CreditRiskMonitor Announces 2022 Results

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by Jacob Solomon Mar 25, 2023 News
CreditRiskMonitor Announces 2022 Results

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The operating revenues of CreditRiskMonitor increased by approximately $1 million for the year ended December 31, 2022, as compared to the previous year. The Company reported a pre-tax operating income of approximately $1.75 million in 2022 compared to a pre-tax operating income of approximately $3.9 million in 2021. Non-taxable income from the loan forgiveness resulted in a net income of approximately $3.4 million for 2021. Expenses related to employee salaries, employee benefits, commission, and third-party content due to inflation drove the decrease in pre-tax operating income and net income.

The year was a turning point for CreditRiskMonitor. We launched our new supply chain risk platform, SupplyChainMonitor, in May, updated our PAYCE® score, and solidified our European Private Company Data Enhancement as a product add-on. Increased revenue and profitability will be supported by these initiatives for a long time. We launched our new marketing website and Credit Limit Ranges tool and will be working towards releasing an updated version of the FRISK score, possibly a third-party ESG add-on, business certification data, and our new financial statement recognition engine.

Our business is likely to get a boost from the economic environment in 2023. Concerns about bank solvency, inflation, rising interest rates, as well as hot and cold wars coupled with the reversal of long-term trends such as globalization, just-in-time inventory, and offshoring clearly present a need to monitor counterparty risk. Our counter-cyclicality is expected to shine given the mounting financial distress in corporations. We are committed to reinvestment in the business with new product development, data acquisition, and employee growth through retention and hiring in support of delivering subscription services whose value surpasses the cost to our clients.

The financial statements can be found on the website.

CreditRiskMonitor.com, Inc., Friday, March 24, 2023, Press release picture
CreditRiskMonitor.com, Inc., Friday, March 24, 2023, Press release picture

CreditRiskMonitor.com, Inc., Friday, March 24, 2023, Press release picture
CreditRiskMonitor.com, Inc., Friday, March 24, 2023, Press release picture

There is an overview.

CreditRiskMonitor® (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analysis, financial and payment information, and news on public and private companies worldwide. Corporate credit and supply chain professionals can use the products to stay ahead of financial risk.

The company's newest platform, SupplyChainMonitor, is a risk management solution built specifically for procurement, supply chain, and finance personnel involved in the supplier lifecycle. Under a variety of categories, users can assess risk at the aggregate and granular levels. The platform has mapping capabilities with real-time weather and natural disaster events.

Almost 40% of the Fortune 1000 and over a thousand other large corporations use the Company's timely news alert, research, and reports 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. The aggregate risk sentiment of our subscribers is one of the exclusive input features of the FRISK® scoring model.

The company gets confidential accounts receivables data from hundreds of subscribers every month. In order to summarize the invoice payment behavior of B2B counterparties, this data is processed, aggregated, and finally reported. $3 trillion of transaction data is processed annually by the trade credit file.

There is a safe harbor statement.

The Private Securities Litigation Reform Act of 1995 provides a framework for forward-looking statements to be made. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the actual results, performance, expectations or achievements of the Company to be different from any future results, performance or achievements expressed or implied by such forward-looking statements. We do not intend or obligation to revise any forward-looking statements, whether as a result of new information or future events.

There is a contact for this.

Mike Flum is the President and COO of Credit RiskMonitor.com.

I am ir@creditriskmonitor.

CreditRiskMonitor.com is a company

There is a source version on accesswire.

CreditRiskMonitor announces results

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