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S Korea's disgraced ex-president Yoon detained, again, over martial law
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Trump hits Brazil with 50% tariff, sets date for copper levy
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Trump praises Liberian leader on English - his native tongue
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Three-time Tour de France winner LeMond receives Congressional Gold Medal
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Trump eyes African mineral wealth in trade-focused summit
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Inspired James downs Dutch to kick-start England's Euros title defence
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Trump issues more letters to countries in push for tariff deals
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CreditRiskMonitor Announces Third Quarter Results
CreditRiskMonitor.com, Inc. (OTCQX:CRMZ) reported operating revenues of $5.0 million, an increase of approximately $217 thousand or 5%, for the third quarter of fiscal 2024 compared to the same period of fiscal 2023. The Company reported pre-tax income of approximately $716 thousand, an increase of approximately $222 thousand, for the third quarter of fiscal 2024 compared to the same period of fiscal 2023. The increase in pre-tax profitability was primarily driven by decreased salary and related expenses, lower customer acquisition costs, and an increase in interest income.
Mike Flum, CEO, said, "We continue our optimization initiatives to achieve higher efficiency for our teams. While our operating results have improved quarter over quarter, we still expect lower profitability in the short-to-medium term as we increase spending for data, technology, and employee upskilling. We expect these investments will support higher revenue growth and higher profitability in the long term.
Our Confidential Financial Statements Solution continues to receive positive feedback from prospects and customers as it gains momentum. We are making minor tweaks to the process based on user input as we refine product market fit. The add-on helps to address the private company coverage problem without resorting to the firmographic/technographic models used in thin file situations, which we feel provide a false sense of security.
We also continue to gain new clients for our SupplyChainMonitor™ platform and were excited to be rated as a top provider of financial risk analytics for supply chain risk management and third-party risk management by Spend Matters in their Fall 2024 SolutionMap rankings. There is a clear need for financial risk analysis in supply chain management and the movement from one-time onboarding checks to more robust continuous monitoring supports our value proposition.
Finally, we are working to improve our news systems with new natural language techniques to support better content tagging, fewer duplicated stories, and clear materiality to our subscribers. These steps will further support extracting more useful signals from news, improving our reports and counterparty relationship identification. Ultimately, this data will aid our long-term ambitions to offer lower-cost digital twin models leveraging our analytics to surface financial risk contagions within n-tier supply chains.



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® 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 processes approximately $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, 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, CEO & President
(845) 230-3037
[email protected]
SOURCE: CreditRiskMonitor.com, Inc.
D.Kaufman--AMWN