NCR Partnership for ImageNet Mobile Deposit(TM) and Collaboration with Mobile Banking Leader mFoundry Among Key Highlights
SAN DIEGO, May 15 /PRNewswire-FirstCall/ -- Mitek Systems, Inc. (OTC Bulletin Board: MITK)(www.miteksystems.com), an innovator of image analytics and mobile document capture applications, today announced financial results for the second quarter of fiscal 2009 ended March 31, 2009.
Net sales were approximately $0.9 million in the second quarter of fiscal 2009, compared to $1.3 million in the second quarter of fiscal 2008. Gross margin for the second quarter of fiscal 2009 was 85%, compared with 89% for the same quarter last year. Total costs and expenses including cost of goods sold were approximately $1.1 million in the second quarter of fiscal 2009, down from $1.5 million in the second quarter in fiscal 2008. Operating loss for the second quarter of fiscal 2008 was approximately $237,000, compared to an operating loss of $221,000 for the same quarter last year.
Net loss for the second quarter of fiscal 2009 was approximately $240,000 or $0.01 per basic and diluted share, compared with a net loss of $222,000 or $0.01 per basic and diluted share, for the same quarter last year. The Company ended the second quarter of fiscal year 2009 with cash and cash equivalents of $0.8 million, compared with $1.5 million at the end of the same quarter last year.
Total operating expenses in the second quarter of fiscal 2009 decreased by approximately $557,000 or 33% from the first quarter of this year. Year over year, total operating expenses were down by approximately $222,000 or 24% in the current six month period.
On April 27, 2009, the Company announced an agreement with NCR Corporation (NYSE: NCR) to integrate Mitek's ImageNet Mobile Deposit software into NCR's APTRA Passport family of remote deposit capture solutions. Mitek's ImageNet Mobile Deposit is the only mobile payments software application that allows checks to be deposited from an end user's camera-equipped mobile phone. NCR selected ImageNet Mobile Deposit to extend the number of deposit choices customers can use with NCR's self service suite of remote capture solutions.
The combined Mitek-NCR solution will allow business customers to deposit checks by using their mobile phone's camera as a scanner and is ideal for small services-based businesses, such as insurance agencies or home repair companies, which need to process low-volumes of checks from remote locations. For financial institutions, the solution gives banks the ability to provide their accountholders with quicker availability to funds and an extra level of convenience, while migrating all images and data into NCR ImageMark(TM) Transaction Manager automatically.
In addition to integrating mobile deposit functionality to APTRA Commercial Passport, NCR will also offer ImageNet Mobile Deposit as a Software as a Service (SaaS) within the APTRA Passport Validation solution framework.
During the second quarter, the Company announced collaboration with mFoundry a leading provider of mobile banking and payment solutions, demonstrating the industry's first integrated mobile banking platform featuring Mitek's embedded mobile check deposit capabilities on an iPhone. Both Mitek and mFoundry were selected as Best New Mobile Banking Technology and Best Mobile Banking Application, respectively, by the Bankers Alliance for the Mobile Arena, and were featured as Top Ten Bank Technology Companies in 2008 by Bank Technology News.
In addition, the Company announced that RDM Corporation (TSX: RC), a leading developer of specialized software and hardware products for electronic payment processing, will integrate Mitek's ImageNet Mobile Deposit into its Image & Transaction Management System (ITMS) suite of Remote Deposit Capture (RDC) products. The combined Mobile Deposit application will provide RDM customers with one of the first commercially available mobile merchant capture applications, and allow small and medium sized businesses the ability to use merchant capture virtually anywhere. The downloadable application will be initially available for the iPhone and latest Blackberry handsets.
"We are excited to work with our new partners who share our vision for ImageNet Mobile Deposit to improve personal convenience and business productivity," said James DeBello, president and CEO, Mitek Systems. "As a result, we continue to invest in the development of proprietary image analytics and other mobile document capture applications for smart phones, and have applied for several patents to protect our innovations."
Analysis of the Company's financial statements is available within the Management's Discussion and Analysis section of the Form 10-Q for the quarter ended March 31, 2009, filed with the SEC and available on the SEC's website at www.sec.gov. A printable copy of the financial report will be posted on the Company's website at www.miteksystems.com.
About Mitek Systems
Mitek Systems (OTCBB: MITK; www.miteksystems.com) is an innovator of image analytics and mobile imaging applications 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 at 8911 Balboa Ave., Suite B, San Diego, CA 92123; 858-503-7810 or visit www.miteksystems.com.
Forward-Looking Statement Disclosure
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, statements relating to the launch of new products and future prospects of Mitek's growth and sales volume. 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:
Investors
Mitek Systems, Inc.
Fred Hutton, Controller
858-503-7810
fhutton@miteksystems.com
MITEK SYSTEMS, INC.
CONDENSED BALANCE SHEET
(Unaudited)
March 31, March 31,
2009 2008
---------- ----------
ASSETS
Current assets $1,690,000 $2,773,000
Property and equipment - net 79,000 84,000
Software development costs 412,000 -
Other assets 29,000 29,000
---------- ----------
TOTAL ASSETS $2,210,000 $2,886,000
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $1,663,000 $1,362,000
Long term liabilities 54,000 51,000
------ ------
TOTAL LIABILITIES 1,717,000 1,413,000
--------- ---------
Stockholders' equity:
Common stock 17,000 17,000
Additional paid-in capital 14,874,000 14,701,000
(Accumulated deficit) (14,398,000) (13,245,000)
----------- -----------
Total stockholder's equity 493,000 1,473,000
------- ---------
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,210,000 $2,886,000
========== ==========
MITEK SYSTEMS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
March 31, March 31,
2009 2008 2009 2008
-------- ---------- ---------- ----------
NET SALES $888,000 $1,261,000 $1,900,000 $2,524,000
OPERATING COSTS
AND EXPENSES:
Cost of sales 135,000 143,000 331,000 318,000
Operations 7,000 24,000 29,000 48,000
Selling and
marketing 190,000 335,000 551,000 680,000
Research and
development 431,000 501,000 1,004,000 1,032,000
General and
administrative 362,000 479,000 892,000 952,000
--------- --------- --------- ---------
Total costs
and expenses 1,125,000 1,482,000 2,807,000 3,030,000
-------- -------- -------- --------
OPERATING LOSS (237,000) (221,000) (907,000) (506,000)
Other (expense)
income - net (1,000) 2,000 1,000 5,000
-------- -------- -------- --------
LOSS BEFORE
INCOME TAXES (238,000) (219,000) (906,000) (501,000)
PROVISION FOR
INCOME TAXES (2,000) (3,000) (2,000) (3,000)
------ ------ ------ ------
-------- -------- -------- --------
NET LOSS (240,000) (222,000) (908,000) (504,000)
======== ======== ======== ========
----- ----- ----- -----
NET LOSS PER SHARE -
BASIC AND DILUTED (0.01) (0.01) (0.05) (0.03)
===== ===== ===== =====
WEIGHTED AVERAGE
NUMBER OF COMMON ---------- ---------- ---------- ----------
SHARES OUTSTANDING -
BASIC AND DILUTED 16,751,137 16,751,137 16,751,137 16,751,137
========== ========== ========== ==========
SOURCE Mitek Systems, Inc.
For further information: Investors, Fred Hutton, Controller of Mitek Systems, Inc., +1-858-503-7810, fhutton@miteksystems.com
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