Message #2 From:
NewsBot Date: May 20, 2005 10:43:41 AM
DIRI Direct Insite Announces Continued Growth of EIP&P Recurring Revenues for First Quarter 2005 and Deployment of an 'Order-to-Cash' Accounts Payable Service Offering
Direct Insite Announces Continued Growth of EIP&P Recurring Revenues for First Quarter 2005 and Deployment of an 'Order-to-Cash' Accounts Payable Service Offering
BOHEMIA, N.Y.
Corporate Contact:
Direct Insite Corp.
Paul Orme, 631-244-1500
or
Communications Contact:
Breakaway Communications
Pamela Preston, 212-590-2554
Kelly Fitzgerald, 212-590-2555
Recurring EIP&P Revenues Grew 16.1% and a New Service Supporting Accounts Payable Organizations - Invoice Approval and Payment (IAP) - Launched in Support of Global 1000 Customer
Direct Insite Corp. (OTCBB:DIRI), a global provider of Electronic Invoice Presentment and Payment ("EIP&P") solutions, today announced its financial results for the three months ended March 31, 2005. Revenue from continuing operations was $2,080,000 compared to revenue from continuing operations of $2,106,000 for the first three months of 2004. Recurring revenues from EIP&P services increased 16.1% to $1,149,000 for the quarter ended March 31, 2005 compared to $990,000 for the first quarter of 2004, while recurring revenues from other non-EIP&P services decreased by $142,000. Revenues from professional services declined slightly to $917,000 for the first quarter 2005 compared to $960,000 for the same period in 2004.
Direct Insite reported a net loss of $285,000 for the three months ended March 31, 2005, compared to net income of $142,000 in the first quarter of 2004 including income from discontinued operations of $204,000 in 2004.
Basic and diluted net loss per share for the three months ended March 31, 2005 was $0.10 compared to a basic and diluted net loss per share of $0.00 for the three months ended March 31, 2004. The net income per share from discontinued operations for the three months ended March 31, 2004 was $0.05 per share and there was no income or loss from discontinued operations in 2005.
Direct Insite CEO and Chairman of the Board James A. Cannavino said, "During the quarter the Company's recurring revenues from its Invoice-on-Line (IOL) family of EIP&P offerings that support accounts receivable organizations continued to show strong growth. Two additional corporations committed to become users of the IOL service with deployments scheduled to cover both North America and Europe. We now deliver on behalf of our customers our electronic invoice presentment and payment service in twenty nine countries around the world supporting fifteen local languages and currencies."
The portfolio of the Company's offerings was significantly expanded in the first quarter with the deployment of the Invoice Approval and Payment (IAP) service offering. IAP supports the accounts payable organization within the large enterprise and complements Invoices on Line (IOL) service which supports the accounts receivable organization. IAP accepts purchase orders from a Corporations supply chain management system, proof of delivery or acceptance data, and other such documentation and then provides the AP department with a workflow that insures proper delivery, quantity and price charged, and compliance with various contractual terms and conditions. IAP also facilitates payment to the vendor and provides monitoring and reporting that assists in assuring SOX compliance. This new IAP service "went live" during the quarter in support of a Global 1000 company.
Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 55. The Company's IOL solution is deployed in North and South America, Europe/Middle East/Africa and Asia/Pacific geographic areas. For more information about Direct Insite Corp. call (631) 244-1500 or visit www.directinsite.com.
The financial information stated above and in the tables below has been abstracted from the Company's Form 10-QSB for the three months ended March 31, 2005, to be filed with the Securities and Exchange Commission, and should be read in conjunction with the information provided therein.
Summarized Financial Information
FOR THE THREE FOR THE THREE
MONTHS ENDED MONTHS ENDED
STATEMENT OF OPERATIONS MARCH 31, 2005 MARCH 31, 2004
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Revenue from continuing
operations $2,080,000 $2,106,000
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Operating (loss) income (210,000) 4,000
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Net other expense 75,000 65,000
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Loss before taxes (285,000) (61,000)
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Provision for income taxes -- 1,000
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Income from discontinued
operations -- 204,000
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Net (loss) income $ (285,000) $ 142,000
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Preferred Stock Dividends $ (154,000) $ (128,000)
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Net (loss) income attributable
to common shareholders $ (439,000) $ 14,000
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Basic and diluted (loss) income
per share:
From continuing operations $ (0.10) $ (0.05)
From discontinued operations -- $ 0.05
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Total (loss)income per share $ (0.10) $ 0.00
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BALANCE SHEET March 31, December 31,
2005 2004
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Total Current Assets $ 2,125,000 $ 2,439,000
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Total Assets $ 2,968,000 $ 3,301,000
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Total Current Liabilities $ 5,541,000 $ 4,991,000
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Total Shareholders' Deficiency $(2,678,000) $(2,537,000)
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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.
