-----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, DPlZkBamUvdGFuepOwN8cLC4r35i7hFEqq/LtoY8Dy5z6+bd7cOBYv/zDqprfSj/ ourlmi5MzRVQ8lSS/ZUlEg== 0001201800-09-000051.txt : 20090327 0001201800-09-000051.hdr.sgml : 20090327 20090327153448 ACCESSION NUMBER: 0001201800-09-000051 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090326 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090327 DATE AS OF CHANGE: 20090327 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: 09710202 BUSINESS ADDRESS: STREET 1: 80 ORVILLE DR CITY: BOHEMIA STATE: NY ZIP: 11716 BUSINESS PHONE: 631-873-2900 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 diri8k-relearnmarch09.txt 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: March 26, 2009 (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 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (631) 873-2900 ---------------------------------------------------- (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-4(c) 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 March 26, 2009, Direct Insite Corp. issued an earnings press release announcing its financial results for the year ended December 31, 2008. A copy of the earnings release is attached as Exhibit 99 to this Current Report on Form 8-K. Item 9.01 Financial Statements and Exhibits (d) Exhibits 99 Earnings Release, dated March 26, 2009, announcing the Registrant's financial results for the year ended December 31, 2008. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DIRECT INSITE CORP. By: /s/ Michael J. Beecher ---------------------------------- Michael J. Beecher Chief Financial Officer Dated: March 27, 2009 EX-99 2 diri8kmarch09-ex99.txt PRESS RELEASE EXHIBIT 99 DIRECT INSITE ------------- Corporate Contact: Michael J. Beecher, Chief Financial Officer Direct Insite Corp. 631.873.2900 FOR IMMEDIATE RELEASE Direct Insite Reports 2008 Year End Results Net Income of $4,181,000 on Revenue of $9,609,000 Recurring Revenue Up By 4.3% Bohemia, N.Y. - March 26, 2009 - Direct Insite Corp. (OTC BB: DIRI.OB), a global SaaS provider of financial supply chain automation across procure-to-pay, order-to-cash, and shared services business processes, today announced financial results for the year ended December 31, 2008. Net income was $4,181,000 for the year ended December 31, 2008, up $2,081,000 compared to net income of $2,100,000 in 2007. Net income for 2008 included a $2,867,000 benefit from income taxes resulting from the recognition of a deferred tax asset. Recurring revenue for the year 2008 was $7,935,000, a 4.3% increase over recurring revenue of $7,606,000 in 2007. Revenue for the fourth quarter of 2008 was $2,799,000 compared to revenue of $2,695,000 in the fourth quarter of 2007, an increase of 3.9%. Total revenue for the year ended December 31, 2008 was $9,609,000 compared to total revenue of $10,111,000 for the year 2007, a decrease of 5.0%. Professional services revenue decreased $831,000 (33.2%) to $1,674,000 for the year ended December 31, 2008 compared to $2,505,000 for the year ended December 31, 2007. Basic income per share attributable to common shareholders for the year ended December 31, 2008 was $0.44 compared to basic net income per share of $0.17 for the year ended December 31, 2007. Diluted income per share attributable to common shareholders for the year ended December 31, 2008 was $0.35 compared to diluted income per share of $0.12 for the year ended December 31, 2007. "In 2008 we continued to grow our recurring revenue, expanded our services to existing customers and added additional customers to further strengthen our base and we anticipate that this growth will continue in 2009," said Chairman and CEO James A. Cannavino. "Our financial position also continues to strengthen putting us in a very strong position to aggressively pursue new opportunities during these difficult economic times." About Direct Insite Direct Insite provides best practice financial supply chain automation and workflow efficiencies for procure-to-pay and order-to-cash processing. The Company's global eInvoice Management services automate complex manual business processes such as invoice validation, order matching, consolidation, dispute handling, and e-payment processing. Direct Insite solutions are used by more than 7,000 corporations across 62 countries, 15 languages and multiple currencies. Direct Insite processes more than $125 Billion in invoice value annually for its clients. Direct Insite was selected by Deloitte and Touche as one of the `500 Fastest-Growing Technology Companies' in the United States and Canada. For more information, call (631) 873-2900, 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-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission on March 26, 2009, 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, 2008 DECEMBER 31,2007 ---------------------------------------------------------- --------------------------- ------------------------- Revenue $ 9,609,000 $ 10,111,000 ---------------------------------------------------------- --------------------------- ------------------------- Operating income $ 1,375,000 $ 2,216,000 ---------------------------------------------------------- --------------------------- ------------------------- Other expenses, net $ 37,000 $ 89,000 ---------------------------------------------------------- --------------------------- ------------------------- Income before income taxes $ 1,338,000 $ 2,127,000 ---------------------------------------------------------- --------------------------- ------------------------- (Benefit from) provision for income taxes $(2,843,000) $ 27 ---------------------------------------------------------- --------------------------- ------------------------- Net income $ 4,181,000 $ 2,100,000 ---------------------------------------------------------- --------------------------- ------------------------- Preferred Stock Dividends $ (616,000) $ (1,060,000) ---------------------------------------------------------- --------------------------- ------------------------- Net income attributable to common shareholders $ 3,565,000 $ 1,040,000 ---------------------------------------------------------- --------------------------- ------------------------- Basic net income per share attributable to common shareholders $ 0.44 $ 0.17 =========== ============ Diluted net income per share attributable to common shareholders $ 0.35 $ 0.12 =========== ============ ---------------------------------------------------------- --------------------------- -------------------------
---------------------------------------------- ----------------------- -------------------------- BALANCE SHEET December. 31, 2008 December 31, 2007 ------------- ------------------ ----------------- ---------------------------------------------- ----------------------- -------------------------- Total Current Assets $3,093,000 $ 3,805,000 ---------------------------------------------- ----------------------- -------------------------- Total Assets $6,880,000 $ 4,522,000 ---------------------------------------------- ----------------------- -------------------------- Total Current Liabilities $2,179,000 $ 5,418,000 ---------------------------------------------- ----------------------- -------------------------- Total Shareholders' Equity (Deficiency) $4,420,000 $(1,045,000) ---------------------------------------------- ----------------------- --------------------------
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-----