CreditRiskMonitor Announces Third Quarter Results

Rhea-AI Summary

CreditRiskMonitor (OTCQX: CRMZ) announced a 7% increase in operating revenues for Q3 2021, totaling approximately $286,000 compared to Q3 2020. Pre-tax income rose by $344,000 during the same period. For the nine months ending September 30, 2021, operating revenues reached $1.1 million, a 10% increase year-over-year, while pre-tax income increased by $1.4 million. The company's President emphasized continued investment in product development and risk platforms as significant growth opportunities, despite reduced concerns over counterparty financial risk.

Positive

• Operating revenues increased by $286,000 (7%) in Q3 2021 compared to Q3 2020.
• Pre-tax income grew by $344,000 in Q3 2021 versus Q3 2020.
• For the nine months ended September 30, 2021, revenues increased by $1.1 million (10%).
• Pre-tax income rose by $1.4 million for the nine-month period ending September 30, 2021.
• Continued investments in new product development and risk platform indicate potential for future growth.

Negative

• None.

VALLEY COTTAGE, NY / ACCESSWIRE / November 15, 2021 / CreditRiskMonitor (OTCQX:CRMZ) reported that operating revenues increased approximately $286,000, or 7%, for the three month ended September 30, 2021 compared to the third quarter of fiscal 2020. The Company reported that pre-tax income increased approximately $344,000 compared to the third quarter of fiscal 2020.

Operating revenues increased approximately $1.1 million or 10%, for the nine month ended September 30, 2021 compared to the same period of fiscal 2020. The Company reported that pre-tax income increased approximately $1.4 million compared to the same period of fiscal 2020.

Mike Flum, President & COO, said, "The robust economic conditions of 2021 have resulted in a decline of concern for counterparty financial risk evaluation relative to last year, especially with the reduction in large asset bankruptcies year-over-year. In spite of this, we continue to reinvest in the service with new product development, data acquisition, and employee retention and are committed to enhancing the value proposition of our services to support the financial risk analysis needs of our clients and prospects. Our focus remains on the development and testing of our new supply chain risk platform in conjunction with expanding our private company coverage. Both of these initiatives require substantial resources to create, test, and launch; however, they represent major growth opportunities for our business. Our investments in infrastructure and systems are improving the operating efficiency of the business while supporting our desire to increase in scale over time."

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.
Mike Flum, President & COO
(845) 230-3037
ir@creditriskmonitor.com

SOURCE: CreditRiskMonitor.com, Inc.

View source version on accesswire.com:
https://www.accesswire.com/672910/CreditRiskMonitor-Announces-Third-Quarter-Results

FAQ

What were CreditRiskMonitor's Q3 2021 operating revenue results?

CreditRiskMonitor reported a 7% increase in Q3 2021 operating revenues, totaling approximately $286,000 compared to Q3 2020.

How did CreditRiskMonitor's pre-tax income change in Q3 2021?

Pre-tax income for CreditRiskMonitor increased by approximately $344,000 in Q3 2021 compared to the same quarter in 2020.

What was the revenue growth for CreditRiskMonitor in the nine months ending September 30, 2021?

Operating revenues for the nine months ended September 30, 2021, increased by approximately $1.1 million, or 10%, compared to the same period in the previous year.

What is CreditRiskMonitor's focus moving forward?

CreditRiskMonitor is focused on developing new product offerings and enhancing its risk analysis platforms to support its growth strategy.