SUNRISE, FL, Nov 16 (MARKET WIRE) --
Direct Insite Corp. (OTCBB: DIRI), a global provider of financial supply
chain automation across Procure-to-Pay and Order-to-Cash business
processes, today announced financial results for the three and nine
months ended September 30, 2009. Revenue for the nine months ended
September 30, 2009 was $7,648,000, a 12.3% increase over revenue of
$6,810,000 for the nine months ended September 30, 2008. Revenue for the
three month period ended September 30, 2009 was $2,474,000, a decrease of
1.4% compared to revenue of $2,509,000 for the same period in 2008.
Recurring revenue was $2,238,000 for the three months ended September 30,
2009, an 11.0% increase, compared to recurring revenue of $2,016,000 for
the three months ended September 30, 2008. For the nine months ended
September 30, 2009 recurring revenue was $6,723,000 compared to recurring
revenue of $5,668,000 for the same period in 2008, an increase of 18.6%.
The increase in recurring revenue is attributed to additional customers,
growth in services to continuing customers, and the increasing rate of
paper invoices converting to electronic invoices. Revenue from
Professional Services decreased $257,000 (52.1%) to $236,000 and $217,000
(19.0%) to $925,000 for the three and nine months ended September 30,
2009, respectively, compared to the same periods in 2008. The decrease is
attributed to completing projects in the second quarter.
Operating income for the three and nine months ended September 30, 2009
was $594,000 and $1,628,000, respectively, compared to operating income of
$431,000 and $878,000 for the three and nine months ended September 30,
2008, respectively. Net income was $465,000 for the quarter ended
September 30, 2009 compared to net income of $418,000 for the quarter
ended September 30, 2008. Net income for the nine months ended September
30, 2009 was $1,397,000, compared to net income of $3,721,000 for the nine
months ended September 30, 2008. Net income for the nine months ended
September 30, 2008 included a benefit from income taxes of $2,867,000.
Cash flows from operations continued to be strong at $2,595,000 for the
nine months ended September 30, 2009 compared to cash from operations of
$1,495,000 for the nine months ended September 30, 2008. The continuing
positive cash flow enabled the Company to redeem the Series B Preferred
Stock of $974,000 in July 2009.
"During this period of a significant economic slowdown we have been able
to continue to grow revenues through the addition of customers and
expanding services to our existing customers, and equally important, we
have significantly improved profitability through operating
efficiencies," said James A. Cannavino, Chairman and CEO of Direct
Insite. Mr. Cannavino added, "With the efficiency improvements we are
aggressively reducing the 'cost of entry' to new customers and extending
additional value to our existing customers."
Basic income per share attributable to common shareholders for the three
and nine months ended September 30, 2009 was $0.04 and $0.11,
respectively, compared to a basic income per share of $0.03 and $0.43 for
the three and nine months ended September 30, 2008, respectively. The
income per share for the nine months ended September 30, 2008 includes
the benefit from income taxes. Diluted income per share attributable to
common shareholders for the three and nine months ended September 30,
2009 was $0.04 and $0.11, respectively, compared to a diluted income per
share of $0.03 and $0.31 for the three and nine months ended September
30, 2008, respectively.
About Direct Insite
Direct Insite provides best practice financial supply chain automation and
workflow efficiencies for procure-to-pay and order-to-cash processing. The
Company's global eInvoice Management services automate complex manual
business processes such as invoice validation, order matching,
consolidation, dispute handling, and e-payment processing. Direct Insite
solutions are used by more than 20,000 users across 65 countries, 17
languages and multiple currencies. For more information, call (631)
873-2900, or visit www.directinsite.com
The financial information stated above and in the tables below has been
abstracted from Direct Insite Corp.'s Form 10-Q for the nine months ended
September 30, 2009, filed with the Securities and Exchange Commission on
November 16, 2009, and should be read in conjunction with the information
provided therein.
Summarized Financial Information
FOR THE THREE FOR THE THREE FOR THE NINE FOR THE NINE
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
STATEMENT OF SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
OPERATIONS 2009 2008 2009 2008
------------- ------------- ------------- -------------
Revenue $ 2,474,000 $ 2,509,000 $ 7,648,000 $ 6,810,000
------------- ------------- ------------- -------------
Operating
income $ 594,000 $ 431,000 $ 1,628,000 $ 878,000
------------- ------------- ------------- -------------
Other income
(expense), net $ (106,000) $ 1,000 $ (176,000) $ (10,000)
------------- ------------- ------------- -------------
Income before
income taxes $ 488,000 $ 432,000 $ 1,452,000 $ 868,000
------------- ------------- ------------- -------------
Provision for
(benefit
from) income
taxes $ 23,000 $ 14,000 $ 55,000 $ (2,853,000)
------------- ------------- ------------- -------------
Net income $ 465,000 $ 418,000 $ 1,397,000 $ 3,721,000
------------- ------------- ------------- -------------
Preferred Stock
Dividends $ (50,000) $ (161,000) $ (208,000) $ (536,000)
------------- ------------- ------------- -------------
Net income
attributable
to common
shareholders $ 415,000 $ 257,000 $ 1,189,000 $ 3,185,000
------------- ------------- ------------- -------------
Basic income
per share
attributable
to common
shareholders $ 0.04 $ 0.03 $ 0.11 $ 0.43
============= ============= ============= =============
Diluted income
per share
attributable
to common
shareholders $ 0.04 $ 0.03 $ 0.11 $ 0.31
============= ============= ============= =============
BALANCE SHEET SEPTEMBER 30, DECEMBER 31,
2009 2008
------------ ------------
Total Current Assets $ 4,024,000 $ 3,093,000
------------ ------------
Total Assets $ 7,642,000 $ 6,880,000
------------ ------------
Total Current Liabilities $ 2,241,000 $ 2,179,000
------------ ------------
Total Shareholders' Equity $ 3,216,000 $ 4,420,000
------------ ------------
FORWARD-LOOKING STATEMENTS. All statements other than statements of
historical fact included in this release, including without limitation
statements regarding the company's financial position, business strategy,
and the plans and objectives of the company's management for future
operations, are forward-looking statements. When used in this release,
words such as "anticipate," "believe," "estimate," "expect," "intend" and
similar expressions, as they relate to the company or its management,
identify forward-looking statements. Such forward-looking statements are
based on the beliefs of the company's management, as well as assumptions
made by and information currently available to the company's management.
Actual results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors, including but
not limited to, business and economic conditions, competitive factors and
pricing pressures, capacity and supply constraints. Such statements
reflect the views of the company with respect to future events and are
subject to these and other risks, uncertainties and assumptions relating
to the operations, results of operations, growth strategy and liquidity
of the company. Readers are cautioned not to place undue reliance on these
forward-looking statements. The company does not undertake any obligation
to release publicly any revisions to these forward-looking statements to
reflect future events or circumstances or to reflect the occurrence of
unanticipated events.
Corporate Contact:
Michael J. Beecher
Chief Financial Officer
Direct Insite Corp.
631.873.2900
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