NEWS RELEASECONTACT:CreditRiskMonitor.com, Inc. Jerry Flum, CEO (845) 230-3030 info@creditriskmonitor.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor Reports Record Results for 2009VALLEY COTTAGE, NY -- (MARKET WIRE) -- 03/10/10 -- CreditRiskMonitor (OTCBB: CRMZ) announced that for the year ended December 31, 2009 revenues increased 34% to $7.85 million and net income was $1.74 million versus $372,000 last year. Jerry Flum, CEO, said, "2009 was a banner year for our company -- with record operating revenues and operating income, our cash balance at year-end was the highest in our history even after payment of our first-ever dividend to shareholders in December. The Company's 2009 earnings were augmented by the reversal of the tax valuation allowance, because we now expect that the Company will be able to utilize its net operating loss carry-forwards prior to their expiration. Plus, this strong performance was achieved during a period of economic contraction."
CREDITRISKMONITOR.COM, INC. STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 2009 2008 ----------- ----------- Operating revenues $ 7,848,010 $ 5,872,996 Operating expenses: Data and product costs 2,118,316 1,753,338 Selling, general and administrative expenses 4,813,064 3,795,232 Depreciation and amortization 103,909 81,531 ----------- ----------- Total operating expenses 7,035,289 5,630,101 ----------- ----------- Income from operations 812,721 242,895 Other income, net 13,893 133,048 ----------- ----------- Income before income taxes 826,614 375,943 Benefit (provision) for state and local income taxes 908,960 (4,117) ----------- ----------- Net income $ 1,735,574 $ 371,826 =========== =========== Net income per share of common stock: Basic $ 0.22 $ 0.05 =========== =========== Diluted $ 0.21 $ 0.05 =========== =========== CREDITRISKMONITOR.COM, INC. BALANCE SHEETS DECEMBER 31, 2009 AND 2008 2009 2008 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $ 4,679,466 $ 912,591 Marketable securities - 2,958,996 Accounts receivable, net of allowance of $30,000 1,370,523 1,146,066 Other current assets 253,857 237,883 ----------- ----------- Total current assets 6,303,846 5,255,536 Property and equipment, net 261,591 213,142 Goodwill 1,954,460 1,954,460 Deferred taxes on income 913,503 - Other assets 23,116 28,109 ----------- ----------- Total assets $ 9,456,516 $ 7,451,247 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred revenue $ 5,321,116 $ 4,394,803 Accounts payable 42,614 52,758 Accrued expenses 698,832 610,748 ----------- ----------- Total current liabilities 6,062,562 5,058,309 Other liabilities - 3,424 ----------- ----------- Total liabilities 6,062,562 5,061,733 ----------- ----------- 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. |