VALLEY COTTAGE, NY / ACCESSWIRE / May 13, 2021 / CreditRiskMonitor (OTCQX:CRMZ) reported operating revenues of $4.34 million, an increase of approximately $205 thousand or 5%, for the three month ended March 31, 2022 as compared to the first quarter of fiscal 2021. The Company reported pre-tax income of approximately $196 thousand, a decrease of approximately $47 thousand compared to the first quarter of fiscal 2021. The decrease in pre-tax income 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, "The robust economic conditions from 2021 are starting to crack under the pressure of inflation and supply shocks resulting in renewed interest in counterparty financial risk. We expect these difficult conditions and rising interest rates could result in a wave of bankruptcies this year for zombie companies with high levels of short-term debt. This sort of negative business environment has benefited our business in the past, but operating in high inflation environments is always a challenge. We remain committed to our strategies of reinvesting in the service with new product development, data acquisition, and employee retention as well as our core operating principle of delivering value in excess of prices to support the financial risk analysis needs of our clients and prospects. Our focus remains on the imminent launch of our new supply chain risk platform, SupplyChainMonitor™, and expanding our private company coverage. We are targeting an expansion of our U.S. private company coverage under the PAYCE® score for later this year."
A full copy of the financial statements can be found at https://crmz.ir.edgar-online.com/
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 procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
Our subscribers, including more than 35% 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 platform 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 exceeds $2.5 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, 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.
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https://www.accesswire.com/701355/CreditRiskMonitor-Announces-First-Quarter-Results
