0001140361-13-014048.txt : 20130326 0001140361-13-014048.hdr.sgml : 20130326 20130326164510 ACCESSION NUMBER: 0001140361-13-014048 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130326 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130326 DATE AS OF CHANGE: 20130326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIRECT INSITE CORP CENTRAL INDEX KEY: 0000879703 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 112895590 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20660 FILM NUMBER: 13717335 BUSINESS ADDRESS: STREET 1: 13450 WEST SUNRISE BOULEVARD STREET 2: SUITE 510 CITY: SUNRISE STATE: FL ZIP: 33323 BUSINESS PHONE: 631-873-2900 MAIL ADDRESS: STREET 1: 13450 WEST SUNRISE BOULEVARD STREET 2: SUITE 510 CITY: SUNRISE STATE: FL ZIP: 33323 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTER CONCEPTS CORP /DE DATE OF NAME CHANGE: 19930328 8-K 1 form8k.htm DIRECT INSITE CORP 8-K 3-26-2013 form8k.htm
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):  March 26, 2013
 
 
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.)

500 East Broward Boulevard
Suite 1550
Fort Lauderdale, Florida
(Address of Principal Executive Offices)
  
 
33394
(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):
 

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
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.
 
On March 26, 2013, Direct Insite Corp. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the three months and year ended December 31, 2012.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information set forth under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and, as a result, such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01
Financial Statements and Exhibits.
 
(d)   Exhibits
 
Exhibit No.
Description
   
99.1
Press Release of Direct Insite Corp. dated March 26, 2013.

 
 
 
 
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/ Jeff Yesner
  
  Jeff Yesner  
 
Chief Financial Officer
  
     
Dated: March 26, 2013
    

 
 
 
 
EXHIBIT INDEX
 
Exhibit No.
Description
   
Press Release of Direct Insite Corp. dated March 26, 2013.

 
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm
EXHIBIT 99.1
 
 
Corporate Contact:
Jeff Yesner, Chief Financial Officer
Direct Insite Corp.
631-873-2900
investorrelations@directinsite.com
 
FOR IMMEDIATE RELEASE
 
Direct Insite Announces Fourth Quarter and Fiscal Year 2012 Results
Annual Revenue Increases to $8,814,000
 
Fort Lauderdale, FL– March 26, 2013 – Direct Insite Corp. (OTC BB: DIRI.OB), a leading provider of cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable, and Payments automation, today announced financial results for the fourth quarter and year ended December 31, 2012. Revenue for the three months ended December 31, 2012, was $2,264,000, an increase of $115,000, or 5.4%, from revenue of $2,149,000 for the three months ended December 31, 2011. Revenue for the year ended December 31, 2012, was $8,814,000, an increase of $249,000, or 2.9%, from revenue of $8,565,000 for the year ended December 31, 2011.
 
As part of a new contractual arrangement with Siemens Corporation, effective February 2012, the Company no longer collected pass-through third-party scanning fees. Revenue, net of Siemens scanning for the three months ended December 31, 2012, was $2,264,000, an increase of $222,000, or 10.9%, from revenue, net of Siemens scanning of $2,042,000 for the three months ended December 31, 2011. Revenue, net of Siemens scanning for the year ended December 31, 2012, was $8,784,000, an increase of $681,000, or 8.4% from revenue, net of Siemens scanning of $8,103,000 for the year ended December 31, 2011.
 
 “As we build on the positive momentum with customers from 2012, we have entered 2013 with accelerating growth rates in revenue.  We anticipate that the first quarter of 2013 will be the highest quarterly revenue at Direct Insite in almost three years as the turnaround that began in May 2011 is firmly taking hold and our solutions are finding eager large corporate clients.  Additionally, we expect our cash balance at March 31, 2013 to be higher than our reported balance at year end,” stated Direct Insite President and Chief Executive Officer Matthew E. Oakes.
 
Net income for the three months ended December 31, 2012, was $237,000, an increase of $2,171,000, or 112.3%, from net loss of $1,934,000 for the three months ended December 31, 2011. The year-over-year increase in quarterly net income is primarily due to the favorable impact from the current year valuation of our deferred tax assets and the increase in revenue. Basic and diluted earnings per share for the three months ended December 31, 2012 was $0.02 compared to a loss per share of $0.16 for the compared prior period.
 
Net income for the year ended December 31, 2012, was $465,000, an increase of $3,122,000, or 117.5%, from net loss of $2,657,000 for the year ended December 31, 2011. The increase in net income for 2012 from 2011 is primarily due to the favorable impact from the current year valuation of our deferred tax assets, the non-recurrence of approximately $620,000 of severance expenses in 2011 and a decrease in third-party legal fees due to the non-recurrence of proxy solicitation costs incurred in 2011. Basic and diluted earnings per share for the year ended December 31, 2012, was $0.04 compared to a loss per share of $0.22 for the compared prior period.
 
 
 
 
 
Recurring revenue for the three months ended December 31, 2012, was $1,899,000, an increase of $90,000, or 5.0%, from recurring revenue of $1,809,000 for the three months ended December 31, 2011. Recurring revenue for the year ended December 31, 2012, was $7,374,000, an increase of $180,000, or 2.5%, from recurring revenue of $7,194,000 for the year ended December 31, 2011. Year-over-year recurring revenue increases are primarily due to the impact from new customers that were on-boarded at the end of 2011 and throughout 2012.
 
Non-recurring revenue for the three months ended December 31, 2012, was $365,000, an increase of $25,000, or 7.4%, from non-recurring revenue of $340,000 for the compared year ended. Non-recurring revenue for the year ended December 31, 2012, was $1,440,000, an increase of $69,000, or 5.0%, from non-recurring revenue of $1,371,000 for the year ended December 31, 2011. Year-over-year non-recurring revenue increases were primarily due to startup engineering services provided for new customers contracted at the end of 2011 and throughout 2012, partially offset by the elimination of third-party scanning services no longer charged to Siemens.
 
Working capital at December 31, 2012, was $1,895,000, an increase of 757,000, or 66.5%, from working capital of $1,138,000 at December 31, 2011. Cash provided by operating activities at December 31, 2012 was $722,000, an increase of $1,528,000, or 189.6%, compared to cash used in operations of $806,000 for the same period in 2011.
 
“We are continuing to focus on improving our core product offerings while expanding our client base. We are building a growing pipeline of opportunities through the deployment of a direct sales team that is focused on a targeted emerging growth market. The multiple new contracts that closed during 2012 have expanded our ongoing recurring revenue stream” Oakes commented. “In 2013, we anticipate increased demand for e-invoicing solutions as more large enterprises look to implement tools that eliminate paper, streamline business processes and accelerate cash flow.  Direct Insite’s robust and scalable AP Transformation and AR/Payment Solutions offerings uniquely position us to capitalize on this trend and partner with enterprise customers to provide mutual growth in profitability.”
 
The financial information stated above and in the tables below has been abstracted from Direct Insite Corp.’s December 31, 2012 Form 10-K, filed with the Securities and Exchange Commission on March 26, 2013, and should be read in conjunction with the information provided therein.
 
Summarized Financial Information – Statement of Operation
 
   
For the Three Months Ended
    
For the Year Ended
  
Statements of Operations
  
Dec. 31, 2012
    
Dec. 31, 2011
    
Dec. 31, 2012
    
Dec. 31, 2011
  
Revenue
   $ 2,264,000     $ 2,149,000     $ 8,814,000     $ 8,565,000  
Operating Income (Loss)
   $ 81,000     $ (165,000 )   $ 326,000     $ (696,000 )
Other Expense (Income), Net
   $ 18,000     $ (116,000 )   $ 35,000     $ 76,000  
Income (Loss) Before Income Taxes
   $ 63,000     $ (49,000 )   $ 291,000     $ (772,000 )
Provision for (Benefit from) Income Taxes
   $ (174,000 )   $ 1,885,000     $ (174,000 )   $ 1,885,000  
Net Income (Loss)
   $ 237,000     $ (1,934,000 )   $ 465,000     $ (2,657,000 )
Basic and diluted Income (Loss) per Share
   $ 0.02     $ (0.16 )   $ 0.04     $ (0.22 )
Basic shares outstanding
     12,421,000       12,101,000       12,321,000       11,813,000  
Diluted shares outstanding
     12,434,000       12,101,000       12,328,000       11,813,000  
 
   
For the Three Months Ended
        
Revenue, Net of Siemens Scanning
  
Dec. 31, 2012
    
Dec. 31, 2011
    
$ Variance
    
% Variance
  
Total Revenue
   $ 2,264,000     $ 2,149,000     $ 115,000       5.4 %
Siemens Scanning Revenue
   $ –     $ (107,000 )   $ 107,000       (100.0 )%
Revenue, net of Siemens Scanning
   $ 2,264,000     $ 2,042,000     $ 222,000       10.9 %
 
   
For the Year Ended
        
Revenue, Net of Siemens Scanning
  
Dec. 31, 2012
    
Dec. 31, 2011
    
$ Variance
    
% Variance
  
Total Revenue
   $ 8,814,000     $ 8,565,000     $ 249,000       2.9 %
Siemens Scanning Revenue
   $ (30,000 )   $ (462,000 )   $ 432,000       (93.5 )%
Revenue, net of Siemens Scanning
   $ 8,784,000     $ 8,103,000     $ 681,000       8.4 %

 
2
 

Summarized Financial Information – Balance Sheet
 
Balance Sheet
  
Dec. 31, 2012
    
Dec. 31, 2011
  
Total Cash
   $ 1,098,000     $ 687,000  
Total Current Assets
   $ 3,353,000     $ 2,749,000  
Total Assets
   $ 5,161,000     $ 4,528,000  
Total Current Liabilities
   $ 1,458,000     $ 1,611,000  
Total Liabilities
   $ 1,620,000     $ 1,892,000  
Total Stockholders’ Equity
   $ 3,541,000     $ 2,636,000  
 
About Direct Insite
 
Direct Insite Corp. delivers cloud-based e-invoicing solutions for AP, AR and payments automation.  For nine years, Direct Insite has built a track record in automating some of the most demanding financial environments.  Today, over 300,000 suppliers and customers use our e-invoicing network across 100 countries (representing more than 35 currencies and 35 languages).  Direct Insite’s Invoices On-Line (IOL) suite simplifies AP and AR processes such as: electronic invoice distribution and submission; purchase order submission, distribution and acknowledgement, invoice processing and validation, line-item matching, approval routing, invoice consolidation, dispute management, e-payment processing, and reporting and analysis.  To learn more, visit www.directinsite.com.
 
The Company will hold an earnings webcast for the three months and year ended December 31, 2012 on Thursday, March 28, 2013 at 10:00 AM (Eastern).  This call is being webcast by PrecisionIR and can be accessed at www.InvestorCalendar.com.  Participant toll-free dial-in is (877) 407-9210.
 
FORWARD-LOOKING STATEMENTS.  Statements in this press release regarding our future operations are 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.  These 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.  Actual results could differ materially from those contemplated by the forward-looking statements as a result of various factors, including but not limited to, our ability to retain existing customers, the effectiveness of our marketing efforts in attracting new customers, the success of our research and development efforts in continuing to create competitively attractive e-invoicing solutions, other competitive factors, general business and economic conditions, and pricing pressures.  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.

Invoices On-Line is a trademark of Direct Insite Corp.
 
 
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