Direct Insite Corp. is a global provider of financial supply chain automation across procure-to-pay and order-to-cash business processes. 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 has announced financial results for the three months ended June 30, 2009. Revenue for that period was a record $2,880,000, a 22% increase over the same period last year. Operating income for the three months ended June 30, 2009 was $786,000. This is a sizable increase from last year’s operating income in the same period of $390,000.
The company did very well in the important area of recurring revenues. Recurring revenue was $2,253,000 for the three months ended June 30, 2009, compared to recurring revenue of $1,823,000 in the same period last year. The increase in recurring revenue is attributed to additional customers, growth in services to continuing customers, and the increasing rate of paper invoices converting to electronic invoices.
James A. Cannavino, chairman and CEO of Direct Insite, commented on the results, â€œWe achieved record revenue in the second quarter and continue to deliver strong cash flows and profits. 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.â€