CreditRiskMonitor Announces Third Quarter Results
CreditRiskMonitor (OTCQX: CRMZ) reported challenges in net income growth despite stable sales due to sustained payroll levels. The Board postponed dividend payments amid economic uncertainty and rising corporate debt. The focus remains on enhancing service and safeguarding employee jobs. Michael I. Flum was promoted to President, continuing to strengthen operational strategy. Over 35% of Fortune 1000 companies depend on CreditRiskMonitor's analytics. The company emphasizes liquidity preservation in light of ongoing market instability.
- Michael I. Flum promoted to President, enhancing leadership.
- Continued investment in staff and services to meet client needs.
- Over 35% of Fortune 1000 companies rely on CreditRiskMonitor's services.
- Net income growth is lagging behind sales.
- Dividend payments postponed due to economic instability and uncertainty.
- Economic conditions affecting subscriber financial stability.
VALLEY COTTAGE, NY / ACCESSWIRE / November 12, 2020 / CreditRiskMonitor (OTCQX:CRMZ) Jerry Flum, CEO, said, "Our net income is not growing at the same pace as sales since the Company retained, and even increased, its payroll levels and employees throughout the year. We also continue to invest in strengthening our service and technical staff in an effort to provide exceptional service to our clients that meets their credit risk needs in these uncertain times. Our team is our backbone, and our clients rely on them on a daily basis."
On October 29, 2020, due to the economic crisis, our Board of Directors determined to postpone any declaration or payment of the Company's annual dividend until the Company sees increased financial stability in the marketplace, part of our core competency as a business. The Board's determination was based on review of world-record corporate debt-to-GDP levels, increased default and bankruptcy rates, and the challenging economic environment, including the possible reduced financial stability of some of the Company's subscribers due to continued uncertainty and a mounting second wave of COVID-19 infections. The Company is dedicated to ensuring the safety and safeguarding the jobs of our employees. The company retained its payroll levels and employees throughout the year. We will continue to invest in strengthening our staff, service model, and product to meet our client's credit risk needs. Therefore, preservation of liquidity until there is material evidence of control over the pandemic is paramount. The Board expects to review this determination periodically throughout 2021.
In addition, the Board of Directors promoted Michael I. Flum to the position of President while retaining his role as Chief Operating Officer. Mr. Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was elected Senior Vice President and Chief Operating Officer on October 24, 2019 and has been responsible for operational strategy and implementation, leveraging technology to improve the efficiency of human capital and work processes. Prior to joining CreditRiskMonitor, Mr. Flum served as Vice President of Operations at Gullett & Associates, Inc., a Houston-based midstream oil & gas survey and drafting services firm from 2016 to 2017. Mr. Flum held various engineering and project management roles at Enterprise Products Partners, a Houston-based oil & gas pipeline owner/operator from 2009 to 2016. Mr. Flum holds a BS in Mechanical Engineering and a BA in Religious Studies from Rice University as well as an MBA from Columbia Business School.
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. Unlike other commercial credit bureaus like Dun & Bradstreet, CreditRiskMonitor's primary expertise and focus is on financial analysis of public debt and equity companies.
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.
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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
View source version on accesswire.com:
https://www.accesswire.com/616391/CreditRiskMonitor-Announces-Third-Quarter-Results
FAQ
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