CORRECTION BY SOURCE: CreditRiskMonitor Announces Third Quarter Results



VALLEY COTTAGE, NY / ACCESSWIRE / November 14, 2023 / CreditRiskMonitor® (OTCQX:CRMZ) reported operating revenues of $4.8 million, an increase of approximately $245 thousand or 5%, for the third quarter of fiscal 2023 compared to the same period of fiscal 2022. The Company reported pre-tax income of approximately $494 thousand, a decrease of approximately $133 thousand, for the third quarter of fiscal 2023 compared to the same period of fiscal 2022. The decrease in pre-tax profitability was primarily driven by increased expenses related to employee salaries, employee benefits, commissions, and third-party content due to inflation.

Mike Flum, CEO, said, "Corporate bankruptcy filings continue to increase relative to last year, and within our coverage universe of FRISK® and PAYCE® scored businesses, bankruptcies are almost2.5 times greater year-to-date in 2023 versus 2022. In the same year-to-date comparison between 2023 and 2020, bankruptcies are 1.7 times greater in 2023, without a pandemic shutdown or significant bear market stressors like what occurred in 2020. We continue to monitor the zombie company contagion in markets with massive corporate debt maturities starting to come due in 2024. With the ‘higher for longer' rate environment taking root in society and increasing geopolitical tensions, a sustained increase in corporate bankruptcies of highly leveraged businesses seems more probable.

We encourage our subscribers and prospects to prepare now by using our bankruptcy risk analytics to screen for high financial risk counterparties followed by deeper dives on liquidity, leverage, and maturity to identify counterparties in the most immediate danger. Ensuring that credit and sourcing policies are set and ready to deal with financially distressed businesses is a near-term necessity. This model has proven to be an effective and efficient workflow optimization strategy for our subscribers on both the CreditRiskMonitor and SupplyChainMonitor platforms."

A full copy of the financial statements can be found at


CreditRiskMonitor® ( 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:, Inc.Mike Flum, CEO(845)


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