This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mitek Reports Third Quarter Fiscal 2013 Financial Results

  • Mobile Deposit ® surpassed the 1,000 bank milestone; licensed financial institutions grow to 1,059
  • 15 th and 16 th patents recently issued by USPTO for Signature Verification and Mobile Balance Transferâ„¢
  • Increased cash, cash equivalents and investments to $29.5 million

SAN DIEGO, July 25, 2013 (GLOBE NEWSWIRE) -- Mitek Systems, Inc. (Nasdaq:MITK) ( ), a leading mobile imaging software solutions provider, today announced its financial results for the third quarter of fiscal 2013, which ended June 30, 2013.

"With over 1,000 banks now licensing our technology, Mobile Deposit is a springboard for adoption of all of our mobile imaging solutions, resulting in this quarter's growth," said James B. DeBello, president and CEO of Mitek. "Our Mobile Imaging solutions are becoming pivotal for companies that want to advance their existing customer relationships and attract their next generation of consumers. Mitek continues to invest in our core science that turns complex Mobile Imaging technology into a pleasing consumer experience."

Total revenue for the third quarter of fiscal 2013 was $3.9 million compared to total revenue of $3.2 million in the third quarter of fiscal 2012, driven by revenue from Mobile Deposit, Mobile Photo Bill Pay, and Mobile Photo Quoting.

GAAP net loss for the third quarter of fiscal 2013 was $2.1 million, or $0.08 per share, compared to GAAP net loss of $2.0 million, or $0.08 per share, in the third quarter of fiscal 2012. Non-GAAP net loss for the third quarter of fiscal 2013 was $1.4 million, or $0.05 per share, compared to non-GAAP net loss of $1.2 million, or $0.05 per diluted share, in the third quarter of fiscal 2012.

Total operating expenses for the third quarter of fiscal 2013 were in line with company guidance at $5.9 million compared to $5.2 million for the third quarter of fiscal 2012. The increase in total operating expenses was primarily driven by higher investments in personnel to grow the business as well as litigation-related expense.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs