Jeff...I really like the steps they have taken over the past year to get the company back on course. And the numbers are beginning to reflect much better margins, tighter overhead controls and increased high end sales. In addition to their 1st qtr, which was excellent, there was an agreement in December w/IBM which looked pretty promising...both follow. MITK closed today at 1.44 up .09 after trading most of the day btw 1.44/1.66...a 2000 share sell at 3.59 at then bid of 1.44 knocked spread back. Stock trades very thinly which can either be your ally or your enemy depending on whether you own it or are trying to buy it.
Mitek Systems to Supply ICR Tools to IBM
SAN DIEGO--(BUSINESS WIRE)--Dec. 22, 1998--Mitek Systems Inc. (Nasdaq:MITK
- news) today announced that it recently signed an agreement to become an IBM supplier.
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.
The IFP Solution is IBM's most advanced forms processing system. It relies on technical advances in the use of Intelligent
Character Recognition (ICR) and other forms processing technologies to reduce the cost of data capture from documents.
CheckScript will be integrated into the IFP Solution to automatically locate and recognize the courtesy and legal amounts on
checks and other financial documents. By combining courtesy and legal amount recognition, accuracy in check processing
applications can be significantly improved, resulting in data entry labor savings of 70 percent or more.
William Boersing, Mitek's vice president of North American Sales, said, ''We are very pleased to have been selected as a key
supplier for IBM's automated forms processing solution. We look forward to a long and mutually beneficial relationship.''
Scott McDonell, IBM's IFP solution manager, said, ''We are delighted to initiate this relationship with Mitek. Our IFP
customers will receive a real boost in accuracy with the CheckScript solution.''
Mitek Systems Inc. is a worldwide leader in intelligent character recognition technology, products and services for the
document imaging markets with headquarters at 10070 Carroll Canyon Road, San Diego, Calif. 92131.
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 about
Mitek Systems, please visit the company's Web site at: miteksys.com.
Mitek is a trademark of Mitek Systems, Inc. IBM is a registered trademark of International Business Machines. CheckScript is
a trademark of Parascript, LLC.
All other product or company names may be trademarks or registered trademarks of their respective holders.
Contact:
Mitek Systems Inc.
William Boersing, 619/635-5900
www.miteksys.com
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.
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