-----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, WAMfRSPdMbTUFguVKzOWoDV5AtRif8lFW5MCLwnZAD4GFn853JQClcojEnsehG5g HjP8GN2zSo9JvKSkGFfe2Q== 0001201800-06-000071.txt : 20060418 0001201800-06-000071.hdr.sgml : 20060418 20060418170139 ACCESSION NUMBER: 0001201800-06-000071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060417 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060418 DATE AS OF CHANGE: 20060418 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: 06765252 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-apr2006.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 17, 2006 (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 (Commission (IRS Employer Jurisdiction of File Number) Identification Incorporation) Number) 80 Orville Drive, Bohemia, NY 11716 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 (17 CFR 240.14d-2(b) [ ] 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 17, 2006, Direct Insite Corp. issued an earnings press release announcing its financial results for the year ended December 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 April 17, 2006, announcing the Registrant's financial results for the year ended December 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: April 18, 2006 EX-99 2 diri8k-earnex99.txt PRESS RELEASE Direct Insite 80 Orville Drive Bohemia, NY 11716 631-244-1500 631-563-8085 fax Corporate Contact: Michael J. Beecher, Chief Financial Officer Direct Insite Corp. 631.244.1500 FOR IMMEDIATE RELEASE Direct Insite Announces 2005 Year End Results, Achieves 17.4% Increase in Revenue Growth from EIP&P Services Recurring revenues up 44.3%; Performance leads to 38% drop in losses from Continuing Operations Bohemia, N.Y. - April 17, 2006 - Direct Insite Corp. (OTC BB:DIRI.OB), a global provider of Electronic Invoice Presentment and Payment (EIP&P) solutions, today announced financial results for the year ended December 31, 2005. Revenue from continuing operations increased by 17.4%, or $1,312,000, to $8,870,000 compared to revenue from continuing operations of $7,558,000 in 2004. Recurring revenues, derived from the month-after-month processing of invoices under contracts with durations of six months to ten years, increased 44.3% to $5,844,000 for the year ended December 31, 2005, compared to $4,049,000 for the year 2004. Recurring revenues from other non-EIP&P services decreased in 2005 by $490,000 (92%) to $41,000 compared to revenue from non-EIP&P services of $531,000 in 2004. Revenues from professional services were $2,985,000 for the year ended December 31, 2005 compared to revenue of $2,978,000 in 2004. Fourth quarter 2005 revenues, meanwhile, were $1,960,000 compared to revenue of $2,137,000 in the fourth quarter of 2004, a decrease of 8%. Direct Insite reduced its loss from continuing operations 38% to $974,000 for the year ended December 31, 2005, from $1,571,000 incurred during the year ended December 31, 2004. Direct Insite CEO and Chairman of the Board James A. Cannavino said, "By focusing on the basics - strong revenue growth and best practice business operations - we were able to achieve a grand slam performance in 2005: double digit growth in revenue, a one-third reduction in operating loss, and a dramatic 44.3% increase in recurring revenues. These results are additional proof that Direct Insite continues to build on a strong foundation of innovative products that meet the real needs of today's customers." In its financial results, Direct Insite also reports that in 2004 the Company had income from discontinued operations of $288,000 compared to a loss from discontinued operations of $17,000 in 2005. This resulted in a net loss, after taxes, for the year ended December 31, 2005, of $991,000, compared to a net loss, after taxes, of $1,283,000 for the year ended December 31, 2004. Basic and diluted net loss per share from continuing operations for the year ended December 31, 2005 was $0.36 compared to a basic and diluted net loss per share from continuing operations of $0.53 for the year ended December 31, 2004. The net gain per share from discontinued operations for the year ended December 31, 2004 was $0.07 per share compared to a $0.00 net per share for the year ended December 31, 2005. According to Mr. Cannavino, 2005 was a benchmark year for Direct Insite in achieving true global coverage for customers. "We successfully implemented the global expansion of our flagship Invoices on Line (IOL) Accounts Receivables (AR) offering, and continued diversification of our product offerings. Our Invoices on Line service was deployed in Japan supporting the Japanese character sets, language, and currency, making Direct Insite unique in the industry in its ability to deliver an invoice anywhere in the world - the Americas, Europe, and Asia Pacific." "Responding to customer needs, we extended our accounts receivable offering so it delivers both a complementary accounts payable and electronic payment service; we call these new services Invoices on Line Accounts Payable and "e-Pay", respectively," said Mr. Cannavino. "With these portfolio additions, Direct Insite now provides both "order-to-cash" and "purchase-to-pay" solutions that address a wide range of customer needs. These solutions have received high marks from our customers. In fact, our largest customer is now a reseller of our IOL products and has begun to bid IOL into business transformation outsourcing opportunities in the finance and audit area sold across industry markets." Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 59. 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 Direct Insite Corp.'s Form 10-KSB for the year ended December 31, 2005, filed with the Securities and Exchange Commission on April 17,2006, and should be read in conjunction with the information provided therein. 2 Summarized Financial Information
---------------------------------------------------------- --------------------------- ------------------------- FOR THE YEAR FOR THE YEAR STATEMENT OF OPERATIONS ENDED ENDED DECEMBER 31, 2005 DECEMBER 31,2004 ---------------------------------------------------------- --------------------------- ------------------------- Revenue from continuing operations $ 8,870,000 $ 7,558,000 ---------------------------------------------------------- --------------------------- ------------------------- Operating loss $ ( 550,000) $ (1,215,000) ---------------------------------------------------------- --------------------------- ------------------------- Other expenses, net $ 422,000 $ 351,000 ---------------------------------------------------------- --------------------------- ------------------------- Loss before income taxes $ (972,000) $ (1,566,000) ---------------------------------------------------------- --------------------------- ------------------------- Provision for income taxes $ 2,000 $ 5,000 ---------------------------------------------------------- --------------------------- ------------------------- Loss from continuing operations $ (974,000) $ (1,571,000) ---------------------------------------------------------- --------------------------- ------------------------- Income (Loss) from discontinued operations $ (17,000) $ 288,000 ---------------------------------------------------------- --------------------------- ------------------------- Net loss $ (991,000) $ (1,283,000) ---------------------------------------------------------- --------------------------- ------------------------- Preferred Stock Dividends $ (677,000) $ (716,000) ---------------------------------------------------------- --------------------------- ------------------------- Net loss attributable to common shareholders $(1,668,000) $ (1,999,000) ---------------------------------------------------------- --------------------------- ------------------------- Basic and diluted income (loss) per share: Loss from continuing operations attributable to common shareholders $(0.36) $(0.53) Income from discontinued operations $ 0.00 $ 0.07 ------ ------ Net loss attributable to common shareholders $(0.36) $(0.46) ====== ====== ---------------------------------------------------------- --------------------------- -------------------------
BALANCE SHEET December. 31, 2005 December 31, 2004 ------------- ------------------ ----------------- -------------------------------------- ------------------------- ------------------------- Total Current Assets $2,417,000 $2,439,000 -------------------------------------- ------------------------- ------------------------- Total Assets $3,181,000 $3,301,000 -------------------------------------- ------------------------- ------------------------- Total Current Liabilities $6,842,000 $4,991,000 -------------------------------------- ------------------------- ------------------------- Total Shareholders' Deficiency $3,734,000 $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-----