CreditRiskMonitor.com Announces Third Quarter Results.Business/High Tech Editors FLORAL PARK Floral Park, village (1990 pop. 15,947), Nassau co., SE N.Y., on Long Island, a residential suburb of New York City; inc. 1908. It has a commercial flower industry. , N.Y.--(BUSINESS WIRE)--Nov. 11, 2002 CreditRiskMonitor.com, Inc. (Symbol:CRMZ) announced that revenues for the nine months ended September September: see month. 30, 2002 were $2,324,000, an increase of 5% from 2001's comparable period revenues of $2,213,000. Revenues for 2002's third quarter were $744,000, a 1% increase over the prior year's third quarter revenues of $733,000. The Company reported a net loss of $200,000 for the first nine months of 2002, or ($0.04) per share, compared to a net loss of $527,000, or ($0.10) per share, for the same period last year. CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. reported a net loss of $37,000, or ($0.01) per share, for the quarter ended September 30, 2002, compared to a net loss of $157,000, or ($0.03) per share, for last year's third quarter. Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Flum, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated that, "We are encouraged by our operating performance despite a weak economy. We have been able to control our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. during 2002 thus reducing the Company's operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. compared to last year." CreditRiskMonitor.com is an Internet-based financial information analysis and news service designed for corporate credit professionals, and its web site is www.creditriskmonitor.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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.
CREDITRISKMONITOR.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
9 Months Ended 3 Months Ended
September 30, September 30,
------------- -------------
2002 2001 2002 2001
---- ---- ---- ----
Operating revenues $ 2,323,819 $ 2,212,727 $ 743,614 $ 732,869
Operating expenses:
Data and product costs 1,108,157 897,982 357,638 320,615
Selling, general and
administrative
expenses 1,278,405 1,585,389 380,064 451,642
Depreciation and
amortization 80,077 166,724 26,569 56,293
---------- ---------- --------- ---------
Total operating
expenses 2,466,639 2,650,095 764,271 828,550
---------- ---------- --------- ---------
Loss from operations (142,820) (437,368) (20,657) (95,681)
Other income 14,815 36,017 6,197 9,071
Interest expense (70,608) (78,116) (22,907) (26,404)
Write-off of investment - (44,000) - (44,000)
---------- ---------- --------- ---------
Loss before income taxes (198,613) (523,467) (37,367) (157,014)
Provision for state
and local income taxes 1,220 3,061 - -
---------- ---------- --------- ---------
Net loss $ (199,833) $ (526,528) $ (37,367) $(157,014)
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Net loss per share of common stock:
Basic and diluted $ (0.04) $ (0.10) $ (0.01) $ (0.03)
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