Science & Technology
Science and Technology
Science and Technology
Mon, August 17, 2009
Sun, August 16, 2009
Fri, August 14, 2009 Direct Insite Corp.: Direct Insite Announces Record Revenue of $2,880,000 and Net Income of $684,000 for the Second Quarter 200
BOHEMIA, NY--(Marketwire - August 14, 2009) - Direct Insite Corp. (
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 ]
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, 2009, filed with the Securities and Exchange Commission on August 14, 2009, and should be read in conjunction with the information provided therein.
Summarized Financial Information
FOR THE FOR THE THREE THREE FOR THE FOR THE MONTHS MONTHS SIX MONTHS SIX MONTHS STATEMENT OF OPERATIONS ENDED ENDED ENDED ENDED JUNE 30, JUNE 30, JUNE 30, JUNE 30, 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Revenue $2,880,000 $2,346,000 $5,174,000 $4,301,000 ---------- ---------- ---------- ---------- Operating income $ 786,000 $ 390,000 $1,034,000 $ 447,000 ---------- ---------- ---------- ---------- Other income (expense), net $ (85,000) $ 1,000 $ (70,000) $ (11,000) ---------- ---------- ---------- ---------- Income before income taxes $ 701,000 $ 391,000 $ 964,000 $ 436,000 ---------- ---------- ---------- ---------- Benefit from (provision for) income taxes $ (17,000) $ -- $ (32,000) $2,867,000 ---------- ---------- ---------- ---------- Net income $ 684,000 $ 391,000 $ 932,000 $3,303,000 ---------- ---------- ---------- ---------- Preferred Stock Dividends $ (79,000) $ (202,000) $ (158,000) $ (375,000) ---------- ---------- ---------- ---------- Net income attributable to common shareholders $ 605,000 $ 189,000 $ 774,000 $2,928,000 ---------- ---------- ---------- ---------- Basic income per share attributable to common shareholders $ 0.06 $ 0.03 $ 0.07 $ 0.40 ========== ========== ========== ========== Diluted income per share attributable to common shareholders $ 0.05 $ 0.02 $ 0.07 $ 0.28 ========== ========== ========== ========== BALANCE SHEET JUNE 30, 2009 DECEMBER 31, 2008 ------------- ------------- ----------------- Total Current Assets $4,200,000 $3,093,000 Total Assets $7,816,000 $6,880,000 Total Current Liabilities $1,990,000 $2,179,000 Total Shareholders' Equity $5,635,000 $4,420,000
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.
