This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Direct Insite Announces Third Quarter Results

Stocks in this article: DIRI

Please replace the release dated November 14, 2012 with the following corrected version due to multiple revisions.

The corrected release reads:

DIRECT INSITE ANNOUNCES THIRD QUARTER RESULTS

Revenue of $6,550,000 for the First Nine Months of 2012

Direct Insite Corp. (OTC BB: DIRI.OB), a leading provider of cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable, and Payments automation, today announced financial results for the three and nine months ended September 30, 2012. Revenue for the three months ended September 30, 2012 was $2,168,000, a 4.2% decrease from revenue of $2,263,000 for the three months ended September 30, 2011. Revenue for the nine month period ended September 30, 2012 was $6,550,000, a 2.1% increase from revenue of $6,416,000 for the same period in 2011. Recurring revenue for the three-month period ended September 30, 2012 was $1,826,000, an increase of 1.1% from recurring revenue of $1,807,000 for the same period in 2011. For the nine months ended September 30, 2012 recurring revenue was $5,475,000 compared to recurring revenue of $5,385,000 for the nine months ended September 30, 2011, an increase of 1.7%. Revenue from professional services fees decreased $114,000 (25.0%) to $342,000 and increased $44,000 (4.3%) to $1,075,000 for the three and nine months ended September 30, 2012, compared to the same periods in 2011. The decrease in revenue in the third quarter is primarily the result of a decrease in startup engineering services revenue from new customers contracted at the end of 2011 as they converted to ongoing Invoices On-Line (IOL) services revenue streams, together with the decrease in direct costs related to third-party scanning services.

As part of a new contractual arrangement with Siemens Corporation, the Company no longer collects pass-through third-party scanning fees, starting in 2012. Excluding third-party pass-through scanning revenues, total revenue for the three and nine months ended September 30, 2012 was $2,168,000 and $6,520,000, compared to $2,146,000 and $6,061,000 for the three and nine months ended September 30, 2011, representing 1.0% and 7.6% increases in revenues on a comparable basis, respectively.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,488.84 +89.17 0.54%
S&P 500 1,919.99 +15.98 0.84%
NASDAQ 4,364.5770 +48.5030 1.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs