-----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, Nhia0THE3Piq//mWTvHosGkMGYyZfT1QVD9x/aAUI0gGdF+O1AhMvEXfyusXdO4g FcKfwjUruvyJBp5czUbP1A== 0001201800-05-000088.txt : 20050503 0001201800-05-000088.hdr.sgml : 20050503 20050503155726 ACCESSION NUMBER: 0001201800-05-000088 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050503 DATE AS OF CHANGE: 20050503 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: 05795078 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 diri8kapril2005-earnings.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: April 29, 2005 (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 April 29, 2005, Direct Insite Corp. issued an earnings press release announcing its financial results for the year ended December 31, 2004. A copy of the earnings press release is attached as Exhibit 99 to this Current Report on Form 8-K. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99 Earnings Release, dated April 29, 2005, announcing the Registrant's financial results for the year ended December 31, 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: May 3, 2005 EX-99 2 diri8kapr05ex99.txt PRESS RELEASE Direct Insite 80 Orville Drive Bohemia, NY 11716 631-244-1500 631-563-8085 fax Corporate Contact: Communications Contact: Paul Orme, 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 Strong Growth in EIP&P Services and Improved Operating Results for 2004 Company added another Fortune 100 customer and Achieves 41% Growth in revenue in the fourth quarter 2004 compared to the fourth quarter of 2003, while reducing the loss from continuing operations by 52% for the year Bohemia, N.Y. -- April 29, 2005 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, 2004. Revenue from continuing operations increased by $119,000 or 1.6% to $7,558,000 compared to revenue from continuing operations of $7,439,000 in 2003. Revenue for the fourth quarter 2004 was $2,137,000, including revenues derived from deployment of the IOL service in the Asian Pacific geographic region and initial pilot of the electronic payment function, compared to revenue of $1,511,000 for the fourth quarter 2003, an increase of 41%. Direct Insite reduced its loss from continuing operations 52% to $1,571,000 for the year ended December 31, 2004, from $3,270,000 incurred during the year ended December 31, 2003. In 2003 the Company closed its Platinum Communications, Inc. operations which resulted in a gain of $288,000 from discontinued operations in 2004 and a loss from discontinued operations of $1,912,000 in 2003. This resulted in a net loss, after taxes, for the year ended December 31, 2004, of $1,283,000, compared to a net loss, after taxes, of $5,182,000 for the year ended December 31, 2003. Basic and diluted net loss per share from continuing operations for the year ended December 31, 2004 was $0.53 compared to a basic and diluted net loss per share from continuing operations of $0.91 for the year ended December 31, 2003. The net gain per share from discontinued operations for the year ended December 31, 2004 was $0.07 per share compared to a $0.48 net loss per share for the year ended December 31, 2003. Direct Insite CEO and Chairman of the Board James A. Cannavino said, "During 2004 our focus was on growing the installed base of users of the Invoices on Line (IOL) and continuing to expand the global geographic coverage of our service for our customers. In addition to offering IOL in the Americas and Europe, IOL was deployed in the Asian Pacific geographic region with the launch of IOL Japan in the 4th quarter. In addition to IBM, our largest user, other Fortune 500 companies became users of our service directly and through our customers. At year end 2004, in excess of 7,000,000 IOL invoices were being delivered to more than 5,000 corporations around the world for our customers. From the perspective of new offerings or extensions to the product line, the company launched "Invoice Approval and Payment (IAP)" for use by the accounts payable staff to monitor, review and pay vendors; and also began piloting a new workflow and payment offering. In summary, 2004 resulted in an increase in the number of corporate users receiving invoices via IOL, global geographic coverage was increased to become truly worldwide, and extensions to the product line were brought to market." Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 56. The Company's IOL solution is deployed in North and South America, Asia Pacific 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, 2004, filed with the Securities and Exchange Commission on April 29, 2005, and should be read in conjunction with the information provided therein. 2 Summarized Financial Information
---------------------------------------------------------- --------------------------- ------------------------- STATEMENT OF OPERATIONS FOR THE YEAR FOR THE YEAR ENDED DECEMBER ENDED 31, 2004 DECEMBER 31,2003 ---------------------------------------------------------- --------------------------- ------------------------- Revenue from continuing operations $ 7,558,000 $ 7,439,000 ---------------------------------------------------------- --------------------------- ------------------------- Operating loss $1,215,000 $3,084,000 ---------------------------------------------------------- --------------------------- ------------------------- Other expenses, net $351,000 $294,000 ---------------------------------------------------------- --------------------------- ------------------------- Loss before income taxes $1,566,000 $3,378,000 ---------------------------------------------------------- --------------------------- ------------------------- Provision for (Benefit from) income taxes $5,000 $(108,000) ---------------------------------------------------------- --------------------------- ------------------------- Loss from continuing operations $1,571,000 $3,270,000 ---------------------------------------------------------- --------------------------- ------------------------- Income (Loss) from discontinued operations $288,000 $(1,912,000) ---------------------------------------------------------- --------------------------- ------------------------- Net loss $ 5,182,000 $1,283,000 ---------------------------------------------------------- --------------------------- ------------------------- Preferred Stock Dividends $716,000 356,000 ---------------------------------------------------------- --------------------------- ------------------------- Net loss attributable to common shareholders $1,999,000 $ 5,538,000 ---------------------------------------------------------- --------------------------- ------------------------- Basic and diluted income (loss) per share: Loss from continuing operations attributable to common shareholders Income (Loss) from discontinued operations $(0.53) $(0.91) Net loss attributable to common shareholders $ 0.07 $(0.48) $(0.46) $(1.39) ====== ======
-------------------------------------- ------------------------- ------------------------- BALANCE SHEET December. 31, 2004 December 31, 2003 -------------------------------------- ------------------------- ------------------------- Total Current Assets $2,439,000 $1,405,000 -------------------------------------- ------------------------- ------------------------- Total Assets $3,301,000 $2,511,000 -------------------------------------- ------------------------- ------------------------- Total Current Liabilities $4,991,000 $4,390,000 -------------------------------------- ------------------------- ------------------------- Total Shareholders' Deficiency $2,537,000 $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" 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-----