8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 11, 2011

DIRECT INSITE CORP.

(Exact Name of Registrant as Specified in Charter)

Delaware	0-20660	11-2895590
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

13450 West Sunrise Boulevard, Suite 510, Sunrise, Florida (Address of Principal Executive Offices)   33323 (Zip Code)

Registrant’s telephone number, including area code:  (631) 873-2900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Direct Insite Corp. (the “Company”), dated August 11, 2011, reporting the Company’s financial results for the three and six months ended June 30, 2011.

The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits

Exhibit No. Description

99.1 Press Release dated August 11, 2011.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Direct Insite Corp. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DIRECT INSITE CORP

                                                                                /s/ Michael J. Beecher                     

Michael J. Beecher

Chief Financial Officer

Dated:                      August 12, 2011

EXHIBIT INDEX

Exhibit No. Description

99.1    Press Release dated August 11, 2011.

EX-99.1

                                                                                                                     Exhibit 99.1

Corporate Contact:

Michael J. Beecher, Chief Financial Officer

Direct Insite Corp.

631.873.2900

FOR IMMEDIATE RELEASE

Direct Insite Announces Revenue of $4,153,000 for the First Six Months of 2011

Sunrise, FL– August 11, 2011 – Direct Insite Corp. (OTC BB:DIRI.OB), 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 six months ended June 30, 2011.  Revenue for the three months ended June 30, 2011 was $2,026,000, a 19.4% decrease from revenue of $2,513,000 for the three months ended June 30, 2010.  Revenue for the six month period ended June 30, 2011 was $4,153,000, a decrease of 15.1% from revenue of $4,894,000 for the same period in 2010.  Recurring revenue was $1,920,000 for the three months ended June 30, 2011, a decrease of 12.9% compared to recurring revenue of $2,204,000 for the three months ended June 30, 2010.  For the six months ended June 30, 2011 recurring revenue was $3,816,000 compared to recurring revenue of $4,377,000 for the same period in 2010, a decrease of 12.8%.  Revenue from professional services decreased $203,000 (65.7%) to $106,000 and $180,000 (34.8%) to $337,000 for the three and six months ended June 30, 2011, respectively, compared to the same periods in 2010.  The decrease in revenue is primarily due to contractual price decreases and lower professional services revenue with Hewlett-Packard.  The Company expects revenue in the second half of 2011 to be approximately $5.0 million, to bring revenue for the year slightly ahead of 2010.

We incurred a net loss of $1,022,000 and $939,000 for the three and six months ended June 30, 2011, respectively, compared to net income of $392,000 and $781,000 for the three and six months ended June 30, 2010, respectively.  The net loss for the three and six months ended June 30, 2011 includes nonrecurring charges of $620,000 for severance pay to the former Chief Executive Officer and $195,000 of legal fees reimbursed to S.A.V.E Partners III, LLC and an Metropolitan Venture Partners Corp., both shareholders of the Company, for costs they incurred related to our annual meeting proxy solicitations .  We expect net income in the second half of 2011 to be approximately $500,000 to $900,000, roughly offsetting the loss in the first six months of 2011.

“Although we incurred a loss for the most recent quarter and six months due to onetime costs, we believe that the Company’s continued focus on growing revenue, attracting new customers and increasing shareholder value will yield positive results,” said Matthew Oakes, President and Chief Executive Officer. “Our pipeline is robust and we anticipate signing several new clients before year end,” said Mr. Oakes.

Basic and diluted loss per share attributable to common shareholders for the three and six months ended June 30, 2011 was $0.09 and $0.08, respectively, compared to basic and diluted income per share of $0.03 and $0.07 for the three and six months ended June 30, 2010, 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 50,000 users across 100 countries, 35 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 June 30, 2011 Form 10-Q, filed with the Securities and Exchange Commission on August 11, 2011, and should be read in conjunction with the information provided therein.

The Company will hold an annual earnings webcast for the second quarter 2011 on Friday, August 12, 2011 at 10:00 AM eastern time. This call is being webcast by PrecisionIR and can be accessed at www.InvestorCalendar.com. Participant dial in toll-free is (877) 407-9210.

Summarized Financial Information

STATEMENT OF OPERATIONS	FOR THE THREE MONTHS ENDED  JUNE 30, 2011		FOR THE THREE MONTHS ENDED  JUNE 30, 2010		FOR THE SIX MONTHS ENDED  JUNE 30, 2011		FOR THE SIX MONTHS ENDED  JUNE 30, 2010
Revenue	$	2,026,000	$	2,513,000	$	4,153,000	$	4,894,000
Operating (loss) income	$	(822,000)	$	398,000	$	(735,000)	$	609,000
Other (expense) income, net	$	(200,000)	$	20,000	$	204,000	$	234,000
(Loss) income before income taxes	$	(1,022,000	$	418,000	$	(939,000)	$	843,000
Provision for income taxes	$	--	$	10,000	$	--	$	20,000
Net (loss) income	$	(1,022,000)	$	408,000	$	(939,000)	$	823,000
Preferred Stock Dividends	$	--	$	(16,000)	$	--	$	(42,000)
Net (loss) income  attributable to common shareholders	$	(1,022,000)	$	392,000	$	(939,000)	$	781,000
Basic and diluted (loss) income  per share attributable to common shareholders	$	(0.09)	$	0.03	$	(0.08)	$	0.07

BALANCE SHEET	JUNE 30, 2011		DECEMBER 31,2010
Total Current Assets	$	3,805,000	$	3,941,000
Total Assets	$	6,510,000	$	6,705,000
Total Current Liabilities	$	2,349,000	$	1,651,000
Total Shareholders’ Equity	$	4,086,000	$	4,950,000

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.