-----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, BReU2UvZjyp3KfJ4mCPTIlRCLa75qyj+RxCTKWzTl83xrCFCoQgoVIxUgTzl8CTG lDjvyt6Sy4jqI9/hIscZjQ== 0001201800-10-000037.txt : 20100330 0001201800-10-000037.hdr.sgml : 20100330 20100330103831 ACCESSION NUMBER: 0001201800-10-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100325 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100330 DATE AS OF CHANGE: 20100330 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: 10712529 BUSINESS ADDRESS: STREET 1: 13450 WEST SUNRISE BOULEVARD STREET 2: SUITE 510 CITY: SUNRISE STATE: FL ZIP: 33323 BUSINESS PHONE: 631-873-2900 MAIL ADDRESS: STREET 1: 13450 WEST SUNRISE BOULEVARD STREET 2: SUITE 510 CITY: SUNRISE STATE: FL ZIP: 33323 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTER CONCEPTS CORP /DE DATE OF NAME CHANGE: 19930328 8-K 1 diri8krelearn-march10.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 25, 2010 (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 25, 2010, Direct Insite Corp. issued an earnings release announcing its financial results for the year ended December 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 March 25, 2010, announcing the Registrant's financial results for the year ended December 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: March 29, 2010 EX-99 2 diri8krelearn-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 2009 Year End Results Net Income of $1,659,000 on Revenue of $10,009,000 Recurring Revenue Increased 12.7% Sunrise, FL - March 25, 2010 - Direct Insite Corp. (OTC BB: DIRI.OB), a global Software as a Service ("SaaS") provider of financial supply chain automation across procure-to-pay, order-to-cash, today announced financial results for the year ended December 31, 2009. Income before taxes for the year ended December 31, 2009 was $1,721,000, a 28.6% increase over income before taxes of $1,338,000 in 2008. Net income was $1,659,000 for the year ended December 31, 2009, compared to net income of $4,181,000 in 2008. 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 2009 was $8,946,000, a 12.7% increase over recurring revenue of $7,935,000 in 2008. Total revenue for the year ended December 31, 2009 was $10,009,000 compared to total revenue of $9,609,000 for the year 2008, an increase of 4.2%. Professional services revenue decreased $611,000 (36.5%) to $1,063,000 for the year ended December 31, 2009 compared to $1,674,000 for the year ended December 31, 2008. Basic and diluted income per share attributable to common shareholders for the year ended December 31, 2009 was $0.13 compared to basic and diluted net income per share of $0.44 and $0.35, respectively, for the year ended December 31, 2008. The 2008 net income per share amounts include the effect of the benefit from income taxes. Net cash from operating activities continued to improve increasing to $3,293,000 for the year 2009 compared to net cash from operating activities of $1,923,000 in 2008. This improvement allowed the Company to redeem $1,974,000 of its outstanding redeemable preferred stock in 2009. "As expected, we continued to grow our recurring revenue in 2009, expanding services to existing and new customers and further strengthening our offerings." said Chairman and CEO James A. Cannavino. "In 2010, with our improved financial position, we are positioned properly to target and expand our customer base and as increasing numbers of companies look to "Go Electronic" streamlining business processes and reducing costs." 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 20,000 users across 65 countries, 17 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-K for the year ended December 31, 2009, filed with the Securities and Exchange Commission on March 25, 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, 2009 DECEMBER 31,2008 ---------------------------------------------------------- --------------------------- ------------------------- Revenue $ 10,009,000 $ 9,609,000 ---------------------------------------------------------- --------------------------- ------------------------- Operating income $ 1,821,000 $ 1,375,000 ---------------------------------------------------------- --------------------------- ------------------------- Other expenses, net $ 100,000 $ 37,000 ---------------------------------------------------------- --------------------------- ------------------------- Income before income taxes $ 1,721,000 $ 1,338,000 ---------------------------------------------------------- --------------------------- ------------------------- Provision for (benefit from) income taxes $ 62,000 $ (2,843,000) ---------------------------------------------------------- --------------------------- ------------------------- Net income $ 1,659,000 $ 4,181,000 ---------------------------------------------------------- --------------------------- ------------------------- Preferred Stock Dividends $ (243,000) $ (616,000) ---------------------------------------------------------- --------------------------- ------------------------- Net income attributable to common shareholders $ 1,416,000 $ 3,565,000 ---------------------------------------------------------- --------------------------- ------------------------- Basic net income per share attributable to common shareholders $ 0.13 $ 0.44 =========================== ========================= Diluted net income per share attributable to common shareholders $ 0.13 $ 0.35 =========================== ========================= ---------------------------------------------------------- --------------------------- -------------------------
---------------------------------------------- ----------------------- -------------------------- BALANCE SHEET December. 31, 2009 December 31, 2008 ------------- ------------------ ----------------- ---------------------------------------------- ----------------------- -------------------------- Total Current Assets $3,880,000 $3,093,000 ---------------------------------------------- ----------------------- -------------------------- Total Assets $6,620,000 $6,880,000 ---------------------------------------------- ----------------------- -------------------------- Total Current Liabilities $1,949,000 $2,179,000 ---------------------------------------------- ----------------------- -------------------------- Total Shareholders' Equity $3,528,000 $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. 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-----