CreditRiskMonitor Announces First Quarter Results
VALLEY COTTAGE, N.Y. - May 14, 2021 - CreditRiskMonitor (OTCQX: CRMZ) reported that revenues for the quarter ended March 31, 2021 increased to $4.13 million up 11% from $3.71 million in 2020. The Company reported a reduction in operating expenses of approximately $102,600 or 2.5% as compared to 2020, primarily driven by a revised methodology of accruing commissions implemented in December 2020. The company reported a pre-tax income of approximately $243,000 as compared to a pre-tax loss of approximately $264,200 in the prior year.
Mike Flum, President & COO, said, "We continue to invest in our service with new product development, additional data acquisition, and employee retention. We remain committed to enhancing the value proposition of our services and expanding our staff to support the financial risk needs of our customer base. We continue to press forward with the development of our new supply chain focused platform as well as the expansion of our private company coverage as both avenues represent significant growth opportunities for our business. We also continue to invest in streamlining our infrastructure systems, allowing us to become more productive and more effectively scale up our operations over time."
A full copy of the financial statements can be found by clicking here.
Ready to learn more?
Overview
CreditRiskMonitor (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. The products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
The Company’s newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.
Our subscribers, including nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide, use the Company's timely news alerts, research, and reports on public and private companies to make important risk decisions. The Company's comprehensive commercial credit reports covering both public and private companies worldwide are published through its web-based platform and feature detailed analyses of financial statements, including ratio analysis and trend reports, peer analysis, corporate issuer ratings from key Nationally Recognized Statistical Rating Organizations ("NRSROs"), as well as the Company's proprietary bankruptcy analytics: the FRISK® and PAYCE® scores. One of the FRISK® scoring model's exclusive input features is the aggregate risk sentiment of our subscribers based on their crowdsourced usage behaviors resulting in the improved classification of bankruptcy risk for the riskiest corporations and boosting overall accuracy.
The Company, through its Trade Contributor Program, receives confidential accounts receivables data from hundreds of subscribers and non-subscribers every month. This trade receivable data is parsed, processed, aggregated, and finally reported to summarize the invoice payment behavior of B2B counterparties, without disclosing the specific contributors of this information. The Trade Contributor Program's current trade credit file exceeds $2.5 trillion of transaction data annually.
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.
CONTACT:
CreditRiskMonitor.com, Inc.
Mike Flum, CEO & President
845.230.3037
ir@creditriskmonitor.com