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Mitek Reports First Quarter Fiscal 2013 Financial Results

Stocks in this article: MITK

  • Signed 708 financial institutions to date with 318 customers live as of Dec. 31, 2012
  • Entered into strategic partnership with US Bank for commercial launch of Mobile Photo Bill Pay
  • Increased Mobile Deposit ® transaction usage over 25% for third consecutive quarter
  • Sixth mobile imaging patent issued by USPTO

SAN DIEGO, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Mitek Systems, Inc. (Nasdaq:MITK) ( ), a leading mobile imaging software solutions provider, today announced its financial results for the first quarter of fiscal 2013, which ended December 31, 2012.

"We had a strong start to fiscal 2013 with record bookings for our Mobile Photo Bill Pay product and strong bookings for Mobile Deposit and our entire suite of mobile imaging products. We continue to see strong market demand for our flagship Mobile Deposit product with over 25% increase in transaction usage for the third consecutive quarter," said James B. DeBello, president and CEO of Mitek. "With 708 banks signed to date, including the nation's top retail banks, our mobile imaging market presence continues to grow. During the first quarter of fiscal 2013 we signed 144 banks and saw a record number of Mobile Deposit customer launches, which we believe is a leading indicator of our long-term growth. Importantly, we signed US Bank as our first major customer for Mobile Photo Bill Pay, and we look forward to their commercial launch early this year. We also continued to build our IP portfolio with the issuance of our sixth mobile imaging patent issued."

Total revenue for the first quarter of fiscal 2013 was $3.3 million compared to total revenue of $3.5 million in the first quarter of fiscal 2012. During the first quarter of fiscal 2013, the Company signed a number of large software licenses for its Mobile Deposit, Mobile Photo Bill Pay and other mobile imaging products; however, a portion of the revenue from these licenses is recurring in nature and will be recognized in future periods.

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