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ACCESSWIRE
331 Leser
Artikel bewerten:
(1)

CreditRiskMonitor.com, Inc.: CreditRiskMonitor Announces 2022 Results

VALLEY COTTAGE, NY / ACCESSWIRE / March 24, 2023 / CreditRiskMonitor (OTCQX:CRMZ) reported that operating revenues of $18 million, an increase of approximately $1 million or 5%, for the year ended December 31, 2022, as compared to 2021. The Company reported a pre-tax operating income of approximately $1.75 million in 2022 compared to a pre-tax operating income of approximately $3.9 million in 2021, which included approximately $1.6 million in non-taxable income recognized due to the forgiveness of the Company's PPP loan by the Small Business Administration in December 2021. Net income for 2022 was approximately $1.4 million compared to a net income of approximately $3.4 million for 2021, which included that non-taxable income recognized from the loan forgiveness. The decrease in pre-tax operating income and net income in 2022 relative to 2021, excluding the income related to loan forgiveness was primarily driven by increased expenses related to employee salaries, employee benefits, commissions, and third-party content due to inflation.

Mike Flum, President & COO, said, "2022 was a transformative year for CreditRiskMonitor. We completed quite a few mulit-year development initiatives include the launch our new supply chain risk platform, SupplyChainMonitor in May, the updated PAYCE® score which improved accuracy and expanded coverage, and solidified our European Private Company Data Enhancement as a product add-on. These initiatives will support increased revenue and profitability for years to come and we are excited about our 2023 product roadmap. We have already launched our new marketing website and Credit Limit Ranges tool and will be working toward releasing an updated version of the FRISK® score, potentially a third-party ESG add-on, business certification data, and our new financial statement recognition engine, which will automatically standardize, spread, and score financial statement confidentially for our clients.

The economic environment in 2023 seems primed to provide a tailwind for our business. Concerns about bank solvency, inflation, rising interest rates, as well as hot and cold wars coupled with the reversal of long-term trends such as globalization, just-in-time inventory, and offshoring clearly present a need to monitor counterparty risk with an emphasis on financial stability. As in past recessionary environments, we expect our counter-cyclicality to shine given mounting financial distress in corporations worldwide. As always, we remain committed to reinvestment in the business with new product development, data acquisition, and employee growth through retention and hiring in support of delivering subscription services whose value exceeds the cost to our clients."

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

CreditRiskMonitor.com, Inc., Friday, March 24, 2023, Press release picture


CreditRiskMonitor.com, Inc., Friday, March 24, 2023, Press release picture

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 supply chain 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 platforms 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 processes nearly $3 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, 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/745730/CreditRiskMonitor-Announces-2022-Results

© 2023 ACCESSWIRE
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