Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Paybox Corp. | diri_8k.htm |
Exhibit 99.1
Corporate Contact:
Lowell
Rush, Chief Financial Officer
PAYBOX
Corp
954-510-3750
investorrelations@gopaybox.com
FOR
IMMEDIATE RELEASE
PAYBOX Corp Announces Third Quarter 2016 Results
Company posts third quarter profit of $7,000
FORT
LAUDERDALE, FL, –
November 10, 2016 – PAYBOX Corp (formerly Direct Insite
Corp.) (OTCQB: DIRI), provider of the PAYBOX® unified working
capital management platform, today announced financial results for
the third quarter of 2016. Net income for the three months ended
September 30, 2016 was $7,000, compared with net income of $162,000
for the quarter ended September 30, 2015. Net income for the nine
months ended September 30, 2016 was $144,000, compared with a
profit of $352,000 for the year-to-date September 30, 2015. The
year-over-year decline in net income for both the quarter and
year-to-date were primarily due to the previously disclosed
February 2016 and August 2016 terminations of two channel partner
clients.
Revenue
for the three months ended September 30, 2016 was $1,608,000, a
decrease of $316,000, or 16.4%, from revenue of $1,924,000 for the
three months ended September 30, 2015. Recurring revenue for the
third quarter was $1,272,000, a decrease of $411,000, or 24.4%,
from recurring revenue of $1,683,000 for the comparable prior year
period, primarily due to the previously noted client losses in
February and August 2016.
Non-recurring
revenue for the three months ended September 30, 2016 was $336,000,
an increase of $95,000, or 39.4%, from non-recurring revenue of
$241,000 for the compared prior year period, due to higher customer
requested modifications and enhancements.
Operating costs and
expenses of $1,599,000 were $139,000, or 8.0%, lower than the
$1,738,000 spent in the prior year due to various cost-cutting
measures.
Working
capital (defined as current assets less current liabilities) at
September 30, 2016 was $2,696,000, compared with working capital of
$2,708,000 at December 31, 2015.
Cash
provided by operating activities for the nine months ended
September 30, 2016 was $691,000, compared to cash provided by
operations of $1,347,000 for the comparable prior year period. The
decrease is due to the timing of collections from our customers and
the timing of payments to our vendors.
“We continue
our aggressive investment in Sales and Marketing initiatives, as
well as PAYBOX software platform upgrades ,” said Paybox Corp
Chairman and CEO Matthew E. Oakes. “We expect that specific
continued focus in these areas will generate long-term financial
growth.”
The
financial information stated above and in the tables below has been
abstracted from Paybox Corp’s September 30, 2016 Form 10-Q,
filed with the Securities and Exchange Commission on November 10,
2016, and should be read in conjunction with the information
provided therein.
Summarized
Financial Information – Statement of Operations
|
Statements
of Operations for the three months ended:
|
September
30,
2016
|
September
30,
2015
|
|
Revenue
|
$1,608,000
|
$1,924,000
|
|
Operating
income
|
$9,000
|
$186,000
|
|
Other income
(expense), net
|
$(1,000)
|
$-
|
|
Income before
provision for income taxes
|
$8,000
|
$186,000
|
|
Net
income
|
$7,000
|
$162,000
|
|
Basic and diluted
income per share
|
$0.00
|
$0.01
|
|
Basic shares
outstanding
|
13,009,000
|
12,863,000
|
|
Diluted shares
outstanding
|
13,009,000
|
12,896,000
|
Summarized
Financial Information – Balance Sheet
|
Balance
Sheet as of:
|
September
30,
2016
|
December
31,
2015
|
|
Total
cash
|
$2,584,000
|
$2,375,000
|
|
Total current
assets
|
$4,312,000
|
$4,224,000
|
|
Total
assets
|
$6,956,000
|
$6,600,000
|
|
Total current
liabilities
|
$1,616,000
|
$1,516,000
|
|
Total
liabilities
|
$1,616,000
|
$1,516,000
|
|
Total
stockholders’
equity
|
$5,340,000
|
$5,084,000
|
Summarized Financial Information – Cash Flow
|
Cash
Flow from Operating Activities:
|
September
30,
2016
|
September
30,
2015
|
|
Net cash provided
by operating
activities
|
$691,000
|
$1,347,000
|
About
PAYBOX Corp
PAYBOX® provides a
powerful platform for unified working capital management that
facilitates over $160 billion worth of transactions annually
between more than 375,000 companies worldwide. PAYBOX Corp’s
clients include IBM, Siemens, HP Enterprises, Saint Gobain,
Carlson, and one of the world’s largest financial
institutions. The flagship component of PAYBOX’s unified
working capital management platform is PAYBOX® Cloud, which
offers robust and secure Accounts Payable and Receivables solutions
that seamlessly integrate with a company’s ERP system. Paper,
manual processes and customer/client invoice inaccuracies and
associated resolution costs are eliminated, while improving working
capital and customer satisfaction. Learn more at
www.gopaybox.com.
The
Company will hold an earnings webcast for the three months and and
nine months ended September 30, 2016 on Monday, November 14, 2016
at 11:00 A.M. (Eastern). This call is
being webcast by Issuer Direct and can be accessed at
www.InvestorCalendar.com.
Participant toll-free dial-in is (877)
407-9205.
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
successful implement our platform for new customers; 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.
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