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TheStreet Open House

Mitek Reports Second Quarter Fiscal 2013 Financial Results

Stocks in this article: MITK

  • 889 financial institutions have signed to deploy Mobile Deposit ® with 445 live as of March 31, 2013
  • Increased Mobile Deposit ® transaction usage over 25% for fourth consecutive quarter
  • Seventh mobile imaging patent issued by USPTO for Mobile Photo Bill Pay
  • Collaborated with U.S. Bank to launch Mobile Photo Bill Pay
  • Mobile Deposit® solution won top award for "Overall Most Innovative" at annual Monarch Awards

SAN DIEGO, May 7, 2013 (GLOBE NEWSWIRE) -- Mitek Systems, Inc. (Nasdaq:MITK) ( www.miteksystems.com ), a leading mobile imaging software solutions provider, today announced its financial results for the second quarter of fiscal 2013, which ended March 31, 2013.

"We had a strong quarter which can be attributed to the widespread adoption of our mobile imaging solutions, particularly Mobile Deposit and Mobile Photo Bill Pay. We believe Mobile Deposit has become an expected capability, and more banks than ever are utilizing the technology to retain customers and attract new business. Meanwhile, U.S. Bank was the first nation-wide bank to launch Mobile Photo Bill Pay" said James B. DeBello, president and CEO of Mitek. "We are confident in our momentum moving forward, and are excited to partner with a variety of institutions interested in Mitek's technology."

Total revenue for the second quarter of fiscal 2013 was $3.2 million compared to total revenue of $1.2 million in the second quarter of fiscal 2012, driven primarily by growth in software license revenue.

GAAP net loss for the second quarter of fiscal 2013 was $2.4 million, or $0.09 per share, compared to GAAP net loss of $2.8 million, or $0.11 on a per share basis, in the second quarter of fiscal 2012. Non-GAAP net loss for the second quarter of fiscal 2013 was $1.7 million, or $0.06 per share, compared to non-GAAP net loss of $2.2 million, or $0.09 per diluted share, in the second quarter of fiscal 2012.

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