-----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, L4u56ksKD5Wun39nfWT0ilw5UAfQWhO0JDuwlOQRqUtCn9Y9n7+DeEiRqOGgf+oq TEkt/7gimVm99KNtAn1PDw== 0001201800-06-000093.txt : 20060523 0001201800-06-000093.hdr.sgml : 20060523 20060523154216 ACCESSION NUMBER: 0001201800-06-000093 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060522 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060523 DATE AS OF CHANGE: 20060523 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: 06861411 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 dir8krelearn-may06.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 22, 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 Jurisdiction (Commission File Number) (IRS Employer - ---------------------------- ------------------------ ------------- of Incorporation) 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 (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 May 22, 2006, Direct Insite Corp. issued an earnings press release announcing its financial results for the first quarter ended March 31, 2006. 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 22, 2006, announcing the Registrant's financial results for the first quarter ended March 31, 2006. 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, 2006 EX-99 2 diri8krelearn-ex99.txt PRESS RELEASE 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 34.9% Growth of EIP&P Recurring Revenues for the First Quarter 2006 Bohemia, N.Y. - May 22, 2006 - Direct Insite Corp. (OTC BB:DIRI.OB), a global provider of Electronic Invoice Presentment and Payment (EIP&P) solutions announced financial results for the three months ended March 31, 2006. The Company reported recurring revenues for the first quarter grew by 34.9%. Total revenue decreased 3.1% to $2,015,000 compared to revenue of $2,080,000 in the first quarter of 2005. Recurring revenues, derived from the month-after-month processing of invoices under contracts with durations of one to ten years, increased 34.9% to $1,550,000 for the three months ended March 31, 2006, compared to $1,149,000 for the three months ended March 31, 2005. Revenues from professional services slowed to $457,000 for the three months ended March 31, 2006 compared to revenue of $917,000 in the same period in 2005, a decrease of 50.2%. Professional services revenue is expected to increase during the remainder of 2006. "Achieving nearly 35% growth in recurring revenues in a single quarter tells us two things," said Direct Insite CEO and Chairman of the Board James A. Cannavino. "First, word is out that our innovative products meet the real needs of today's businesses. Second, it points to the huge market for the type of cash flow optimization, revenue assurance and eInvoicing solutions we deliver." Cannavino went on to note that "We continue to grow the business through both new contracts with Fortune 500 companies, and through implementation of innovative applications of our products. Doing this, and maintaining a strong focus on quality, is what gives us a competitive edge." In its financial results, Direct Insite also reported an operating loss of $292,000 for the three months ended March 31, 2006 compared to an operating loss of $210,000 for the three months ended March 31, 2005. The results also report a net loss of $533,000, including a non-cash expense of $155,000 attributed to amortization of the value of warrants recorded as debt discount in 2005 and the non-cash change in the fair value of the warrant liability, for the three months ended March 31,2006, compared to a net loss of $285,000 for the same period in 2005. Basic and diluted loss per share for the three months ended March 31, 2006 was $0.14 compared to a basic and diluted loss per share of $0.10 for the three months ended March 31, 2005. "We anticipate that our financial reporting for the second quarter will reflect the growing demand for our products, new contract wins, and continuing progress in operational efficiencies," said Cannavino. Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 50. 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-QSB for the three months ended March 31, 2006, filed with the Securities and Exchange Commission on May 22, 2006, and should be read in conjunction with the information provided therein. 2 Summarized Financial Information
------------------------------------------------------ ------------------------- ------------------------ FOR THE THREE MONTHS FOR THE THREE MONTHS STATEMENT OF OPERATIONS ENDED MARCH 31, ENDED MARCH 31, 2006 2005 ------------------------------------------------------ ------------------------- ------------------------ Revenue $ 2,015,000 $ 2,080,000 ------------------------------------------------------ ------------------------- ------------------------ Operating loss $ ( 292,000) $ (210,000) ------------------------------------------------------ ------------------------- ------------------------ Other expenses, net $ 241,000 $ 75,000 ------------------------------------------------------ ------------------------- ------------------------ Net loss $ (533,000) $ (285,000) ------------------------------------------------------ ------------------------- ------------------------ Preferred Stock Dividends $ (172,000) $ (154,000) ------------------------------------------------------ ------------------------- ------------------------ Net loss attributable to common shareholders $ (705,000) $ (439,000) ------------------------------------------------------ ------------------------- ------------------------ Basic and diluted income (loss) per share $ (0.14) $ (0.10) =========== ===========
-------------------------------------- ------------------------- ---------------------- BALANCE SHEET March. 31, 2006 December 31, 2005 ------------- --------------- ------------------ -------------------------------------- ------------------------- ---------------------- Total Current Assets $1,568,000 $2,417,000 -------------------------------------- ------------------------- ---------------------- Total Assets $2,267,000 $3,181,000 -------------------------------------- ------------------------- ---------------------- Total Current Liabilities $6,606,000 $6,842,000 -------------------------------------- ------------------------- ---------------------- Total Shareholders' Deficiency ($4,389,000) ($3,734,000) -------------------------------------- ------------------------- ----------------------
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-----