VALLEY COTTAGE, N.Y., Feb. 23, 2012 /PRNewswire/ -- CreditRiskMonitor (Symbol: CRMZ) announced that for the year ended December 31, 2011 revenues increased 9% to $10.15 million compared to fiscal 2010, while income from operations was $1.21 million versus $1.68 million last year. Cash, cash equivalents and marketable securities at the end of 2011 increased $1.44 million, after the payment of a cash dividend of $396,000 in the third quarter of 2011, to $8.28 million from the 2010 year-end balance of $6.85 million.
Jerry Flum, CEO, said, "Due to the Company's continuing investment in sales and service staff, new data for subscribers and enhanced infrastructure, our profit was reduced despite the higher sales we achieved in 2011 over 2010. We continue to strongly believe that these expenditures will enhance our long-term prospects and we will be rewarded by this current investment. We remain debt-free and our strong balance sheet provides us with financial flexibility should investment opportunities present themselves."
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
Data and product costs
Selling, general and administrative expenses
Depreciation and amortization
Total operating expenses
Income from operations
Other income, net
Income before income taxes
Provision for income taxes
Net income per share of common stock:
DECEMBER 31, 2011 AND 2010
Cash and cash equivalents
Accounts receivable, net of allowance of $30,000
Other current assets
Total current assets
Property and equipment, net
Deferred taxes on income
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred taxes on income
Total current liabilities
Preferred stock, $.01 par value; authorized
Common stock, $.01 par value; authorized
Additional paid-in capital
Total stockholders' equity
Total liabilities and stockholders' equity
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.
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.
Jerry Flum, CEO
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