CRMZ Credit Risk Monitor Com Inc (QX)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

November 6, 2015

 

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CreditRiskMonitor.com, Inc.

(Exact name of registrant as specified in its charter)

704 Executive Boulevard

Valley Cottage, NY 10989

(Address of principal executive offices, including zip code)

(845) 230-3000

(Registrant’s telephone number, including area code)

 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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Item 2.02.

Results of Operations and Financial Condition.

On November 6, 2015, CreditRiskMonitor.com, Inc. issued a press release relating to, among other things, its financial results for the three and nine months ended September 30, 2015. This press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CREDITRISKMONITOR.COM, INC.
Date: November 6, 2015	By: /s/ Lawrence Fensterstock
	Lawrence Fensterstock
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

 

 

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Exhibit 99.1

NEWS RELEASE

CONTACT:

CreditRiskMonitor.com, Inc.

Jerry Flum, CEO

(845) 230-3030

ir@crmz.com

CreditRiskMonitor Announces 3Q Results

VALLEY COTTAGE, NY—November 6, 2015—CreditRiskMonitor (OTCQX: CRMZ) reported that revenues were $3.15 million and $9.33 million for the 3 and 9 months ended September 30, 2015, respectively, an increase of 2% and 3% over the comparable periods last year. For the same periods, income from operations was $328,700 and $622,600, respectively, compared to $250,200 and $377,200 for the comparable 2014 periods. Cash, cash equivalents and marketable securities at the end of the nine-month period increased $673,000 to $9.57 million versus the 2014 year-end balance of $8.89 million.

Jerry Flum, CEO said, “To address the reduced rate of sales growth, we are building new marketing capabilities and we continue to invest in improving the utility of our product. Our balance sheet continues to be strong, which provides us the flexibility to manage our company for long-term shareholder value.”

CREDITRISKMONITOR.COM, INC.

STATEMENTS OF OPERATIONS

FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2015 AND 2014

(Unaudited)

 

		3 Months Ended September 30,								9 Months Ended September 30,
		2015				2014				2015				2014
Operating revenues		$	3,153,249			$	3,084,640			$	9,330,561			$	9,052,038
Operating expenses:
Data and product costs			1,134,296				1,165,970				3,534,268				3,488,934
Selling, general and administrative expenses			1,635,790				1,614,332				5,006,033				5,017,858
Depreciation and amortization			54,470				54,108				167,655				168,019
Total operating expenses			2,824,556				2,834,410				8,707,956				8,674,811
Income from operations			328,693				250,230				622,605				377,227
Other income (expense), net			(4,680	)			(5,721	)			1,014				16,101
Income before income taxes			324,013				244,509				623,619				393,328
Provision for income taxes			(129,606	)			(118,328	)			(257,618	)			(189,569	)
Net income		$	194,407			$	126,181			$	366,001			$	203,759
Net income per share:
Basic		$	0.02			$	0.02			$	0.04			$	0.03
Diluted		$	0.02			$	0.02			$	0.04			$	0.02

CREDITRISKMONITOR.COM, INC.

BALANCE SHEETS

SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

 

		Sept. 30, 2015				Dec. 31, 2014
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	8,226,723			$	7,529,468
Marketable securities			1,338,900				1,363,439
Accounts receivable, net of allowance			1,377,634				2,078,710
Other current assets			672,740				516,585
Total current assets			11,615,997				11,488,202
Property and equipment, net			424,592				337,339
Goodwill			1,954,460				1,954,460
Prepaid and other assets			45,049				23,682
Total assets		$	14,040,098			$	13,803,683
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deferred revenue		$	7,330,952			$	7,612,836
Accounts payable			111,577				137,258
Accrued expenses			1,163,896				1,230,966
Total current liabilities			8,606,425				8,981,060
Deferred taxes on income			720,867				743,691
Other liabilities			1,726				2,546
Total liabilities			9,329,018				9,727,297
Stockholders’ equity:
Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued			--				--
Common stock, $.01 par value; authorized 25,000,000 shares; issued and outstanding 8,247,887 and 8,055,365 shares, respectively			82,479				80,553
Additional paid-in capital			29,442,807				29,176,040
Accumulated deficit			(24,814,206	)			(25,180,207	)
Total stockholders’ equity			4,711,080				4,076,386
Total liabilities and stockholders’ equity		$	14,040,098			$	13,803,683

 

Overview

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.

 

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.

 

 

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