CreditRiskMonitor Announces 1Q Results
VALLEY COTTAGE, NY—May 9, 2018—CreditRiskMonitor (OTCQX: CRMZ) reported that for the three months ended March 31, 2018 revenues increased 4% to $3.37 million compared to $3.24 million in last year’s first quarter. Net loss for the quarter was approximately $255,400 compared to a net loss of approximately $244,300 in the prior year period. Cash and cash equivalents decreased approximately $15,300 since 2017 year-end, to $8.72 million, and was down $123,700 from the balance at March 31, 2017.
Jerry Flum, CEO, said, “The Company is committed to its philosophy of investing in new products, such as private company Financial Statement Sourcing [launched 4Q 2017] and the PAYCE™ private company neural network score [launched 1Q 2018], as well as our other marketing efforts. We’re still debt free and our strong cash position will allow us to implement these marketing initiatives."
CreditRiskMonitor (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.
More than 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.
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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.