CreditRiskMonitor Announces 2Q Results
VALLEY COTTAGE, NY—August 14, 2017—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 5% for both the 3 and 6 months ended June 30, 2017, to $3.34 million and $6.58 million, respectively. Net loss in the periods was approximately ($83,700) and ($328,000), respectively, compared to net losses of ($20,700) and ($111,000) for the comparable 2016 periods. Cash and cash equivalents at the end of the six-month period decreased approximately $23,800 to $9.20 million from the 2016 year-end balance of $9.22 million.
Jerry Flum, CEO said, “Our operating results reflect the negative impact on earnings of our continuing investment in our marketing infrastructure and programs as this effort was slowed by employee turnover in late 2016 and early 2017. We expect to see traction for these efforts in 2018. We remain debt free and will continue to invest in these marketing programs, as well as enhancements to our product offering.”
CreditRiskMonitor (http://www.crmz.com) is a Web-based publisher of financial information, designed to save time and help busy corporate credit and procurement professionals manage risk. The service offers comprehensive commercial credit reports covering public companies worldwide. Over 35% of the Fortune 1000 already use CreditRiskMonitor’s timely news alerts and reports that feature detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, as well as the Company’s proprietary FRISK® scores, which have been proven predictive in anticipating corporate financial stress, including bankruptcy.
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.