Mitek Reports 41% Revenue Growth and Profitability in Third Quarter Fiscal 2016

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SAN DIEGO -- Mitek (NASDAQ:MITK) (www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, today announced its financial results for the third quarter of fiscal 2016 ended June 30, 2016.

Third Quarter Fiscal 2016 Highlights

  • *Total revenue increased 41% year over year to $9.1 million
  • *GAAP net income of $0.7 million, or $0.02 per diluted share
  • *Non-GAAP net income of $2.4 million, or $0.07 per diluted share
  • *Total cash and investments increased to $33.2 million at the end of the third quarter, compared to $31.9 million at the end of the second quarter of fiscal 2016

Commenting on the results, James DeBello, Chairman and CEO of Mitek, said:

“Our strong quarterly results were driven by revenue growth from both our new mobile ID solutions and our industry leading Mobile Deposit. During the quarter, we licensed our mobile ID solutions to several new logos, including another new Fortune 500 company. We remain focused on establishing Mitek as the leading provider of mobile ID verification solutions to banks and other enterprises in the rapidly growing mobile self-service market. With our market momentum, competitive advantages and strong balance sheet, we are well positioned for continued growth throughout the remainder of the year and beyond.”

Third Quarter Fiscal 2016 Results

Total revenue for the third quarter of fiscal 2016 was $9.1 million, a 41% increase year over year compared to total revenue of $6.4 million in the third quarter of fiscal 2015.

GAAP net income for the third quarter of fiscal 2016 was $0.7 million, or $0.02 per diluted share, compared to GAAP net income of $0.9 million, or $0.03 per diluted share, in the third quarter of fiscal 2015. 

Non-GAAP net income for the third quarter of fiscal 2016 was $2.4 million, or $0.07 per diluted share, compared to non-GAAP net income of $2.2 million, or $0.07 per diluted share, in the third quarter of fiscal 2015.

The Company ended the third quarter of fiscal 2016 with cash and investments of $33.2 million, up from $31.9 million at the end of the second quarter of fiscal 2016.

Conference Call Information

Mitek management will host a conference call and live webcast for analysts and investors today at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to discuss the Company's financial results.

To listen to the live conference call, parties in the United States and Canada should dial 888-471-3843, access code: 2850324. International parties should call 719-325-2215 using access code: 2850324. Please dial in approximately 15 minutes prior to the start of the call. 

A live and archived webcast of the conference call will be accessible on the "Investor Relations" section of the Company's website at www.miteksystems.com. To access the live webcast, please log in 15 minutes prior to the start of the call to download and install any necessary audio software.

About Mitek

Mitek (MITK) is a global leader in mobile capture and identity verification software solutions. Mitek’s ID document verification allows an enterprise to verify a user’s identity during a mobile transaction, enabling financial institutions, payments companies and other businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. Mitek also reduces the friction in the mobile user experience with advanced data prefill. These innovative mobile solutions are embedded into the apps of more than 5,200 organizations and used by tens of millions of consumers daily for mobile check deposit, new account opening, insurance quoting and more. Learn more at www.miteksystems.com (MITK-F)

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