Direct Insite Announces Fourth Quarter And Fiscal Year 2012 Results

FORT LAUDERDALE, Fla., March 26, 2013 (GLOBE NEWSWIRE) -- Direct Insite Corp. (OTCBB:DIRI), a leading provider of cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable, and Payments automation, today announced financial results for the fourth quarter and year ended December 31, 2012. Revenue for the three months ended December 31, 2012, was $2,264,000, an increase of $115,000, or 5.4%, from revenue of $2,149,000 for the three months ended December 31, 2011. Revenue for the year ended December 31, 2012, was $8,814,000, an increase of $249,000, or 2.9%, from revenue of $8,565,000 for the year ended December 31, 2011.

As part of a new contractual arrangement with Siemens Corporation, effective February 2012, the Company no longer collected pass-through third-party scanning fees. Revenue, net of Siemens scanning for the three months ended December 31, 2012, was $2,264,000, an increase of $222,000, or 10.9%, from revenue, net of Siemens scanning of $2,042,000 for the three months ended December 31, 2011. Revenue, net of Siemens scanning for the year ended December 31, 2012, was $8,784,000, an increase of $681,000, or 8.4% from revenue, net of Siemens scanning of $8,103,000 for the year ended December 31, 2011.

"As we build on the positive momentum with customers from 2012, we have entered 2013 with accelerating growth rates in revenue. We anticipate that the first quarter of 2013 will be the highest quarterly revenue at Direct Insite in almost three years as the turnaround that began in May 2011 is firmly taking hold and our solutions are finding eager large corporate clients. Additionally, we expect our cash balance at March 31, 2013 to be higher than our reported balance at year end," stated Direct Insite President and Chief Executive Officer Matthew E. Oakes.

Net income for the three months ended December 31, 2012, was $237,000, an increase of $2,171,000, or 112.3%, from net loss of $1,934,000 for the three months ended December 31, 2011. The year-over-year increase in quarterly net income is primarily due to the favorable impact from the current year valuation of our deferred tax assets and the increase in revenue. Basic and diluted earnings per share for the three months ended December 31, 2012 was $0.02 compared to a loss per share of $0.16 for the compared prior period.