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Direct Insite Announces Fourth Quarter And Fiscal Year 2012 Results

Net income for the year ended December 31, 2012, was $465,000, an increase of $3,122,000, or 117.5%, from net loss of $2,657,000 for the year ended December 31, 2011. The increase in net income for 2012 from 2011 is primarily due to the favorable impact from the current year valuation of our deferred tax assets, the non-recurrence of approximately $620,000 of severance expenses in 2011 and a decrease in third-party legal fees due to the non-recurrence of proxy solicitation costs incurred in 2011. Basic and diluted earnings per share for the year ended December 31, 2012, was $0.04 compared to a loss per share of $0.22 for the compared prior period.

Recurring revenue for the three months ended December 31, 2012, was $1,899,000, an increase of $90,000, or 5.0%, from recurring revenue of $1,809,000 for the three months ended December 31, 2011. Recurring revenue for the year ended December 31, 2012, was $7,374,000, an increase of $180,000, or 2.5%, from recurring revenue of $7,194,000 for the year ended December 31, 2011. Year-over-year recurring revenue increases are primarily due to the impact from new customers that were on-boarded at the end of 2011 and throughout 2012.

Non-recurring revenue for the three months ended December 31, 2012, was $365,000, an increase of $25,000, or 7.4%, from non-recurring revenue of $340,000 for the compared year ended. Non-recurring revenue for the year ended December 31, 2012, was $1,440,000, an increase of $69,000, or 5.0%, from non-recurring revenue of $1,371,000 for the year ended December 31, 2011. Year-over-year non-recurring revenue increases were primarily due to startup engineering services provided for new customers contracted at the end of 2011 and throughout 2012, partially offset by the elimination of third-party scanning services no longer charged to Siemens.

Working capital at December 31, 2012, was $1,895,000, an increase of 757,000, or 66.5%, from working capital of $1,138,000 at December 31, 2011. Cash provided by operating activities at December 31, 2012 was $722,000, an increase of $1,528,000, or 189.6%, compared to cash used in operations of $806,000 for the same period in 2011.

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