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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:


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.

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