-----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, LJTKo+dAlmyywNtKUzT/MHE1KvoPRF4Ud/qTvR/cTx6yIpw2yxQpdFaoYoqCGIFf 8aHQXougJ0WaKNKV3mWUUA== 0001201800-05-000109.txt : 20050523 0001201800-05-000109.hdr.sgml : 20050523 20050523123735 ACCESSION NUMBER: 0001201800-05-000109 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050520 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050523 DATE AS OF CHANGE: 20050523 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: 05850392 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 diri8krelearn10q3-05.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: May 20, 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 May 20, 2005, Direct Insite Corp. issued an earnings press release announcing its financial results for first quarter ended March 31, 2005. 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 May 20, 2005, announcing the Registrant's financial results for the first quarter ended March 31, 2005. 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 23, 2005 EX-99 2 diri8krelearn10qex99.txt PRESS RELEASE Exhibit 99 Direct Insite 80 Orville Drive Bohemia, NY 11716 631-244-1500 631-563-8085 fax Corporate Contact: Communications Contact: Paul Orme, VP, 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 Growth Of EIP&P Recurring Revenues for First Quarter 2005 and Deployment of an "Order-to-Cash" Accounts Payable Service Offering Recurring EIP&P Revenues Grew 16.1% and a New Service Supporting Accounts Payable Organizations -- Invoice Approval and Payment (IAP) - Launched In Support Of Global 1000 Customer Bohemia, N.Y. -- May 20, 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 three months ended March 31, 2005. Revenue from continuing operations was $2,080,000 compared to revenue from continuing operations of $2,106,000 for the first three months of 2004. Recurring revenues from EIP&P services increased 16.1% to $1,149,000 for the quarter ended March 31, 2005 compared to $990,000 for the first quarter of 2004, while recurring revenues from other non-EIP&P services decreased by $142,000. Revenues from professional services declined slightly to $917,000 for the first quarter 2005 compared to $960,000 for the same period in 2004. Direct Insite reported a net loss of $285,000 for the three months ended March 31, 2005, compared to net income of $142,000 in the first quarter of 2004 including income from discontinued operations of $204,000 in 2004. Basic and diluted net loss per share for the three months ended March 31, 2005 was $0.10 compared to a basic and diluted net loss per share of $0.00 for the three months ended March 31, 2004. The net income per share from discontinued operations for the three months ended March 31, 2004 was $0.05 per share and there was no income or loss from discontinued operations in 2005. Direct Insite CEO and Chairman of the Board James A. Cannavino said, "During the quarter the Company's recurring revenues from its Invoice-on-Line (IOL) family of EIP&P offerings that support accounts receivable organizations continued to show strong growth. Two additional corporations committed to become users of the IOL service with deployments scheduled to cover both North America and Europe. We now deliver on behalf of our customers our electronic invoice presentment and payment service in twenty nine countries around the world supporting fifteen local languages and currencies." The portfolio of the Company's offerings was significantly expanded in the first quarter with the deployment of the Invoice Approval and Payment (IAP) service offering. IAP supports the accounts payable organization within the large enterprise and complements Invoices on Line (IOL) service which supports the accounts receivable organization. IAP accepts purchase orders from a Corporations supply chain management system, proof of delivery or acceptance data, and other such documentation and then provides the AP department with a workflow that insures proper delivery, quantity and price charged, and compliance with various contractual terms and conditions. IAP also facilitates payment to the vendor and provides monitoring and reporting that assists in assuring SOX compliance. This new IAP service "went live" during the quarter in support of a Global 1000 company. Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 55. The Company's IOL solution is deployed in North and South America, Europe/Middle East/Africa and Asia/Pacific 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-QSB for the three months ended March 31, 2005, to be filed with the Securities and Exchange Commission, and should be read in conjunction with the information provided therein. 2 Summarized Financial Information
- ----------------------------------------- ------------------------ ------------------------- STATEMENT FOR THE THREE FOR THE THREE OF MONTHS ENDED MONTHS ENDED OPERATIONS MARCH 31, 2005 MARCH 31, 2004 - ----------------------------------------- ------------------------ ------------------------- Revenue from continuing operations $2,080,000 $2,106,000 - ----------------------------------------- ------------------------ ------------------------- Operating (loss) income ( 210,000) 4,000 - ----------------------------------------- ------------------------ ------------------------- Net other expense 75,000 65,000 - ----------------------------------------- ------------------------ ------------------------- Loss before taxes (285,000) (61,000) - ----------------------------------------- ------------------------ ------------------------- Provision for income taxes -- 1,000 - ----------------------------------------- ------------------------ ------------------------- Income from discontinued operations -- 204,000 - ----------------------------------------- ------------------------ ------------------------- Net (loss) income $ (285,000) $ 142,000 - ----------------------------------------- ------------------------ ------------------------- Preferred Stock Dividends $ (154,000) $(128,000) - ----------------------------------------- ------------------------ ------------------------- Net (loss) income attributable to common shareholders $ (439,000) $ 14,000 - ----------------------------------------- ------------------------ ------------------------- Basic and diluted (loss) income per share: From continuing operations $ (0.10) $ (0.05) From discontinued operations -- $ 0.05 --------- ------- Total (loss)income per share $ (0.10) $ 0.00 ========= ======= - ----------------------------------------- ------------------------ -------------------------
- ------------------------------------ --------------------------- ------------------------- BALANCE SHEET March.31, 2005 December 31, 2004 - ------------------------------------ --------------------------- ------------------------- Total Current Assets $2,125,000 $2,439,000 - ------------------------------------ --------------------------- ------------------------- Total Assets $2,968,000 $3,301,000 - ------------------------------------ --------------------------- ------------------------- Total Current Liabilities $5,541,000 $4,991,000 - ------------------------------------ --------------------------- ------------------------- Total Shareholders' Deficiency $(2,678,000) $(2,537,000) - ------------------------------------ --------------------------- -------------------------
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-----