CreditRiskMonitor Reports Record New Bookings for September 2008: Financial News

CreditRiskMonitor Reports Record New Bookings for September 2008
Thursday October 30, 2008 8:39 am ET

VALLEY COTTAGE, NY--(MARKET WIRE)--Oct 30, 2008 -- CreditRiskMonitor (OTC BB:CRMZ.OB - News) reported that revenues increased 17% and 16% to $1.49 million and $4.26 million for the 3 and 9 months ended September 30, 2008, respectively. The Company also reported net income of $113,000 and $173,000 for the 3 and 9 months ended September 30, 2008, respectively, versus net income of $163,000 and $241,000 for the same periods last year.

Jerry Flum, CEO, stated, "Our belief that corporate credit analysis and monitoring has a counter-cyclical component was borne out in September. Awareness of the need for these services grows during economic turbulence. Monthly bookings of new business subscriptions were the highest in our history and strongly exceeded our previous record month. The Company is continuing its trend of profitability and positive cash flow, first reported in 2006's 3rd quarter, even as we aggressively expand our sales force, invest in additional content and add infrastructure to support our future growth."

CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial information, designed to save time for busy corporate credit professionals that competes with Dun & Bradstreet, Equifax and Experian.

 
                     CREDITRISKMONITOR.COM, INC.
                      STATEMENTS OF OPERATIONS
      FOR THE 3 AND 9 MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

                             3 Months Ended            9 Months Ended
                              September 30,             September 30,
                        ------------------------  ------------------------
                           2008         2007         2008         2007
                        -----------  -----------  -----------  -----------

Operating revenues      $ 1,493,498  $ 1,273,983  $ 4,263,138  $ 3,665,960

Operating expenses:
  Data and product costs    456,891      367,944    1,335,862    1,197,246
  Selling, general and
   administrative
   expenses                 909,565      738,751    2,723,308    2,195,938
  Depreciation and
   amortization              19,818       16,089       57,829       49,416
                        -----------  -----------  -----------  -----------

     Total operating
      expenses            1,386,274    1,122,784    4,116,999    3,442,600
                        -----------  -----------  -----------  -----------

Income from operations      107,224      151,199      146,139      223,360
Other income                  6,821       25,220       40,285       62,000
Interest expense                (80)      (8,858)      (9,853)     (29,584)
                        -----------  -----------  -----------  -----------

Income before income
 taxes                      113,965      167,561      176,571      255,776
Provision for income
 taxes                          880        4,129        3,237       14,311
                        -----------  -----------  -----------  -----------

Net income              $   113,085  $   163,432  $   173,334  $   241,465
                        ===========  ===========  ===========  ===========

Net income per share:
  Basic and diluted     $      0.01  $      0.02  $      0.02  $      0.03
                        ===========  ===========  ===========  ===========

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.