GAAP net loss for the first quarter of fiscal 2013 was $1.4 million, or $0.05 per share, compared to GAAP net income of $26,000, or breakeven on a per share basis, in the first quarter of 2012.Non-GAAP net loss for the first quarter of 2013 was $700,000, or $0.03 per share, compared to non-GAAP net income of $453,000, or $0.02 per diluted share, in the first quarter of fiscal 2012. Total operating expenses for the first quarter of fiscal 2013 were $4.7 million compared to $3.5 million for the first quarter of fiscal 2012. The increase in total operating expenses was primarily driven by higher investments in personnel to grow the business, sales and marketing expenses and R&D associated with product development. The Company ended the first quarter of fiscal 2013 with cash, cash equivalents and investments of $15.1 million, compared to $14.6 million at the end of fiscal 2012. Highlights
- Signed a strategic mobile imaging partnership with US Bank to deliver the first Mobile Photo Bill Pay product to US Bank customers in early 2013.
- Sixth mobile imaging patent issued to the Company by the USPTO, bringing the total number of issued patents to 13 with 14 additional patents pending.
- Announced more than 20 prepaid card initiatives from some of the most innovative banks, large retailers and wireless carriers by making the process of loading prepaid cards simple and easy with Mitek's intelligent mobile imaging technology.
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