CreditRiskMonitor Announces 1Q Results
VALLEY COTTAGE, N.Y. - May 9, 2019 - CreditRiskMonitor (OTCQX: CRMZ) reported that for the three months ended Mar. 31, 2019, revenues increased by 4% to $3.50 million, compared to $3.37 million in last year’s first quarter. Net loss for the quarter was approximately $136,500 compared to a net loss of approximately $255,400 in the prior year period. Cash and cash equivalents increased approximately $323,100 since 2018 year-end, to $8.39 million, and was down $329,900 from the balance at Mar. 31, 2018.
“While we’re still reporting a net loss for the quarter we’re starting to see positive results from our investment in infrastructure and new data," said CreditRiskMonitor CEO Jerry Flum. "Our loss from operations for the three months ended Mar. 31, 2019 decreased significantly from the same period last year.
"Additionally, our balance sheet continues to be strong, which provides us the flexibility to manage our company for long-term shareholder value.”
CreditRiskMonitor 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 a significant amount 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, plus thousands of other large companies worldwide, 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, crowdsourcing of risk professionals 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.