-----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, Qpq8VdKwo59TbCUX+R3YmJUmTxsqA8EzL7R6qlL9mlvUUjoLqtGvdSWqyvzdCfSK TvrmORO46Rr9NrvZ07R2Rw== 0001201800-04-000063.txt : 20040416 0001201800-04-000063.hdr.sgml : 20040416 20040416102308 ACCESSION NUMBER: 0001201800-04-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040414 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040416 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: 04737238 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 di8kearnings-april04.txt FORM 8-K 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): April 14, 2004 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 April 14, 2004 issued by Direct Insite Corp. ("Registrant"). Item 12. Results of Operations and Financial Condition On April 14, 2004, the Registrant issued a press release announcing the Registrant's financial results for the fiscal year ended December 31, 2003. A copy of the Registrant's press release is attached 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. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. April 15, 2004 DIRECT INSITE CORP. By: /s/ Michael Beecher Michael J. Beecher Chief Financial Officer EX-99 3 di8k-ex99april04.txt PRESS RELEASE EXHIBIT 99 DIRECT INSITE 80 Orville Drive Bohemia, NY 11716 631-244-1500 631-563-8085 fax Corporate Contact: Communications Contact: Warren Wright, EVP, Sales & Marketing Pamela Preston/Kelly Fitzgerald Direct Insite Corp. Breakaway Communications 631.244.1500 212.590.2554/2555 FOR IMMEDIATE RELEASE Direct Insite Announces Improved Operating Results for 2003 Company Achieves 12.5% Growth in Revenue while reducing the loss from continuing operations by 46.5% Bohemia, N.Y. - April 14, 2004- Direct Insite Corp (OTC BB:DIRI.OB), a global provider of Electronic Invoice Presentment and Payment (EIP&P) solutions, today announced its financial results for the year ended December 31, 2003. Revenue from continuing operations increased by $827,000 or 12.5% to $7,439,000 compared to revenue from continuing operations of $6,612,000 in 2002. The increase is primarily due to an increase in ongoing ASP services. Direct Insite reduced its loss from continuing operations 46.5% to $3,270,000 for the year ended December 31, 2003, from $6,114,000 incurred during the year ended December 31, 2002. Included in the loss from continuing operations in 2002 are non-recurring losses on investments of $2,162,000. In 2003 the Company closed its Platinum Communications, Inc. operations which resulted in losses from discontinued operations of $1,912,000 and $797,000 in 2003 and 2002, respectively. This resulted in a net loss, after taxes, for the year ended December 31, 2003, of $5,182,000, compared to a net loss, after taxes, of $6,911,000 for the year ended December 31, 2002. Basic and diluted net loss per share from continuing operations for the year ended December 31, 2003 was $0.91 compared to a basic and diluted net loss per share from continuing operations of $1.69 for the year ended December 31, 2002. The net loss per share from discontinued operations for the year ended December 31, 2003 was $0.48 per share compared to $0.22 for the year ended December 31, 2002. Direct Insite CEO and Chairman of the Board James A. Cannavino said, "We continue to enhance our core EIPP product offering and continue our geographic expansion with the addition of several new countries and languages to our portfolio. Our international services have significantly added to our overall growth. We anticipate further growth in 2004 with the addition of new customers and new geographies - our IOL service offering is planned to cover the globe's major geographical areas by the end of 2004." Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 56. The Company's IOL solution is deployed in North and South America and in the Europe/Middle East/Africa geographic areas. For more information about Direct Insite Corp. call (631) 244-1500 or visit www.directinsite.com. The financial information stated above and in the tables below has been abstracted from the Company's Form 10-KSB for the year ended December 31, 2003, filed with the Securities and Exchange Commission on April 14, 2004, and should be read in conjunction with the information provided therein. Summarized Financial Information
- ------------------------------------------------------ --------------------------- ------------------------- STATEMENT OF OPERATIONS FOR THE YEAR FOR THE YEAR ENDED DECEMBER ENDED 31, 2003 DECEMBER 31,2002 - ------------------------------------------------------- --------------------------- ------------------------- Revenue from continuing operations $7,439,000 $6,612,000 - ------------------------------------------------------- --------------------------- ------------------------- Operating loss $3,084,000 $3,847,000 - ------------------------------------------------------- --------------------------- ------------------------- Loss from investments $0 $2,162,000 - ------------------------------------------------------- --------------------------- ------------------------- Other expenses, net $ 294,000 $105,000 - ------------------------------------------------------- --------------------------- ------------------------- Loss before income taxes $3,378,000 $6,114,000 - ------------------------------------------------------- --------------------------- ------------------------- Benefit from income taxes $108,000 $0 - -------------------------------------------------------- --------------------------- ------------------------- Loss from continuing operations $3,270,000 $6,114,000 - -------------------------------------------------------- --------------------------- ------------------------- Loss from discontinued operations $1,912,000 $797,000 - -------------------------------------------------------- --------------------------- ------------------------- Net loss $6,911,000 $5,182,000 - -------------------------------------------------------- --------------------------- ------------------------- Preferred Stock Dividends $356,000 $56,000 - -------------------------------------------------------- --------------------------- ------------------------ Net loss attributable to common shareholders $5,538,000 $6,967,000 - ------------------------------------------------------- --------------------------- ------------------------- Basic and diluted loss per share: Loss per share from continuing operations $0.91 $1.69 Loss per share from discontinued operations $0.48 $0.22 ----- ----- Basic and diluted loss per share, net $1.39 $1.91 ===== ===== - ------------------------------------------------------- --------------------------- ------------------------- BALANCE SHEET December. 31, 2003 December 31, 2002 ---------------------------------- --------------------------- ------------------------- Total Current Assets $1,405,000 $2,790,000 --------------------------------- --------------------------- ------------------------- Total Assets $2,511,000 $4,891,000 --------------------------------- --------------------------- ------------------------- Total Current Liabilities $4,390,000 $3,007,000 --------------------------------- --------------------------- ------------------------- Total Shareholders' Equity (Deficiency) ($2,390,000) $1,212,000 ---------------------------------- --------------------------- -------------------------
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. -----END PRIVACY-ENHANCED MESSAGE-----