The Company had net income for the three months ended September 30, 2012 of $92,000, compared to $216,000 for the three months ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $228,000, compared to a net loss of $723,000 for the same period in 2011. The decrease in income for the third quarter is primarily due to the decrease in revenues and an increase in depreciation expense related to new equipment purchased at the end of 2011. The increase in income for the nine months ended September 30, 2012 compared to 2011 is primarily due to severance expenses of $620,000 recorded in 2011, the non-recurrence of proxy solicitation costs incurred in 2011 and the increase in revenues, offset by increases in sales and marketing and operations, research and development costs as the Company continued to focus on sales and marketing initiatives and support increased engineering and development work related to new customers.Working capital was $1,717,000 at September 30, 2012 compared to working capital of $1,138,000 as of December 31, 2011, an increase of $579,000 (50.9%).
Direct Insite Announces Third Quarter Results
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