VALLEY COTTAGE, NY/ACCESSWIRE/May 13, 2021/ CreditRiskMonitor (OTCQX:CRMZ) reported operating revenue of $4.34 million, an increase of approximately $205,000 or 5%, for the quarter ended March 31, 2022 compared to the first quarter of fiscal 2021. The Company reported pre-tax earnings of approximately $196,000, a decrease of approximately $47,000 from the first quarter of fiscal 2021. The decrease in pre-tax earnings was primarily due to higher expenses related to employee salaries, benefits, commissions and third-party content due to inflation.
Mike Flum, President and Chief Operating Officer, said, “Robust economic conditions in 2021 are beginning to crack under pressure from inflation and supply shocks, driving renewed interest in risk. financial counterpart. We anticipate that these difficult conditions and rising interest rates could lead to a wave of bankruptcies this year for zombie companies with high short-term debt. This type of negative trading 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 service with new product development, data acquisition and employee retention, as well as our core operating principle of delivering value above price to meet customer needs. analysis of the financial risks of our customers and prospects. We remain focused on the imminent launch of our new supply chain risk management platform, SupplyChainMonitor™, and expanding our coverage to private companies. We are targeting an extension of our US private company coverage under the PAYCE® score later this year. »
A complete copy of the financial statements is available at https://crmz.ir.edgar-online.com/
CreditRiskMonitor® (creditriskmonitor.com) sells a suite of web-based SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analyses, financial and payment information, and curated news on public and private companies around the world. The products help corporate credit and procurement professionals stay ahead of the curve and manage financial risk faster, more accurately and more cost-effectively.
Our subscribers, including more than 35% of the Fortune 1000 and well over a thousand other large companies around the world, use the company’s news alerts, research and reports on public and private companies to take important risk decisions. The company’s comprehensive commercial credit reports covering both public and private companies worldwide are published on its web-based platform and feature detailed financial statement analyses, including ratio analysis and trends, peer analysis, corporate issuer ratings from leading nationally recognized statistical rating organizations (“NRSRO”), as well as the Company’s proprietary bankruptcy analyses: FRISK® and PAYCE® scores . One of the exclusive input features of the FRISK® scoring model is the overall risk sentiment of our subscribers based on their crowd-use behaviors, which helps improve the bankruptcy risk classification for businesses. more risky and improve overall accuracy.
The Company, through its Trade Contributor program, receives confidential customer account data from hundreds of subscribers and non-subscribers each month. This customer data is analyzed, processed, aggregated and ultimately 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 in transaction data per year.
Safe Harbor Statement
Certain statements in this press release, including statements preceded 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. These forward-looking statements involve known and unknown risks, uncertainties and other factors that 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 other things, the risks, uncertainties and factors referenced from time to time as “Risk Factors” or otherwise in Securities and Exchange registration statements or reports. Company Committee. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event or otherwise.
Mike Flum, President and Chief Operating Officer
THE SOURCE: CreditRiskMonitor.com, Inc.
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