VALLEY COTTAGE, NY—August 8, 2014—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues increased 2% and 3% to $3.00 million and $5.97 million for the 3 and 6 months ended June 30, 2014, respectively, compared to prior year periods. For the same periods, income from operations was $262,100 and $127,000, respectively, compared to $109,700 and $168,300 for the comparable 2013 periods. Cash, cash equivalents and marketable securities at the end of the six-month period increased $737,000 to $8.78 million versus the 2013 year-end balance of $8.05 million.
Jerry Flum, CEO said, “Sales growth has slowed down as the sales cycle has lengthened. In spite of this slowdown we made the decision to acquire additional data content and enhance our product offering. We realize that this will adversely impact short-term results but we expect the additional content will have a positive impact on our operating results in the long-term. Our 2nd quarter’s operating results were favorably impacted by a $220,000 refund received for sales taxes previously paid on third party content, and the final $60,000 refund was received in the 3rd quarter. We are still debt free and continuing to generate strong free cash flow.”
CreditRiskMonitor (http://www.crmz.com) is a web-based publisher of financial information that helps busy corporate credit and procurement professionals stay ahead of and manage risk quickly, productively and accurately. The service offers comprehensive commercial credit reports and analysis covering public companies worldwide in competition with Dun & Bradstreet. Additionally, the Company collects from subscribers more than $100 billion of trade receivable data on both public and a select group of private companies every month. Over 35% of the Fortune 1,000 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® scores, which have been proven 95% predictive in anticipating corporate financial stress, including bankruptcy.
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