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Mitek Systems Management Discusses Q3 2012 Results - Earnings Call Transcript

Stocks in this article: MITK

As a reminder, this conference call may contain forward-looking statements that are not historical facts, but rather are based on the company's current expectations and beliefs. Mitek's results may differ materially. Please refer to Mitek's SEC filings for detailed information.

In addition, we'll be using non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are included in the earnings release on our website. And now I'd like to turn the call over to Jim Debello.

James B. Debello

Thanks, Julie, and good afternoon, everyone. I'll begin by reviewing our third quarter results and provide some commentary on Mitek's progress. Then Russ will go over the Q3 financials, and we'll open the call for your questions.

For the third quarter of fiscal 2012, we posted revenues of $3.2 million and a non-GAAP net loss of $1.2 million. The return to revenue growth was obviously a key focus for us. But also we continued laying the foundation for future growth by investing in new product development and building the management team appropriately as we scale our business.

Toward that end, we made 2 recent strategic hires, both of whom are industry veterans to add further bench strength to our management team.

Mike Strange joins us from Green Dot where he was CTO, and he brings 20 years of experience in payments, prepaid and hosted services to Mitek. As Mitek's Chief Technology Officer, Mike's proven track record in engineering management and product development will be invaluable as we grow and diversify our product offerings.

Mike Diamond also joined us as Senior Vice President of Sales and New Business Development. He brings a wealth of payments industry knowledge to Mitek. And previously Mike held senior level business development roles at IBM and S1 Corporation. I view Mike's role as pivotal as we extend our partner and customer relationships to insurance and other vertical markets.

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