Direct Insite Announces Fourth Quarter and Fiscal Year 2013 Results

Direct Insite Announces Fourth Quarter and Fiscal Year 2013 Results

Annual Revenue Increases to $8,981,000

FORT LAUDERDALE, Fla., March 26, 2014 (GLOBE NEWSWIRE) -- Direct Insite Corp.
(OTCQB:DIRI), a leading provider of cloud-based e-invoicing solutions for
Accounts Payable, Accounts Receivable, and Payments automation, today
announced financial results for the fourth quarter and year ended December 31,
2013. Total revenue for the three months ended December 31, 2013, was
$2,025,000, a decrease of $239,000 or 10.6%, from revenue of $2,264,000 for
the three months ended December 31, 2012. Total revenue for the year ended
December 31, 2013, was $8,981,000, an increase of $167,000, or 1.9%, from
revenue of $8,814,000 for the year ended December 31, 2012. 

The net loss for the three months ended December 31, 2013, was $119,000,
compared with last year's net income of $237,000. The year-over-year decline
in quarterly net income was primarily due to the non-recurrence of last year's
$174,000 income tax benefit that resulted from a valuation of our net deferred
assets. As a result, our loss per share for the three months ended December
31, 2013 was $0.01 compared to earnings per share of $0.02 for the compared
prior period.

Net income for the year ended December 31, 2013, was $164,000, a decrease of
$301,000 from net income of $465,000 for the year ended December 31, 2012. The
decrease in net income was primarily due to an increase in operating costs and
expenses (primarily salaries, insurance and investor relations expenses) and
the non-recurrence of last year's $174,000 income tax benefit arising from the
valuation of our deferred tax assets.Basic and diluted earnings per share for
the year ended December 31, 2013, was $0.01 compared to earnings per share of
$0.04 for the compared prior period.

Recurring revenue for the three months ended December 31, 2013, was
$1,718,000, a decline of $181,000, or 9.5%, from recurring revenue of
$1,899,000 for the three months ended December 31, 2012. This decrease in
recurring revenue was primarily due to the HP customer that terminated its
contract effective March 31, 2013, partially offset by revenue from new
customers that began utilizing our services during the past twelve months.
Recurring revenue for the year ended December 31, 2013, was $7,426,000, an
increase of $52,000, or 0.7%, from recurring revenue of $7,374,000 for the
year ended December 31, 2012. Year-over-year recurring revenue increases are
primarily due to the impact from new customers, partially offset by the
aforementioned customer termination.

Non-recurring revenue for the three months ended December 31, 2013, was
$307,000, a decrease of $58,000, or 15.9%, from non-recurring revenue of
$365,000 for the compared year ended. This decrease was primarily due to lower
startup engineering services revenue from new customers during the fourth
quarter of 2013.Non-recurring revenue for the year ended December 31, 2013,
was $1,555,000, an increase of $115,000, or 8.0%, from non-recurring revenue
of $1,440,000 for the year ended December 31, 2012. Year-over-year
non-recurring revenue increases were primarily due to start-up engineering
services provided to new customers.

Working capital at December 31, 2013, was $1,967,000, an increase of $72,000,
or 3.8%, from working capital of $1,895,000 at December 31, 2012. Cash
provided by operating activities at December 31, 2013 was $1,065,000, an
increase of $343,000, or 47.5%, compared to cash used in operations of
$722,000 for the same period in 2012.

Direct Insite President and Chief Executive Officer, Matthew E. Oakes stated,
"Direct Insite remains focused on growing our client base, expanding and
improving our suite of product offerings that significantly enhance existing
and new customers' working capital management capabilities." Oakes continued,
"Companies are continuing to identify and implement solution tools that
automate and transform business processes, eliminate paper and accelerate cash
flow. Wesee an increasing level of opportunity for e-invoicing solutions and
look forward to filling such demand with our cutting edge AP and AR automation
solutions."

The financial information stated above and in the tables below has been
abstracted from Direct Insite Corp.'s December 31, 2013 Form 10-K, filed with
the Securities and Exchange Commission on March 26, 2014, and should be read
in conjunction with the information provided therein.

Summarized Financial Information – Statements of Income

                      For the Three Months Ended  For the Year Ended
                      Dec. 31, 2013 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2012
Revenue                $2,025,000    $2,264,000    $8,981,000    $8,814,000
Operating Income       $(107,000)    $81,000       $150,000      $326,000
(Loss)
Other Expense          $8,000        $18,000       $(18,000)     $35,000
(Income), Net
Income (Loss) Before   $(115,000)    $63,000       $168,000      $291,000
Income Taxes
Provision for (Benefit $4            $(174,000)    $4,000        $(174,000)
from) Income Taxes
Net Income (Loss)      $(119,000)    $237,000      $164,000      $465,000
Basic and diluted
Income (Loss) per      $(0.01)       $0.02         $0.01         $0.04
Share
Basic shares           12,599,000    12,421,000    12,519,000    12,321,000
outstanding
Diluted shares         12,748,000    12,434,000    12,635,000    12,328,000
outstanding

Summarized Financial Information – Balance Sheet

Balance Sheet              Dec. 31, 2013 Dec. 31, 2012
Total Cash                 $1,371,000    $1,098,000
Total Current Assets       $3,579,000    $3,353,000
Total Assets               $5,562,000    $5,161,000
Total Current Liabilities  $1,612,000    $1,458,000
Total Liabilities          $1,648,000    $1,620,000
Total Stockholders' Equity $3,914,000    $3,541,000

About Direct Insite

Direct Insite delivers cloud-based e-invoicing solutions for Accounts Payable,
Accounts Receivable and Payments automation. Since 2001, Direct Insite has
built a track record in automating some of the most demanding financial
environments. Today, more than 450,000 suppliers and customers use Direct
Insite's e-invoicing network across over 100 countries (representing more than
35 currencies and 17 languages).Direct Insite's Invoices On-Line™ platform
provides critical procurement, shared services and treasury functionality,
which includes: company profile management, e-invoicing, workflow management,
payment processing, spend management and business intelligence, dynamic
discounting and supply chain financing.To learn more,
visitwww.directinsite.com.

The Company will hold an earnings webcast for the three months and year ended
December 31, 2013 on Wednesday, March 26, 2014 at 2:00 PM (Eastern).This call
is being webcast by Issuer Direct and can be accessed at
www.InvestorCalendar.com.Participant toll-free dial-in is (877) 407-9210.

FORWARD-LOOKING STATEMENTS.Statements in this press release regarding our
future operations are 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. These 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.Actual results could differ materially from
those contemplated by the forward-looking statements as a result of various
factors, including but not limited to, our ability to retain existing
customers, the effectiveness of our marketing efforts in attracting new
customers, the success of our research and development efforts in continuing
to create competitively attractive e-invoicing solutions, other competitive
factors, general business and economic conditions, and pricing
pressures.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.

CONTACT: Corporate Contact:
         Lowell Rush, Chief Financial Officer
         Direct Insite Corp.
         631-873-2900
         investorrelations@directinsite.com

Direct Insite Corp.
 
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