Mitek Systems Reports Profit for Third Quarter of Fiscal 2008
SAN DIEGO, Aug. 5 /EMWNews/ -- Mitek Systems, Inc. (OTC Bulletin Board: MITK) (http://www.miteksystems.com), an innovator of image analytics and pattern recognition software, today announced financial results for the third quarter of fiscal 2008 ended June 30, 2008. Net sales were approximately $1.7 million for the third quarter of fiscal 2008 compared with $1.5 million for the third quarter in fiscal 2007. Gross margin for the third quarter of fiscal 2008 was 79%, compared with 87% for the same quarter last year. Total costs and expenses including cost of goods sold for the third quarters of fiscal 2008 and 2007 were $1.6 million and $1.4 million respectively. Operating income for the third quarter of fiscal 2008 was $40,000, compared to an operating income of $85,000 for the same quarter last year. Net income for the third quarter of fiscal 2008 was $42,000 or $0.0 per basic and diluted share, compared with a net income of $88,000, or $0.01 per basic and diluted share, for the same quarter last year. The Company ended the third quarter of fiscal year 2008 with cash and cash equivalents of $1.4 million, compared with $1.9 million at the end of the same quarter last year. At the end of the third quarter in fiscal year 2008, the Company had working capital of approximately $1.4 million and stockholders' equity of $1.6 million compared with working capital of $1.7 million and stockholders' equity of $1.8 million at the end of the third quarter of fiscal 2007. "We are pleased with the third quarter results and our continued progress innovating our mobile imaging application." said James DeBello, president and CEO, Mitek Systems. "We continue to invest in Mobile Deposit while remaining debt-free and have received initial industry accolades, being recently named one of 'Ten Technology Companies to Watch' by Bank Technology News." The Company will host a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time/8:00 a.m. Pacific Time) to discuss its third quarter fiscal 2008 results. The call can be accessed by calling 888-494-6099. The call can also be accessed live on the Investor Relations section of the company's Web site at http://www.miteksystems.com, and a replay will be available approximately two hours after the completion of the call. Analysis of the Company's financial statements is available within the Management's Discussion and Analysis section of the Form 10-QSB for the quarter ended June 30, 2008, filed with the SEC and available on the SEC's website at http://www.sec.gov. A printable copy of the financial report will be posted on the Company's website at http://www.miteksystems.com.
About Mitek Systems Mitek Systems (OTCBB: MITK; http://www.miteksystems.com) is an innovator of image analytics and pattern recognition technologies used by financial institutions, life science companies, and government agencies. The company develops and markets the most comprehensive suite of intelligent character recognition software used to test, clean, read and authenticate imaged checks, documents and objects, and its software is used to process more than nine billion transactions per year. For more information about Mitek Systems, contact the company at 858-503-7810 or visit http://www.miteksystems.com. Forward Looking Statement With the exception of historical matters, the matters discussed in this news release are forward-looking statements that involve risks and uncertainty. Forward-looking statements include, but are not limited to, future financial and operating results, statements relating to the launch of new products, entry into licensing agreements, and future prospects of Mitek's recurring royalties growth and sales volume, including involving ImageNet Payment or ImageNet Mobile Deposit. Actual results could differ from such forward-looking statements. There can be no assurance that Mitek will achieve results set forth herein. Mitek and Mitek Systems are registered trademarks of Mitek Systems, Inc.
Contacts: News Media Rogers & Cowan Jason Magner 310-854-8128 email@example.com Investors Mitek Systems Inc. Tesfaye Hailemichael 858-503-7810 firstname.lastname@example.org MITEK SYSTEMS, INC. CONDENSED BALANCE SHEET (Unaudited) June 30, June 30, 2008 2007 ASSETS Current assets $2,901,000 $3,117,000 Property and equipment - net 79,000 62,000 Software development costs 124,000 - Other assets 29,000 30,000 TOTAL ASSETS $3,133,000 $3,209,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $1,501,000 $1,382,000 Long term liabilities 53,000 40,000 TOTAL LIABILITIES 1,554,000 1,422,000 Stockholders' equity: Common stock 17,000 17,000 Additional paid-in capital 14,765,000 14,545,000 (Accumulated deficit) (13,203,000) (12,775,000) Total stockholder's equity 1,579,000 1,787,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,133,000 $3,209,000 MITEK SYSTEMS, INC. STATEMENTS OF OPERATIONS (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED June 30, June 30, 2008 2007 2008 2007 NET SALES $1,681,000 $1,459,000 $4,206,000 $4,199,000 OPERATING COSTS AND EXPENSES: Cost of sales 358,000 194,000 676,000 459,000 Operations 23,000 21,000 72,000 65,000 Selling and marketing 413,000 312,000 1,093,000 862,000 Research and development 432,000 437,000 1,464,000 1,434,000 General and administrative 415,000 410,000 1,367,000 1,797,000 Total costs and expenses 1,641,000 1,374,000 4,672,000 4,617,000 OPERATING INCOME (LOSS) 40,000 85,000 (466,000) (418,000) Other income - net 2,000 3,000 7,000 2,000 INCOME (LOSS) BEFORE INCOME TAXES 42,000 88,000 (459,000) (416,000) PROVISION FOR INCOME TAXES - - (3,000) (1,000) NET INCOME (LOSS) 42,000 88,000 (462,000) (417,000) NET INCOME (LOSS) PER SHARE - BASIC 0.00 0.01 (0.03) (0.02) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 16,751,137 16,751,137 16,751,137 16,750,408 NET INCOME (LOSS) PER SHARE - DILUTED 0.00 0.01 (0.03) (0.02) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 16,751,137 16,809,426 16,751,137 16,750,408
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