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Creditriskmonitor Com Inc (CRMZ) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Creditriskmonitor Com Inc

HISTORY TOOLS
CIK: 1431676 Ticker: CRMZ
Exhibit 99.1

NEWS RELEASE

CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@creditriskmonitor.com

FOR IMMEDIATE RELEASE

CreditRiskMonitor 2017 Operating Results

VALLEY COTTAGE, NY—March 22, 2018—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
  
$
0.00
    
$
0.00
  
 

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 PAYCETM 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.
 
 
The following information was filed by Creditriskmonitor Com Inc (CRMZ) on Thursday, March 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: CRMZ
CIK: 315958
Form Type: 10-K Annual Report
Accession Number: 0001140361-18-015124
Submitted to the SEC: Tue Mar 27 2018 10:10:27 AM EST
Accepted by the SEC: Tue Mar 27 2018
Period: Sunday, December 31, 2017
Industry: Consumer Credit Reporting Collection Agencies

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