Mitek Systems Reports Fourth Quarter and Fiscal Year 2011 Results
finance.yahoo.com
81 New Customers for Mobile Deposit®, Signed Agreements with All Top 5 U.S. Banks; Extends Reach into Insurance
Total revenues for the fourth quarter were $3,040,000 , an increase of 88% from revenues of $1,620,000 for the fourth quarter of 2010. Gross margin for the fourth quarter was 91%, compared to 87% for the fourth quarter of 2010. Fourth quarter net loss was $219,000 , or $0.01 per diluted share, compared to net income of $180,000 , or $0.01 per diluted share, for the fourth quarter of 2010. Total revenues for the full fiscal year 2011 were $10,266,000 , an increase of 101% from revenues of $5,119,000 for the 2010 fiscal year. Gross margin for the full fiscal year 2011 was 89%, compared to 81% for the 2010 fiscal year. Fiscal 2011 net loss was $125,000 , or $0.01 per diluted share, compared to a net loss of $682,000 , or $0.04 per diluted share, for the 2010 fiscal year.
The Company ended fiscal 2011 with cash, cash equivalents and investments of $16,261,000 , compared to $1,305,000 at the end of the 2010 fiscal year, including approximately $300,000 provided by operating activities during fiscal 2011, compared to $800,000 used in operating activities in 2010. The Company had no debt at the end of fiscal 2011, compared to $680,000 of debt at the end of the 2010 fiscal year.
"Fiscal 2011 was an exceptional year for Mitek. We doubled our revenue and signed more than 10 new agreements with Fortune 500 customers. We are seeing the market opportunity for Mitek's mobile imaging solutions continue to accelerate," said President and CEO James B. DeBello . "Companies like Progressive, who signed a definitive agreement, and other global Fortune 500 corporations who want to capture the next generation of consumers are investing in our mobile imaging solutions and extending our opportunities beyond financial services." |
