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Mitek Reports Third Quarter Fiscal 2013 Financial Results

Stocks in this article: MITK

  • 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.

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