Bohemia, N.Y. - April 29, 2005 - Direct Insite Corp (OTC BB:DIRI.OB), a global provider of Electronic Invoice Presentment and Payment (EIP&P) solutions, today announced its financial results for the year ended December 31, 2004. Revenue from continuing operations increased by $119,000 or 1.6% to $7,558,000 compared to revenue from continuing operations of $7,439,000 in 2003. Revenue for the fourth quarter 2004 was $2,137,000, including revenues derived from deployment of the IOL service in the Asian Pacific geographic region and initial pilot of the electronic payment function, compared to revenue of $1,511,000 for the fourth quarter 2003, an increase of 41%.
Direct Insite reduced its loss from continuing operations 52% to $1,571,000 for the year ended December 31, 2004, from $3,270,000 incurred during the year ended December 31, 2003. In 2003 the Company closed its Platinum Communications, Inc. operations which resulted in a gain of $288,000 from discontinued operations in 2004 and a loss from discontinued operations of $1,912,000 in 2003. This resulted in a net loss, after taxes, for the year ended December 31, 2004, of $1,283,000, compared to a net loss, after taxes, of $5,182,000 for the year ended December 31, 2003. Basic and diluted net loss per share from continuing operations for the year ended December 31, 2004 was $0.53 compared to a basic and diluted net loss per share from continuing operations of $0.91 for the year ended December 31, 2003. The net gain per share from discontinued operations for the year ended December 31, 2004 was $0.07 per share compared to a $0.48 net loss per share for the year ended December 31, 2003.
Direct Insite CEO and Chairman of the Board James A. Cannavino said, "During 2004 our focus was on growing the installed base of users of the Invoices on Line (IOL) and continuing to expand the global geographic coverage of our service for our customers. In addition to offering IOL in the Americas and Europe, IOL was deployed in the Asian Pacific geographic region with the launch of IOL Japan in the 4th quarter. In addition to IBM, our largest user, other Fortune 500 companies became users of our service directly and through our customers. At year end 2004, in excess of 7,000,000 IOL invoices were being delivered to more than 5,000 corporations around the world for our customers. From the perspective of new offerings or extensions to the product line, the company launched "Invoice Approval and Payment (IAP)" for use by the accounts payable staff to monitor, review and pay suppliers; and also began piloting a new workflow and payment offering. In summary, 2004 resulted in an increase in the number of corporate users receiving invoices via IOL, global geographic coverage was increased to become truly worldwide, and extensions to the product line were brought to market."
Headquartered in Bohemia, NY, Direct Insite Corp. employs a staff of 56. The Company's IOL solution is deployed in North and South America, Asia Pacific and in the Europe/Middle East/Africa 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-KSB for the year ended December 31, 2004, filed with the Securities and Exchange Commission on April 29, 2005, and should be read in conjunction with the information provided therein.