Message #19 From:
TheMachine Date: August 14, 2009 09:04:52 AM
DIRI Stock News : Direct Insite Announces Record Revenue of $2,880,000 and Net Income of $684,000 for the Second Quarter 2009
BOHEMIA, NY -- (Marketwire) -- 08/14/09 -- Direct Insite Corp. (OTCBB: DIRI), 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, 2009. Revenue for the three months
ended June 30, 2009 was a record $2,880,000, a 22.8% increase over revenue
of $2,346,000 for the three months ended June 30, 2008. Revenue for the
six month period ended June 30, 2009 was $5,174,000, an increase of 20.3%
over revenue of $4,301,000 for the same period in 2008. Recurring revenue
was $2,253,000 for the three months ended June 30, 2009 compared to
recurring revenue of $1,823,000 for the three months ended June 30, 2008.
For the six months ended June 30, 2009 recurring revenue was $4,485,000
compared to recurring revenue of $3,652,000 for the same period in 2008, an
increase of 22.8%. The increase in recurring revenue is attributed to
additional customers, growth in services to continuing customers, and the
increasing rate of paper invoices converting to electronic invoices.
Revenue from Professional Services increased $104,000 (19.9%) to $627,000
and $40,000 (6.2%) to $689,000 for the three and six months ended June 30,
2009, respectively, compared to the same periods in 2008.
Operating income for the three and six months ended June 30, 2009 was
$786,000 and $1,034,000, respectively, compared to operating income of
$390,000 and $447,000 for the three and six months ended June 30, 2008,
respectively. Net income was $684,000 for the quarter ended June 30, 2009
compared to net income of $391,000 for the quarter ended June 30, 2008.
Net income for the six months ended June 30, 2009 was $932,000, compared to
net income of $3,303,000 for the six months ended June 30, 2008. Net
income for the six months ended June 30, 2008 included a benefit from
income taxes of $2,867,000.
Cash flows from operations continued to be strong at $1,558,000 for the six
months ended June 30, 2009 compared to cash from operations of $1,033,000
for the six months ended June 30, 2008. The continuing positive cash flow
enabled the Company to redeem the Series B Preferred Stock of $974,000 in
July 2009.
"We achieved record revenue in the second quarter and continue to deliver
strong cash flows and profits," said James A. Cannavino, Chairman and CEO
of Direct Insite. "Our record revenue re-enforces the fact that our
customers are well served and deriving significant value from our
solutions. As a result, we are well positioned to win new business and
further grow revenues among our existing customer base," said Mr.
Cannavino.
Basic income per share attributable to common shareholders for the three
and six months ended June 30, 2009 was $0.06 and $0.07, respectively,
compared to a basic income per share of $0.03 and $0.40 for the three and
six months ended June 30, 2008, respectively. The income per share for the
six months ended June 30, 2008 includes the benefit from income taxes.
Diluted income per share attributable to common shareholders for the three
and six months ended June 30, 2009 was $0.05 and $0.07, respectively,
compared to a diluted income per share of $0.02 and $0.28 for the three and
six months ended June 30, 2008, 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 20,000 users across 65 countries, 17
languages and multiple currencies. For more information, call (631)
873-2900, or visit www.directinsite.com
