-----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, AVE4v6COkzYWIZ5m27Wj82QY2i8yP7e1Dljb8HEnruUqnOjVzEMFnKsQhjwdzUNf JesGQH3Q7FARe4r3apeI3Q== 0001201800-09-000079.txt : 20090515 0001201800-09-000079.hdr.sgml : 20090515 20090515120716 ACCESSION NUMBER: 0001201800-09-000079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090513 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090515 DATE AS OF CHANGE: 20090515 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: 09830554 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 diri8kearnrel-may09.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: May 13, 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 May 13, 2009, Direct Insite Corp. issued an earnings press release announcing its financial results for the first quarter ended March 31, 2009. 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 May 13, 2009, announcing the Registrant's financial results for the first quarter ended March 31, 2009. 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: May 15, 2009 EX-99 2 diri8kmay09-ex99.txt PRESS RELEASE Direct Insite ------------- Corporate Contact: Michael J. Beecher, Chief Financial Officer Direct Insite Corp. 631.873.2900 FOR IMMEDIATE RELEASE Direct Insite Announces First Quarter 2009 Results Revenue Increases 17% over First Quarter 2008 Bohemia, N.Y. - May 13, 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 quarter ended March 31, 2009. Revenue for the three months ended March 31, 2009 increased $340,000 (17.4%) to $2,294,000 compared to revenue of $1,954,000 for the first quarter 2008. Recurring revenue increased $404,000 (22.1%) to $2,233,000 in the first quarter of 2009 compared to recurring revenue of $1,829,000 in the first quarter 2008. Professional Services revenue was $61,000 for the first quarter of 2009, a decrease of $64,000 (51.2%) compared to Professional Services revenue of $125,000 in the first quarter of 2008. Income before income taxes was $263,000 for the three months ended March 31, 2009 compared to net income before taxes of $45,000 in 2008. Net income for the three months ended March 31, 2009 was $248,000 compared to net income of $2,912,000 for the three months ended March 31, 2008. During the three months ended March 31, 2008 the Company recorded a benefit from income taxes of $2,867,000 as a result of reducing the valuation allowance on its deferred tax asset as the Company concluded that it would utilize this future tax benefit. Basic income per share attributable to common shareholders for the three months ended March 31, 2009 was $0.02 compared to a basic net income per share of $0.38 for the same period in 2008. Diluted income per share attributable to common shareholders for the quarter ended March 31, 2009 was $0.02 compared to diluted income per share attributable to common shareholders of $0.26 for the quarter ended March 31, 2008. The earnings per share for 2008 include the effect of the tax benefit discussed above. "Our strong growth in recurring revenue has come from both new customers and expansion of services to existing customers and is a positive indicator of future revenue growth" said James A. Cannavino, Chairman and Chief Executive Officer. He added "We expect professional services revenue will also grow through the remainder of 2009". 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. 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-Q for the three months ended March 31, 2009, filed with the Securities and Exchange Commission on May 14, 2009, 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, 2009 ENDED MARCH 31, 2008 ---------------------------------------------------------- ------------------------- --------------------- Revenue from continuing operations $ 2,294,000 $ 1,954,000 ---------------------------------------------------------- ------------------------- --------------------- Operating income $ 248,000 $ 57,000 ---------------------------------------------------------- ------------------------- --------------------- Other income (expenses), net $ 15,000 $ (12,000) ---------------------------------------------------------- ------------------------- --------------------- Income before income taxes $ 263,000 $ 45,000 ---------------------------------------------------------- ------------------------- --------------------- Provision for (benefit from) income taxes $ 15,000 $ (2,867,000) ---------------------------------------------------------- ------------------------- --------------------- Net income $ 248,000 $ 2,912,000 ---------------------------------------------------------- ------------------------- --------------------- Preferred Stock Dividends $ (79,000) $ (173,000) ---------------------------------------------------------- ------------------------- --------------------- Net income attributable to common shareholders $ 169,000 $ 2,739,000 ---------------------------------------------------------- ------------------------- --------------------- Basic net income per share attributable to common shareholders $ 0.02 $ 0.38 ================ ================= shareholders $ 0.02 $ 0.26 ================ ================= ---------------------------------------------------------- ------------------------- ---------------------
-------------------------------------- ------------------------ -------------------------- BALANCE SHEET March 31, 2009 December 31, 2008 ------------- -------------- ----------------- -------------------------------------- ------------------------ -------------------------- Total Current Assets $3,329,000 $3,093,000 -------------------------------------- ------------------------ -------------------------- Total Assets $7,025,000 $6,880,000 -------------------------------------- ------------------------ -------------------------- Total Current Liabilities $1,901,000 $2,179,000 -------------------------------------- ------------------------ -------------------------- Total Shareholders' Equity $4,889,000 $4,420,000 -------------------------------------- ------------------------ --------------------------
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, and such other risk factors which may arise from time to time, including, but not limited to, the risk factors set forth in the Company's Reports on Form 10KSB filed with the Securities Exchange Commission. 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-----