Direct Insite 4Q revenue down, 2013 revenue up

Direct Insite Corp. (OTC: DIRI) reported its revenue for the three months ended December 31, 2013, was USD2,025,000, a decrease of USD239,000 or 10.6 percent, from revenue of USD2,264,000 for the three months ended December 31, 2012.

Total revenue for the year ended December 31, 2013, was USD8,981,000, an increase of USD167,000, or 1.9 percent, from revenue of USD8,814,000 for the year ended December 31, 2012.

The net loss for the three months ended December 31, 2013, was USD119,000, compared with last year´s net income of USD237,000. The year-over-year decline in quarterly net income was primarily due to the non-recurrence of last year´s USD174,000 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 USD0.01 compared to earnings per share of USD0.02 for the compared prior period.

Net income for the year ended December 31, 2013, was USD164,000, a decrease of USD301,000 from net income of USD465,000 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 USD174,000 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 USD0.01 compared to earnings per share of USD0.04 for the compared prior period.

Direct Insite delivers cloud-based e-invoicing solutions for accounts payable, accounts receivable and payments automation. To learn more, visit www.directinsite.com.

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