• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Mitek Systems Reports Fiscal 2011 Second-Quarter Earnings

Adds Bank of America to Growing List of Banks Deploying Mobile Deposit®, Strengthens Balance Sheet with $15 million in Proceeds from Private Placement


News provided by

Mitek Systems, Inc.

May 09, 2011, 06:50 ET

Share this article

Share this article


SAN DIEGO, May 9, 2011 /PRNewswire/ -- Mitek Systems, Inc. (OTC: MITK.OB; www.miteksystems.com), the leader in mobile-imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, today announced financial results for the second quarter of its fiscal 2011, which ended March 31, 2011.

(Logo:  http://photos.prnewswire.com/prnh/20100224/MITEKLOGO)

Net sales for the second quarter of fiscal 2011 were $2,868,000, compared with $1,517,000 in the same quarter last year, an increase of $1,351,000 or 89 percent.  Gross margin for the second quarter of fiscal 2011 was 91 percent, compared with 88 percent for the same quarter last year.

Net income for the second quarter of fiscal 2011 was $570,000, or $0.02 per diluted share, compared with net income of $7,000 or $0.00 per diluted share, for the same fiscal quarter last year.

The Company ended the second fiscal quarter of 2011 with cash and cash equivalents of $2,304,000, compared with $1,305,000 in the year-ago period.  The Company had working capital of approximately $2,997,000 and stockholders' equity of $3,244,000 at the end of the second quarter of fiscal 2011, compared with working capital of approximately $1,400,000 and stockholders' equity of $1,001,000 at the end of the second quarter of fiscal 2010.

President and CEO James B. DeBello said the Company is experiencing increasing momentum in sales of its flagship Mobile Deposit® solution, with five of the nation's top 10 retail banks now signed on to deploy the application.  These include new customers Bank of America and Capital One Financial.  In April 2011, Mitek announced that an additional 26 banks have signed agreements to deploy Mobile Deposit, bringing the total number of financial institutions to 40 – including many of the top U.S. retail banks and payments companies.  

"Mitek is very pleased to add Bank of America and Capital One Financial as Mobile Deposit customers through our channel partner NCR," DeBello said.  "We continue to see an unprecedented level of interest in Mobile Deposit in our core banking channel and across the entire payments industry.  After success last year in partnering with the financial industry's top solutions providers, 2011 is the year deployment of Mobile Deposit is hitting its stride."

In addition to its second-quarter operating results, Mitek significantly strengthened its balance sheet following the close of the quarter by completing a private placement of its common stock to select institutional investors in a transaction managed by William Blair & Company.  Gross proceeds from the transaction were $15,000,000.  As a result of the transaction, Mitek plans to file for the listing of its shares on the NASDAQ Capital Market.  

"We are proud today to stand with the strongest financial position in the Company's recent history following our share sale," said DeBello.  "We believe it is testament to the potential of Mitek and our unique position as a pure play mobile-payments company."

DeBello said Mitek has established itself as a leader in mobile-payments innovation with its patented image-analysis technology and growing portfolio of products for the financial services industry that enable secure, accurate and convenient mobile transactions via smartphone cameras.  

The portfolio also includes Mobile Photo Bill Pay™, which allows a user to pay a bill without writing a check or licking a stamp simply by snapping a photograph of the paper document, and Mobile ACH Enrollment™, an application that enables consumers to enroll their checking accounts as funding sources for mobile payments by taking photos of blank checks with their smartphones.

DeBello will discuss the second-quarter financial results in a conference call for shareholders, financial analysts and other interested parties at 9 a.m. EDT / 6 a.m. PDT today.  

Callers should dial in as follows several minutes in advance of the scheduled start time:  

Domestic:

800-299-7098

International:

617-801-9715

Passcode:

26838214

The link to participate online via webcast is http://phx.corporate-ir.net/playerlink.zhtml?c=85785&s=wm&e=3992195.

About Mitek Systems

For more than 20 years, Mitek Systems (OTC: MITK.OB.) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents.  Mitek's patented technology is currently used by leading financial organizations in the United States to process more than 10 billion items per year.

Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices.  Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet.  Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users' financial institutions.  

For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward-looking. Forward-looking statements relate to future events or future financial performance, including statements regarding future acceptance and use of our products and technology, future sales of our products and our plan to relist our shares on NASDAQ. Such statements reflect numerous assumptions and are subject to risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "feel," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause actual results to differ from those contained in the forward-looking statements include, but are not limited to: the general conditions of the domestic and global economy; our ability to continue to develop, produce and introduce innovative new products in a timely manner; our ability to identify and execute successfully cost-control initiatives without adversely impacting sales; the performance of new products and continued acceptance of current products; uncertainties associated with intellectual property protection for our products; and other risks identified from time to time in our filings made with the U.S. Securities and Exchange Commission. Although, we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results. Moreover, we assume no responsibility for the accuracy or completeness of such forward-looking statements and undertake no obligation to update any of these forward-looking statements.


Contact:


Bud Leedom, Finance Director


[email protected]


858.503.7810, x-309



MITEK SYSTEMS, INC.

CONDENSED BALANCE SHEET

(Unaudited)






March 31,


March 31,


2011


2010





ASSETS








Current assets

$ 5,617,000


$ 2,659,000

Property and equipment, net

111,000


44,000

Software development costs, net

160,000


297,000

Other long-term assets

30,000


61,000





TOTAL ASSETS

$ 5,918,000


$ 3,061,000





LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities

$ 2,641,000


$ 1,755,000

Long-term debt

0


496,000

Other long-term liabilities

33,000


45,000

TOTAL LIABILITIES

2,674,000


2,296,000





Stockholders' equity:




Common stock

21,000


17,000

Additional paid-in capital

18,948,000


15,776,000

(Accumulated deficit)

(15,725,000)


(15,028,000)

Total stockholder's equity

3,244,000


765,000





TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 5,918,000


$ 3,061,000

MITEK SYSTEMS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

















THREE MONTHS ENDED


SIX MONTHS ENDED


March 31,


March 31,


2011


2010


2011


2010









NET SALES

$ 2,868,000


$ 1,517,000


$ 4,272,000


$ 2,676,000









OPERATING COSTS AND  EXPENSES:








Cost of sales

256,000


182,000


464,000


535,000

Selling and marketing

565,000


231,000


964,000


396,000

Research and development

643,000


507,000


1,232,000


1,014,000

General and administrative

834,000


499,000


1,458,000


832,000









Total costs and expenses

2,298,000


1,419,000


4,118,000


2,777,000









OPERATING INCOME (LOSS)

570,000


98,000


154,000


(101,000)









Other (expense) income, net

1,000


(91,000)


(383,000)


(113,000)









INCOME (LOSS) BEFORE INCOME TAXES

571,000


7,000


(229,000)


(214,000)









PROVISION FOR INCOME TAXES

(1,000)


-


(2,000)


(2,000)









NET INCOME (LOSS)

570,000


7,000


(231,000)


(216,000)









NET INCOME (LOSS) PER SHARE - BASIC

0.03


0.00


(0.01)


(0.01)









WEIGHTED AVERAGE NUMBER OF COMMON








SHARES OUTSTANDING - BASIC

20,542,502


16,756,804


19,684,925


16,751,137









NET INCOME (LOSS) PER SHARE - DILUTED

0.02


0.00


(0.01)


(0.01)









WEIGHTED AVERAGE NUMBER OF COMMON








SHARES OUTSTANDING - DILUTED

23,241,963


17,476,183


19,684,925


16,751,137

SOURCE Mitek Systems, Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.