CreditRiskMonitor 2020 Operating Results

Rhea-AI Summary

CreditRiskMonitor (OTCQX: CRMZ) announced a revenue increase of 8%, reaching $15.7 million for the year ending December 31, 2020, compared to $14.5 million in 2019. However, the company reported a pre-tax loss of $211,000 and a net loss of approximately $47,000, contrasting with previous net income of $218,000. CEO Jerry Flum emphasized the commitment to workforce retention and future service enhancements, despite the financial losses. Investments for launching a new platform and expanding private company coverage are ongoing, with expectations for future revenue growth.

Positive

• Revenue increased 8% to $15.7 million in 2020.
• Commitment to workforce retention, indicating stability.

Negative

• Pre-tax loss of $211,000 in 2020 compared to a profit in 2019.
• Net loss of approximately $47,000 versus net income of $218,000 in 2019.
• High costs associated with future platform development may impact short-term profitability.

VALLEY COTTAGE, NY / ACCESSWIRE / April 5, 2021 / CreditRiskMonitor (OTCQX:CRMZ) reported that revenues for the year ended December 31, 2020 increased to $15.7 million, up 8% from $14.5 million in 2019. The Company reported a pre-tax loss of approximately $211,000 for 2020 compared to pre-tax income of approximately $343,000 in the prior year. Net loss for 2020 was approximately $47,000 compared to net income of approximately $218,000 in the prior year.

Jerry Flum, CEO, said, "While our revenue is growing at 8%, our net income has not matched that pace since the Company retained, and even increased, its payroll levels and employees throughout the year. We have stayed committed to investing in improving the value proposition of our service and expanding our staff to ensure that we meet our customers' financial risk analysis needs during these uncertain times. We are looking to introduce a new platform in the near future as well as important additions to our private company coverage. The significant costs to develop these two initiatives have and will continue to be borne by our company before we begin booking revenue; however, we believe these investments will, over time, produce meaningful returns."

A full copy of the financial statements can be found at https://crmz.ir.edgar-online.com/

Overview

CreditRiskMonitor (http://www.crmz.com) 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.

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.

Over 35% of the Fortune 1000 plus over 1,000 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, risks associated with the COVID-19 pandemic and 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.
Jerry Flum, CEO
(845) 230-3030
ir@creditriskmonitor.com

SOURCE: CreditRiskMonitor.com, Inc.

View source version on accesswire.com:
https://www.accesswire.com/639153/CreditRiskMonitor-2020-Operating-Results

FAQ

What were CreditRiskMonitor's revenues for 2020?

CreditRiskMonitor reported revenues of $15.7 million for 2020.

How did CreditRiskMonitor's net income change in 2020?

CreditRiskMonitor experienced a net loss of approximately $47,000 in 2020, down from a net income of $218,000 in 2019.

What were the financial losses reported by CreditRiskMonitor?

The company reported a pre-tax loss of $211,000 for 2020.

What investments is CreditRiskMonitor making for future growth?

CreditRiskMonitor is investing in a new platform and expanding private company coverage.