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CreditRiskMonitor Announces Second Quarter Results

VALLEY COTTAGE, NY / ACCESSWIRE / August 10, 2023 / CreditRiskMonitor® (OTCQX:CRMZ) reported operating revenues of $4.7 million, an increase of approximately $232 thousand or 5%, for the second quarter of fiscal 2023 compared to the same period of fiscal 2022. The Company reported pre-tax income of approximately $594 thousand, an increase of approximately $298 thousand, for the second quarter of fiscal 2023 compared to the same period of fiscal 2022.

Mike Flum, CEO, said, "Corporate bankruptcy filings within our coverage universe of FRISK® and PAYCE® scored businesses have almost doubled year-to-date in 2023 relative to 2022. The seven-month figure for 2023 is also 8% higher relative to the 2020 comparable, without pandemic-induced shutdowns or a bear market to blame. This trend reversal is a harbinger of tumultuous times ahead, especially considering the persistent strength in labor markets and the subsequent need for sustained higher interest rates to contain inflation. Without quick and significant reductions in interest rates, there is potential for a major wave of bankruptcies in the next two years with highly leveraged businesses leveled by their refinancing costs.

We have also accelerated our work on generative AI applications, specifically Large Language Models, with assistance from Hugging Face. There are already some specific use cases in production with more in various stages of ideation, development, and testing. Our investment in such new technologies will reinforce and support our commitment to deliver subscription services whose value exceeds their cost."

CreditRiskMonitor.com, Inc., Thursday, August 10, 2023, Press release picture
CreditRiskMonitor.com, Inc., Thursday, August 10, 2023, Press release picture
CreditRiskMonitor.com, Inc., Thursday, August 10, 2023, Press release picture

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 supply chain professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.

The Company's newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.

Our subscribers, including nearly 40% 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 platforms 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® 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 processes nearly $3 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, CEO
(845) 230-3037
ir@creditriskmonitor.com

SOURCE: CreditRiskMonitor.com, Inc.



View source version on accesswire.com:
https://www.accesswire.com/773670/CreditRiskMonitor-Announces-Second-Quarter-Results

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