VALLEY COTTAGE, NY / ACCESSWIRE / March 25, 2022 / CreditRiskMonitor (OTCQX:CRMZ) reported that operating revenues for the year ended December 31, 2021 increased to approximately $17 million up 8.5% from $15.7 million in 2020. The Company reported a pre-tax operating income of approximately $2.3 million in 2021 compared to a pre-tax operating loss of approximately $238 thousand in 2020. In 2021 approximately $1.6 million in non-taxable income was recognized due to the forgiveness of the Company's PPP loan by the Small Business Administration in December 2021. Net income for 2021, including that recognized from the loan forgiveness, was approximately $3.4 million compared to a net loss of approximately $47 thousand for 2020.
Mike Flum, President & COO, said, "2021's strong economic conditions coupled with robust liquidity afforded by security markets and trade credit has reduced the U.S. public company bankruptcy rate to approximately 0.2% relative to the 70-year long-run average of about 1-1.2%. We remain committed to reinvestment in the business with new product development, data acquisition, and employee growth through retention and hiring. Our top priority remains the final testing and launch of our new supply chain risk platform, SupplyChainMonitor™, scheduled for the second quarter of 2022. In December 2021, we launched our European Private Company Data Enhancement which expanded our private company coverage by more than 9 million new businesses. Additionally, we will be expanding the coverage of our private company PAYCE® score with a model update expected to go live in 2022. All of these initiatives require considerable resources to create, test, and launch; however, they represent major growth opportunities for our business. Finally, our continued investments in operational infrastructure and systems are yielding efficiency gains while providing solid foundations on which to scale up."
A full copy of the financial statements can be found at https://crmz.ir.edgar-online.com/
Overview
CreditRiskMonitor (https://www.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 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.
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https://www.accesswire.com/694745/CreditRiskMonitor-Announces-2021-Results
