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Mitek Reports First Quarter Fiscal 2013 Financial Results

© 2013 Mitek Systems, Inc. All rights reserved. The Mitek Systems name and logo and Mobile Deposit® are registered trademarks of Mitek Systems, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.                                                          

MITEK SYSTEMS, INC.
BALANCE SHEETS
     
  December 31, September 30,
  2012 2012
ASSETS (Unaudited)  
Current assets:    
Cash and cash equivalents  $ 9,592,950  $ 6,702,090
Short-term investments  4,663,159  5,819,537
Accounts receivable, net  1,624,225  1,097,311
Other current assets  431,239  485,165
     
Total current assets  16,311,573  14,104,103
     
Long-term investments  828,000  2,085,690
Property and equipment, net  757,584  491,079
Other non-current assets  42,049  42,049
     
Total assets  $ 17,939,206  $ 16,722,921
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 1,155,898  $ 711,950
Accrued payroll and related taxes  871,557  726,965
Deferred revenue  2,439,581  1,632,085
Other current liabilities  55,408  31,656
     
Total current liabilities  4,522,444  3,102,656
     
Other non-current liabilities  521,576  63,586
     
Total liabilities  5,044,020  3,166,242
     
Stockholders' equity:    
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding  -
Common stock, $0.001 par value, 40,000,000 shares authorized, 26,041,283 and 25,995,216 issued and outstanding, respectively 26,041 25,995
Additional paid-in capital  37,684,416  36,990,691
Accumulated other comprehensive income  3,762  (616)
Accumulated deficit  (24,819,033)  (23,459,391)
     
Total stockholders' equity  12,895,186  13,556,679
     
Total liabilities and stockholders' equity  $ 17,939,206  $ 16,722,921
 
MITEK SYSTEMS, INC.
STATEMENTS OF OPERATIONS
 (Unaudited)
     
  For the three months ended December 31,
  2012 2011
     
Revenue    
Software   $ 2,570,706  $ 2,892,026
Maintenance and professional services   738,958  627,458
     
Total revenue  3,309,664  3,519,484
Operating costs and expenses    
Cost of revenue-software  192,606  147,660
Cost of revenue-maintenance and professional services  147,390  154,609
Selling and marketing  1,264,052  850,928
Research and development  1,402,753  1,179,106
General and administrative  1,668,929  1,163,228
     
Total operating costs and expenses  4,675,730  3,495,531
     
Operating (loss) income  (1,366,066)  23,953
Other income (expense), net    
Interest and other expense, net  (43,693)  (67,065)
Interest income  50,117  74,024
     
Total other income (expense), net  6,424  6,959
     
Income (loss) before income taxes  (1,359,642)  30,912
Provision for income taxes  --  (4,637)
     
Net (loss) income  $ (1,359,642)  $ 26,275
     
Net (loss) income per share -- basic  $ (0.05)  $ 0.00
Net (loss) income per share -- diluted  $ (0.05)  $ 0.00
     
Shares used in calculating basic net (loss) income per share 26,024,288 24,390,215
Shares used in calculating diluted net (loss) income per share  26,024,288  27,817,545
 
MITEK SYSTEMS, INC.
NON-GAAP NET INCOME RECONCILIATION
(Unaudited)
     
  For the three months ended
  December 31, December 31,
  2012 2011
     
Income (loss) before income taxes  $ (1,359,642)  $ 30,912
     
Add back:    
Stock compensation expense  656,534  501,697
     
Non-GAAP income (loss) before income taxes  (703,108)  532,609
Non-GAAP provision for income taxes  --   79,891
     
Non-GAAP net (loss) income   $ (703,108)  $ 452,718
     
Non-GAAP net (loss) income per share - diluted  $ (0.03)  $ 0.02
     
Shares used in computing diluted Non-GAAP net (loss) income per share  26,024,288  27,817,545
     
CONTACT: Julie Cunningham
         Vice President, Investor Relations & Corporate Communications
         Mitek 
         858.309.1780
         ir@miteksystems.com

        Connect with us on Facebook:  http://www.facebook.com/MitekSystems
        Follow us on Twitter: @miteksystems   
        See us on YouTube: http://www.youtube.com/miteksystems
        Read our latest blog post: http://www.miteksystems.com/blog

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