 318,028 3,650 Other income 93,344 68,285 Interest expense (37,535) (52,416) ------------ ------------ Income before income taxes 373,837 19,519 Provision for state and local income taxes 3,606 4,922 ------------ ------------ Net income $ 370,231 $ 14,597 ============ ============ Net income per share of common stock: Basic and diluted $ 0.05 $ 0.00 ============ ============ CREDITRISKMONITOR.COM, INC. BALANCE SHEETS DECEMBER 31, 2007 AND 2006 2007 2006 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 2,973,263 $ 2,467,520 Accounts receivable, net of allowance of $30,000 737,436 647,484 Other current assets 260,657 297,267 ------------ ------------ Total current assets 3,971,356 3,412,271 Property and equipment, net 149,773 131,211 Goodwill 1,954,460 1,954,460 Other assets 27,753 27,753 ------------ ------------ Total assets $ 6,103,342 $ 5,525,695 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 3,391,339 $ 2,985,724 Accounts payable 51,119 78,364 Accrued expenses 348,745 415,645 Current portion of long-term debt 136,141 122,870 Current portion of capitalized lease obligations -- 18,437 ------------ ------------ Total current liabilities 3,927,344 3,621,040 Long-term debt, net of current portion 150,799 286,940 Other liabilities 66,422 73,392 ------------ ------------ Total liabilities 4,144,565 3,981,372 ------------ ------------ Stockholders' equity: Preferred stock, 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. |