Message #16 From:
Jason Date: August 13, 2008 05:23:18 PM
DIRI Stock: Direct Insite Announces Sales of $4,301,000 and Net Income of $3,303,000 for the Six Months Ended June 30, 2008
Direct Insite Corp. (OTC BB:DIRI.OB stock), a global provider of financial
supply chain automation across Procure-to-Pay and Order-to-Cash business
processes, today announced financial results for the three and six
months ended June 30, 2008. Net income was $391,000 for the quarter
ended June 30, 2008 compared to net income of $617,000 for the quarter
ended June 30, 2007. Net income, including a benefit from income taxes
of $2,867,000, increased to $3,303,000 for the six months ended June 30,
2008 compared to net income of $1,018,000 for the six months ended June
30, 2007.
Revenue from recurring ASP IOL services was to $1,823,000 for the three
months ended June 30, 2008 compared to recurring revenue of $1,895,000
for the three months ended June 30, 2007. For the six months ended June
30, 2008 recurring revenue was $3,652,000 compared to recurring revenue
of $3,559,000 for the same period in 2007. Total revenue for the second
quarter 2008 was $2,346,000, a 9.1% decrease from revenue of $2,580,000
in the second quarter of 2007. Total revenue for the six months ended
June 30, 2008 was $4,301,000, an 11.0% decrease from revenue of
$4,834,000 for the first six months of 2007. Revenue from Professional
Services decreased $162,000 (23.6%) to $523,000 and $626,000 (49.1%) to
$649,000 for the three and six months ended June 30, 2008, respectively,
compared to the same periods in 2007. The Company anticipates that
revenue from Professional Services will improve in the second half of
2008 as new projects are started and projects in process are completed.
Cash flows from operations continued to be strong at $1,033,000 for the
six months ended June 30, 2008 compared to cash from operations of
$1,713,000 for the six months ended June 30, 2007. The continuing
positive cash flow enabled the Company to pay $802,000 of the previously
accrued dividends on preferred stock during the first half of 2008, and
the Company expects to pay additional preferred dividends in 2008.
“We continue to achieve good profitability and
strong cash flows,” said James A. Cannavino,
Chairman and CEO of Direct Insite. “Although
implementation of some projects was delayed causing some decrease in
professional services revenue, our recurring revenue continues to grow
and we fully expect to increase our revenue from both our recurring IOL
services and our professional services as we complete projects and
expand our services to existing and new clients in the second half of
2008,” said Mr. Cannavino.
Basic income per share attributable to common shareholders for the three
and six months ended June 30, 2008 was $0.03 and $0.40, respectively,
compared to a basic income per share of $0.07 and $0.11 for the three
and six months ended June 30, 2007, respectively. Fully diluted income
per share attributable to common shareholders for the three and six
months ended June 30, 2008 was $0.02 and $0.28, respectively, compared
to a fully diluted income per share of $0.05 and $0.08 for the three and
six months ended June 30, 2007, respectively.
About Direct Insite
Direct Insite provides best practice financial supply chain automation
and workflow efficiencies for procure-to-pay and order-to-cash
processing. The Company’s global eInvoice
Management services automate complex manual business processes such as
invoice validation, order matching, consolidation, dispute handling, and
e-payment processing. Direct Insite solutions are used by more than
7,000 corporations across 62 countries, 15 languages and multiple
currencies. Direct Insite was selected by Deloitte and Touche as one of
the ‘500 Fastest-Growing Technology Companies’
in the United States and Canada. For more information, call (631)
873-2900, or visit www.directinsite.com.
The financial information stated above and in the tables below has been
abstracted from Direct Insite Corp.’s Form
10-Q for the six months ended June 30, 2008, filed with the Securities
and Exchange Commission on August 13, 2008, and should be read in
conjunction with the information provided therein.
