CORRECTING and REPLACING Direct Insite Announces Third Quarter Results
CORRECTING and REPLACING Direct Insite Announces Third Quarter Results
Revenue of $6,550,000 for the First Nine Months of 2012
SUNRISE, Fla.--(BUSINESS WIRE)-- Please replace the release dated November 14, 2012 with the following corrected version due to multiple revisions.
The corrected release reads:
DIRECT INSITE ANNOUNCES THIRD QUARTER RESULTS
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.
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 maintained its focus in Q3 by boarding additional new vendors into our Global Supplier Network and increasing our recurring revenue streams," commented Direct Insite President and Chief Executive Officer Matthew E. Oakes. "Our goals for the balance of the year are to continue the conversion of 2012 customer contract revenues from professional services fees to recurring revenue, close additional new customer contracts and increase the depth of our sales opportunity pipeline while managing costs associated with each initiative."
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 and helping users extend the value of their Enterprise Resource Planning (ERP) applications. Today, over 175,000 suppliers and customers use our e-invoicing network across 100 countries (representing more than 35 currencies and 17 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 financial information stated above and in the tables below has been abstracted from Direct Insite Corp.'s September 30, 2012 Form 10-Q, filed with the Securities and Exchange Commission on November 14, 2012, and should be read in conjunction with the information provided therein.
The Company will hold an earnings webcast for the third quarter 2012 on Friday, November 16, 2012 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.
Summarized Financial Information | ||||||||||||||||
FOR THE THREE | FOR THE THREE | FOR THE NINE | FOR THE NINE | |||||||||||||
MONTHS ENDED | MONTHS ENDED | MONTHS ENDED | MONTHS ENDED | |||||||||||||
STATEMENTS OF OPERATIONS | SEPTEMBER 30, 2012 | SEPTEMBER 30, 2011 | SEPTEMBER 30, 2012 | SEPTEMBER 30, 2011 | ||||||||||||
Revenue | $ | 2,168,000 | $ | 2,263,000 | $ | 6,550,000 | $ | 6,416,000 | ||||||||
Operating Income (Loss) | $ | 103,000 | $ | 204,000 | $ | 245,000 | $ | (531,000 | ) | |||||||
Other (Expense) Income, Net | $ | (11,000 | ) | $ | 12,000 | $ | (17,000 | ) | $ | (192,000 | ) | |||||
Income (Loss) Before Income Taxes | $ | 92,000 | $ | 216,000 | $ | 228,000 | $ | (723,000 | ) | |||||||
Provision for Income Taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Net Income (Loss) | $ | 92,000 | $ | 216,000 | $ | 228,000 | $ | (723,000 | ) | |||||||
Basic and Diluted Income (Loss) per Share | $ | 0.01 | $ | (0.02 | ) | $ | 0.02 | $ | (0.06 | ) | ||||||
BALANCE SHEET | SEPTEMBER 30, 2012 | DECEMBER 31, 2011 | ||||
Total Current Assets | $ | 3,246,000 | $ | 2,749,000 | ||
Total Assets | $ | 5,010,000 | $ | 4,528,000 | ||
Total Current Liabilities | $ | 1,529,000 | $ | 1,611,000 | ||
Total Liabilities | $ | 1,747,000 | $ | 1,892,000 | ||
Total Stockholders' Equity | $ | 3,263,000 | $ | 2,636,000 | ||
FOR THE THREE | FOR THE THREE | |||||||||||
MONTHS ENDED | MONTHS ENDED | (DECREASE) | ||||||||||
REVENUE, NET OF SIEMENS SCANNING | SEPTEMBER 30, 2012 | SEPTEMBER 30, 2011 | INCREASE | |||||||||
Total Revenue | $ | 2,168,000 | $ | 2,263,000 | (4.2 | ) | % | |||||
Siemens Scanning Revenue | $ | - | $ | (117,000 | ) | (100.0 | ) | % | ||||
Revenue, net of Siemens Scanning | $ | 2,168,000 | $ | 2,146,000 | 1.0 | % | ||||||
FOR THE NINE | FOR THE NINE | |||||||||||
MONTHS ENDED | MONTHS ENDED | (DECREASE) | ||||||||||
REVENUE, NET OF SIEMENS SCANNING | SEPTEMBER 30, 2012 | SEPTEMBER 30, 2011 | INCREASE | |||||||||
Total Revenue | $ | 6,550,000 | $ | 6,416,000 | 2.1 | % | ||||||
Siemens Scanning Revenue | $ | (30,000 | ) | $ | (355,000 | ) | (91.6 | ) | % | |||
Revenue, net of Siemens Scanning | $ | 6,520,000 | $ | 6,061,000 | 7.6 | % | ||||||
FORWARD-LOOKING STATEMENTS. All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy, and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify 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. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such 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. 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.
Invoices On-Line is a trademark of Direct Insite Corp.
Sandra Wallace, Acting Chief Financial Officer
Direct Insite Corp.
631-873-2900
investorrelations@directinsite.com
KEYWORDS: United States North America Florida
INDUSTRY KEYWORDS:
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