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Direct Insite Announces Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: DIRI

"We are continuing to focus on improving our core product offerings while expanding our client base. We are building a growing pipeline of opportunities through the deployment of a direct sales team that is focused on a targeted emerging growth market. The multiple new contracts that closed during 2012 have expanded our ongoing recurring revenue stream," Oakes commented. "In 2013, we anticipate increased demand for e-invoicing solutions as more large enterprises look to implement tools that eliminate paper, streamline business processes and accelerate cash flow. Direct Insite's robust and scalable AP Transformation and AR/Payment Solutions offerings uniquely position us to capitalize on this trend and partner with enterprise customers to provide mutual growth in profitability."

The financial information stated above and in the tables below has been abstracted from Direct Insite Corp.'s December 31, 2012 Form 10-K, filed with the Securities and Exchange Commission on March 26, 2013, and should be read in conjunction with the information provided therein.

Summarized Financial Information – Statement of Operation
 
  For the Three Months Ended  For the Year Ended 
Statements of Operations Dec. 31, 2012  Dec. 31, 2011  Dec. 31, 2012  Dec. 31, 2011 
Revenue  $2,264,000 $2,149,000 $8,814,000 $8,565,000
Operating Income (Loss)  $81,000 $(165,000) $326,000 $(696,000)
Other Expense (Income), Net  $18,000 $(116,000) $35,000 $76,000
Income (Loss) Before Income Taxes  $63,000 $(49,000) $291,000 $(772,000)
Provision for (Benefit from) Income Taxes  $(174,000) $1,885,000 $(174,000) $1,885,000
Net Income (Loss)  $237,000 $(1,934,000) $465,000 $(2,657,000)
Basic and diluted Income (Loss) per Share  $0.02 $(0.16) $0.04 $(0.22)
Basic shares outstanding  12,421,000 12,101,000 12,321,000 11,813,000
Diluted shares outstanding  12,434,000 12,101,000 12,328,000 11,813,000
         
         
  For the Three Months Ended   
Revenue, Net of Siemens Scanning Dec. 31, 2012  Dec. 31, 2011  $ Variance  % Variance 
Total Revenue  $2,264,000 $2,149,000 $115,000 5.4%
Siemens Scanning Revenue  $ – $(107,000) $107,000 (100.0)%
Revenue, net of Siemens Scanning  $2,264,000 $2,042,000 $222,000 10.9%
         
         
  For the Year Ended   
Revenue, Net of Siemens Scanning Dec. 31, 2012  Dec. 31, 2011  $ Variance  % Variance 
Total Revenue  $8,814,000 $8,565,000 $249,000 2.9%
Siemens Scanning Revenue  $(30,000) $(462,000) $432,000 (93.5)%
Revenue, net of Siemens Scanning  $8,784,000 $8,103,000 $681,000 8.4%
         
         
Summarized Financial Information – Balance Sheet    
     
Balance Sheet     Dec. 31, 2012  Dec. 31, 2011 
Total Cash      $1,098,000 $687,000
Total Current Assets      $3,353,000 $2,749,000
Total Assets      $5,161,000 $4,528,000
Total Current Liabilities      $1,458,000 $1,611,000
Total Liabilities      $1,620,000 $1,892,000
Total Stockholders' Equity      $3,541,000 $2,636,000

About Direct Insite

Direct Insite Corp. delivers cloud-based e-invoicing solutions for AP, AR and payments automation. For nine years, Direct Insite has built a track record in automating some of the most demanding financial environments. Today, over 300,000 suppliers and customers use our e-invoicing network across 100 countries (representing more than 35 currencies and 35 languages). Direct Insite's Invoices On-Line (IOL) suite simplifies AP and AR processes such as: electronic invoice distribution and submission; purchase order submission, distribution and acknowledgement, invoice processing and validation, line-item matching, approval routing, invoice consolidation, dispute management, e-payment processing, and reporting and analysis. To learn more, visit www.directinsite.com .

The Company will hold an earnings webcast for the three months and year ended December 31, 2012 on Thursday, March 28, 2013 at 10:00 AM (Eastern). This call is being webcast by PrecisionIR and can be accessed at www.InvestorCalendar.com . Participant toll-free dial-in is (877) 407-9210.

FORWARD-LOOKING STATEMENTS. Statements in this press release regarding our future operations are 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. These 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. Actual results could differ materially from those contemplated by the forward-looking statements as a result of various factors, including but not limited to, our ability to retain existing customers, the effectiveness of our marketing efforts in attracting new customers, the success of our research and development efforts in continuing to create competitively attractive e-invoicing solutions, other competitive factors, general business and economic conditions, and pricing pressures. 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.

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