Mitek Systems Announces First Quarter 1999 Results
Mitek Seeks to Double Revenues in Fiscal 1999 With Continued Revenue and EPS Growth Contributing to Stronger Cashflow During the Year
SAN DIEGO--(BUSINESS WIRE)--Jan. 26, 1999-- Mitek Systems Inc. (Nasdaq:MITK - news), a worldwide leader in intelligent character recognition technology, products and services for the document imaging markets, Tuesday announced that the company exceeded its first quarter revenue goals due to the company's continued focus on penetrating target markets, successfully executing its growth plan and a strong sales performance for the first quarter of fiscal 1999.
John Thornton, Mitek's chairman and president, said, ''These results are in line with the company's plan for growth and increased profitability and we are on track to accomplish our goal of doubling revenues in fiscal 1999.''
Results
For the first quarter 1999 ended Dec. 31, 1998, Mitek reported a 69% increase in revenues of $2,210,000 vs. $1,306,000 over the same quarter last year. On a sequential basis, revenues increased $198,000, or 10%, over the prior quarter's revenues. The company reported a net profit of $374,000, or $0.04 per share, compared with a net loss in the first quarter last year of $1,629,000, or $0.14 per share.
First Quarter 1999 Performance
Thornton said: ''We experienced a growth in revenue and earnings in the first quarter while maintaining a positive cash position with no borrowings against our current line of credit. Operationally, we doubled the size of our sales force over the last 90 days which significantly contributed to our strong performance.
''Additionally, we continue to successfully compete in our target markets with growth in the number of orders and order size.''
During the quarter, Mitek announced a significant partnership with International Business Machines (IBM). IBM will license the CheckScript recognition engine from Mitek for use in IBM's ImagePlus Intelligent Forms Processing Solution (IFP) for Windows NT. Mitek anticipates IBM's first order of CheckScript in early 1999.
Thornton added: ''We will continue to work very closely with our customers to meet their needs and the needs of their customers. We are broadening the use of our products within current accounts by identifying new and innovative applications of our technology.''
Outlook
Thornton said: ''We are looking for a continued upward trend in the second quarter, with growth in most areas of the company. We are expanding into new markets by addressing the needs of new and different types of customers with a variety of application specific solutions.''
Mitek Systems Inc.
Mitek Systems is a worldwide leader in intelligent character recognition technology, products and services for the document imaging markets. The company's document imaging software engine and intelligent character recognition products and services are used in mission-critical and high-volume data entry, data capture and forms processing applications installed in many of the world's leading financial institutions, manufacturing and service companies, and government organizations.
For more information on Mitek Systems, visit the company's Web site at www.miteksys.com, or call 800/PRO-INFO and dial code ''MITK'' to receive information via facsimile at no cost.
Additionally, investors will have the opportunity to listen to Tuesday's Mitek conference call at 11 a.m. Eastern Standard Time over the Internet through Vcall at vcall.com. To listen to the live call, go to the Web site at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
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 development and pace of sales of the company's products, expected trends and growth in the company's results of operations, projections concerning the company's available cash flow and liquidity, anticipated penetration in new and existing markets for the company's products and the size of such markets, anticipated acceptance of the company's products by existing and new customers, the ability of the company to sustain any growth in sales and revenue, and the increase in sales representatives and other personnel. The company's actual results could differ in such forward-looking statements. There can be no assurance that the company will achieve the results set forth herein.
Note to Editors: Mitek is a registered trademark of Mitek Systems Inc. CheckScript is a trademark of Parascript LLC. All other products or company names may be trademarks or registered trademarks of their respective holders.
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