-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ttj4Z3RtS8Kf5iAaj7z0BNa5R4pgIEdR7VDPhplZ6f40uFp7DnmmfCkvdvw0hvAK +L9T2QXVNfvZol7kdXZwsQ== 0001201800-03-000190.txt : 20031210 0001201800-03-000190.hdr.sgml : 20031210 20031210151018 ACCESSION NUMBER: 0001201800-03-000190 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031210 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031210 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: 031047191 BUSINESS ADDRESS: STREET 1: 80 ORVILLE DR CITY: BOHEMIA STATE: NY ZIP: 11716 BUSINESS PHONE: 5162441500 MAIL ADDRESS: STREET 1: 80 ORVILLE DRIVE CITY: BOHEMIA STATE: NY ZIP: 11716 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTER CONCEPTS CORP /DE DATE OF NAME CHANGE: 19930328 8-K 1 di8kdec03earn.txt ===================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 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): December 10, 2003 DIRECT INSITE CORP. (Exact Name of Registrant as specified in its charter) Delaware 0-20660 11-2895590 (State or other jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification Number) 80 Orville Drive, Bohemia, NY 11716 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (631) 244-1500 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits 99 Press release dated December 10, 2003 issued by Direct Insite Corp.("Registrant"). Item 12. Results of Operations and Financial Condition On December 10, 2003, the Registrant issued a press release announcing the Registrant's financial results for the third quarter ended September 30, 2003. A copy of the Registrant's press release is attached hereto as Exhibit 99. The information in this Form 8-K is being furnished under Item 12 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934 (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 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DIRECT INSITE CORP. By: /s/ George Aronson George Aronson Chief Financial Officer Dated: December 10, 2003 EX-99 3 di-8kdec03ex99.txt FOR IMMEDIATE RELEASE Direct Insite Corp. 80 Orville Drive Bohemia, NY 11716 631-244-1500 631-563-8085 fax Contact Corporate: George Aronson Direct Insite Corp. 631.244.1500 george.aronson@directinsite.com DIRECT INSITE CORP. REPORTS THIRD QUARTER RESULTS Continued Revenue Growth and improved operating results Bohemia, NY, December 10, 2003 - - Direct Insite Corp. (OTC:BB: DIRI) today announced its financial results for the three and nine month periods ended September 30, 2003. Revenue for the three month period ended September 30, 2003, was $2,085,000 which represents an increase of $234,000 when compared to $1,851,000 for the three months ended September 30, 2002. For the nine month period ended September 30, 2003, revenue increased $1,006,000, to $6,354,000 an increase of nearly 19% when compared to $5,348,000 reported the nine month period ended September 30, 2002. For the third quarter of 2003, the Company reduced its reported net loss attributable to common shareholders to $930,000 when compared to a net loss of $1,487,000 for the third quarter of 2002. For the nine month period ended September 30, 2003 the Company reported a net loss attributable to common shareholders of $3,382,000 an overall improvement of $1,450,000 when compared to a net loss attributable to common shareholders of $4,832,000 for the nine month period ended September 30, 2002. Basic and diluted loss per share was reduced to $0.23 for the three months ended September 30, 2003 compared to $0.39 loss per share for the three months ended September 30, 2002; and $0.85 loss per share for the nine months ended September 30, 2003, compared to $1.37 loss per share for the nine months ended September 30, 2002. "We're pleased with the improved operating results we experienced this past quarter. Increased revenue growth in our core Electronic Invoice Presentment & Payment business called "Invoices On Line" or "IOL" as well as strong cost controls are providing us with great momentum as we move into 2004," stated Jim Cannavino, Chairman and CEO, Direct Insite Corp. The financial information stated above and in the tables below has been abstracted from the Company's Form 10-QSB for the three and nine months ended September 30, 2003, filed with the Securities and Exchange Commission on December 9, 2003, and should be read in conjunction with the information provided therein. Summarized Financial Information
Balance Sheet September December 31, 30, 2003 2002 --------- ------------ (Unaudited) (Audited) Total Current Assets $ 1,637,000 $ 2,789,000 Total Assets $ 3,354,000 $ 4,891,000 Total Current Liabilities $ 3,737,000 $ 3,007,000 Total Shareholders' (Deficiency) Equity $ (740,000) $ 1,212,000
Statement of Operations For The Three For The Three For The nine For The nine Months Ended Months Ended Months Ended Months Ended September 30, September 30, September 30, September 30, 2003 2002 2003 2002 Unaudited Unaudited Unaudited Unaudited ------------- ------------- ------------------- -------------- Revenue $2,085,000 $1,851,000 $6,354,000 $5,348,000 Operating loss $842,000 $1,180,000 $2,962,000 $3,408,000 Other expenses $95,000 $307,000 $297,000 $1,424,000 (Benefit ) from income taxes $(109,000) $--0-- $ (109,000) $--0-- Preferred stock dividends $ 102,000 $--0-- $231,000 $--0-- Net loss attributable to common $930,000 $1,487,000 $3,382,000 $4,832,000 s/holders Basic and Diluted loss per share $0.23 $0.39 $0.85 $1.37
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 report, 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. About Direct Insite Corporation Direct Insite Corp operates primarily as an Application Service Provider, generally referred to as an ASP, providing a Global Electronic Invoice Presentment and Payment (EIP&P) solution targeted at large enterprise customers based on a "data centric" approach that improves the delivery and management of high volumes of invoice related data while providing a customer workflow system that better manages the complexity of the presentation, analysis, dispute resolution, approval and payment process that reduces the administrative and operating expenses for both "Biller" and "Payer" alike. We also provide managed services related to our patented technology, d.b.Express(TM), a management information tool that allows users to visually data mine large volumes of transactional data via the Internet and a complete Internet Customer Care tool set integrated with our EIP&P product set. Through its wholly owned subsidiary, Platinum Communications, Inc., the Company offers an integrated solution of order entry, workflow management, provisioning, and invoice verification for large enterprise clients, currently marketed under the trade name AMS sometimes referred to as TAMS. Headquartered in Bohemia, NY, with offices in Dallas, TX, and Chicago, IL, Direct Insite Corp. employs a staff of 73. For more information about Direct Insite Corp. call (631) 244-1500 or visit our web site at www.directinsite.com. -----END PRIVACY-ENHANCED MESSAGE-----