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May 18, 2009

Mitek Systems net sales down in Q2

But company excited about new partnerships

By CBR Staff Writer

Mitek Systems, a provider of image analytics and mobile imaging software, has announced the financial results for the second quarter of fiscal 2009.

The company reported a net loss of approximately $240,000 or $0.01 per basic and diluted share for the second quarter of fiscal 2009, compared to a net loss of $222,000 or $0.01 per basic and diluted share for the second quarter of fiscal 2008.

For the second quarter of fiscal 2009, the company posted net sales of approximately $0.9m, compared to $1.3m for the second quarter of fiscal 2008. Operating loss was approximately $237,000 compared to $221,000 for the same quarter last year. The cash and cash equivalents for the second quarter of fiscal 2009, was $0.8m compared to $1.5m for the same period last year.

The Company announced during the quarter that RMD, a provider of specialised 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 products.

James DeBello, president and CEO of Mitek Systems, said: “We are excited to work with our new partners who share our vision for ImageNet Mobile Deposit to improve personal convenience and business productivity. 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.”

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