-----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, DhX1/YtLSXzqCKOSNZsG4+K527gfAAQMfWkpG/rM9K481gkZ+yc1wqEUyKrOrEGF RivYYLzdsI7b3U8mkvqYIg== 0001201800-04-000243.txt : 20041124 0001201800-04-000243.hdr.sgml : 20041124 20041123174729 ACCESSION NUMBER: 0001201800-04-000243 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041124 DATE AS OF CHANGE: 20041123 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: 041164719 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 diri8kearn-nov2004.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: November 22, 2004 (Date of earliest event reported) 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 ------------- Not applicable -------------- (Former name or former address, if changed since last report) 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: [ ] 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 [ ] Pre-commencement communications pursuant to Rule 13e-4c under the Exchange Act (17 CFR 240.13e-4c) INFORMATION TO BE INCLUDED IN THE REPORT The information in this Form 8-K Current Report and the exhibit attached hereto is furnished and 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 that Section, nor shall it be deemed incorporated by reference in any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 2.02 Results of Operations and Financial Condition On November 22, 2004, Direct Insite Corp. issued an earnings press release announcing its financial results for the third quarter ended September 30, 2004. A copy of the earnings press release is attached as Exhibit 99.1 to this Current Report on Form 8- K. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Earnings Release, dated November 22, 2004, announcing the Registrant's financial results for the third quarter ended September 30, 2004. 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. DIRECT INSITE CORP. By: /s/ Michael J. Beecher ---------------------- Michael J. Beecher Chief Financial Officer Dated: November 23, 2004 EX-99.1 2 diri8knov22-2004exh99.txt Exhibit 99.1 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 Continued Improvement in Operating Results For the Nine Months Ending September 30, 2004 A $2.2 Million Improvement in the net loss Compared to the Same Period in 2003 Bohemia, N.Y. November 22, 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 three and nine months ended September 30, 2004. Revenue for the three and nine months ended September 30, 2004 was $1,598,000 and $5,421,000, respectively, compared to revenue of $2,034,000 and $5,928,000 for the same periods in 2003. The decline in revenue in the third quarter is principally due a decline in revenues from professional services associated with the continued global deployment of the Invoices-on-Line ("IOL") applications service. We expect revenue from professional services to improve in the fourth quarter as we continue the global rollout of the IOL service. Net loss was $561,000 and $926,000 for the three and nine months ended September 30, 2004, respectively, compared to losses of $828,000 and $3,151,000 for the same periods in 2003. The significant improvement in the net loss for the three and nine month periods ended September 30, 2004 compared to 2003 is attributable to significant reductions in operating costs. Direct Insite reduced its operating losses for the three and nine month periods ended September 30, 2004, 7.9% and 54.6%, to $481,000 and $925,000, respectively, compared to losses of $522,000 and $2,036,000 for the three and nine month periods ended September 30, 2003, respectively. The company closed its Platinum Communications, Inc. ("Platinum") operations during the fourth quarter of 2003. Income (loss) from the Platinum discontinued operations was ($2,000) and $260,000 for the three and nine month periods ended September 30, 2004, respectively, compared to a loss from discontinued operations of $322,000 and $939,000 for the same periods in 2003. Basic and diluted net loss per share from continuing operations for the three and nine month periods ended September 30, 2004 was $0.17 and $0.39, respectively, compared to basic and diluted net loss per share from continuing operations of $0.15 and $0.61 for the same periods in 2003. The net income per share from discontinued operations for the three and nine month periods ended September 30, 2004 was $0.00 and $0.06, respectively, compared to a net loss per share from discontinued operations of $0.08 and $0.24 for the same periods in 2003. Direct Insite CEO and Chairman of the Board James A. Cannavino said, "As we improve our efficiency in the global delivery of our IOL service offering, we continue to refine our business accordingly. With an eye on profitability, we have significantly reduced our operating losses with the clear goal of achieving operating profitability. The one-time professional services fees associated with the delivery of the IOL service tend to be less predictable than the ongoing recurring revenues associated with invoice delivery. However, we are currently experiencing an increase in the professional services demand in preparation of both expanding existing programs and adding new ones. This should provide increased revenues in the fourth quarter and a broader base of higher margin recurring revenues for 2005." Direct Insite offers IOL, a uniquely positioned service offering that provides web-based billing and payment designed to handle the complex invoicing found in today's global business environment. The solution allows Global 1000 companies to receive, route, approve and pay invoices on-line in all major languages and currencies. By automating the traditional paper- based invoicing process, customers now have easy and quick access to line-item billing information, reporting and analytics. With the enhanced level of supporting "attachment" information provided by IOL, invoice disputes are greatly reduced and overall customer satisfaction is substantially increased. Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 54. The Company's IOL solution is deployed in North and South America and in the Europe/Middle East/Africa geographic areas, delivering electronic invoices to more than 20 countries, and in 10 languages and currencies. 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-QSB for the nine months ended September 30, 2004, to be filed with the Securities and Exchange Commission, and should be read in conjunction with the information provided therein. 2 Summarized Financial Information
- ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- FOR THE THREE FOR THE THREE FOR THE NINE MONTHS FOR THE NINE MONTHS STATEMENT OF MONTHS ENDED MONTHS ENDED ENDED ENDED SEPTEMBER OPERATIONS SEPTEMBER 30, 2004 SEPTEMBER 30, 2003 SEPTEMBER 30, 2004 30, 2003 - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Revenue from continuing operations $ 1,598,000 $ 2,034,000 $ 5,421,000 $ 5,928,000 - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Operating loss ($481,000) ($522,000) ($925,000) ($2,036,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Net other expense ($77,000) ($93,000) ($256,000) ($285,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Net loss before taxes ($558,000) ($615,000) ($1,181,000) ($2,321,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- (Provision for) Benefit from income taxes ($1,000) $109,000 ($5,000) $109,000 - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Income (loss) from discontinued operations ( $2,000) ($322,000) $260,000 ($939,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Net loss ($561,000) ($828,000) ($926,000) ($3,151,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Preferred Stock Dividends ($161,000) ($102,000) ($459,000) ($231,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Net loss attributable to common shareholders ($722,000) ($930,000) ($1,385,000) ($3,382,000) - ------------------------------------- ---------------------- ---------------------- ---------------------- ------------------------- Basic and diluted income (loss) per share: From continuing operations ($0.17) ($0.15) ($0.39) ($0.61) From discontinued operations -- ($0.08) $0.06 ($0.24) Total loss income per share ($0.17) ($0.23) ($0.33) ($0.85) ====== ====== ====== ====== - ------------------------------------- ---------------------- ---------------------- ---------------------- -------------------------
------------------------------------ -------------------------- -------------------------- BALANCE SHEET SEPTEMBER 30, DECEMBER 31, 2004 2003 ------------------------------------ -------------------------- -------------------------- Total Current Assets $1,466,000 $1,405,000 ------------------------------------ -------------------------- -------------------------- Total Assets $2,459,000 $2,511,000 ------------------------------------ -------------------------- -------------------------- Total Current Liabilities $3,569,000 $4,390,000 ------------------------------------ -------------------------- -------------------------- Total Shareholders' Deficiency ($2,104,000) ($2,390,000) ------------------------------------ -------------------------- --------------------------
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" "plan", 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. 3 -----END PRIVACY-ENHANCED MESSAGE-----