Direct Insite Corp., with over 20k users in 65 countries of their global eInvoice Management services platform, which effortlessly automates a company’s financial supply chain, announced 2009 (period ending Dec. 31) financial results today.
Chairman and CEO of DIRI, James A. Cannavino, happily conveyed continued recurring revenue growth in 09, accompanying an expansion of services to the clientele, and pointed to the outlook for 2010, where an “improved financial position” and good market positioning (as more and more businesses turn to the low-cost, streamlined capabilities the Company can provide them) are certain to produce continued success.
Long known for their sophisticated procure-to-pay and order-to-cash processing technology, DIRI is a Software as a Service (SaaS) provider that allows its clients to harness the power of their technology to provide simplified and automated invoice validation, order matching/consolidation, resolution of disputes, and even e-payment processing.
Posting 09 figures for recurring revenue that indicate a 12.7% increase over 08, and total revenue of just over $10M, exceeding the previous year by 4.2%, has led to increased optimism by both investors and management, despite a 36.5% decline in revenue from professional services to just over $1M from the 08 figure of $1,674,000.
With pre-tax income of $1.721M (up 28.6% from 08) and net income of $1.659M – which, while seemingly a decline from the 08 figure, should be understood in the context of the 08 data which included a $2.867M addition resulting from income tax benefits on a tax deferred asset – is actually an increase as net income minus the addition.
Income per share was $0.13 (basic/diluted), compared to $0.44/$0.35 in 08, also an expression of the income tax benefit.
Operations brought in substantially more net cash than in 08, a $1.37M increase to $3.293M, enabling DIRI to redeem some $1.974M in preferred stock.