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 (http://www.creditriskmonitor.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.