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To: Susan G who wrote (62115)	9/20/1999 3:22:00 PM
From: ynot	Read Replies (2) \| Respond to of 120523

MSTG leading KANA IPO, pilot fish, imho ynot ;)

To: Susan G who wrote (62115)	9/20/1999 3:30:00 PM
From: kendall harmon	Respond to of 120523

MITK news looks very positive: from sept 16 san diego tribune <<San Diego's Mitek Systems and Science Applications International Corp. will team up in the sales and production of a revolutionary documentation-recognition technology. Mitek will market the new CogniForms process developed and patented by SAIC. CogniForms reads and interprets unstructured, non-uniform documents such as invoices, bills of lading and insurance notifications, relieving humans of the work. Mitek already has a product in this area, and will continue to sell it, but looks for CogniForms to take hold quickly, according to John Thornton, Mitek chairman and chief executive. About 60 percent of Mitek's business comes from producing software engines for the reading of checks by financial institutions. Mitek is the world's biggest producer of software that reads hand-printed letters and numbers. Software products for structured forms (such as catalog orders) and unstructured forms are an additional 20 percent of Mitek's business. Thornton thinks products for processing unstructured forms will constitute 20 percent to 30 percent of next year's volume. Several of Mitek's customers already are evaluating CogniForms, according to Thornton. CogniForms is considered revolutionary because it doesn't require explicit programming or rule crafting by the user, according to SAIC and Mitek. The reading of unstructured forms has always been formidable, because the forms come in such a wide variety of layouts and sizes. This is still another coup for Mitek. Entering the current fiscal year (which is almost over), Thornton had raised some eyebrows by predicting that sales would double to $6.5 million. Actually, they should hit $10 million, he says now. Sales were $6.7 million through the first nine months ended June 30, as the company earned $1.2 million or 11 cents a share, compared with a loss of $1.7 million or 15 cents a share in the same period a year earlier. The stock moved up from 44 cents last October to more than $3. Yesterday, it backed down 22 cents to $2.91, but that happened before the CogniForms announcement, which comes this morning.>> uniontrib.com