Mitek Systems Inc. (MITK.OB) Posts Q1 2010 Improvements, Highlights Key Achievements

In the company’s news yesterday,

Mitek Systems Inc. posted its financial results for the first quarter of fiscal 2010. For the fiscal first quarter ended December 31, 2009, Mitek reported net sales of approximately $1,159,000, compared with $1,011,000 in the same quarter last year, and approximately $804,000 in the fourth quarter of fiscal 2009. Gross margin for the quarter was 70 percent, compared with 81 percent for the same quarter of fiscal 2009.

“Our first-quarter results are a good start to 2010,” Mitek president and CEO James DeBello stated in the press release. “We are executing on our growth plan, managing our operating expenses — which were down 32 percent from the same quarter last year — and our cash position and working capital are both positive.”

Mitek’s net loss for the first quarter ended December 31, 2009 was approximately $223,000, or $0.01 per basic and diluted share, compared with a net loss of $668,000, or $0.04 per basic and diluted share, for the same fiscal quarter reported the year prior.

As of December 31, 2009, the company had cash and cash equivalents of approximately $1,090,000, compared with $674,000 at the end of fiscal year 2009. For the first quarter fiscal 2010, Mitek also reported working capital of approximately $555,000 and current ratio 1.40, compared with negative working capital of approximately $280,000 and a current ratio 0.80 at September 30, 2009.

In December the company said it completed a financing deal with institutional investors, in which it generated gross proceeds of approximately $1 million.

The company also noted its achievements for the first quarter, highlighting the launch of its Mobile Phax™ for BlackBerry devices, which converts pictures of documents taken by a mobile phone into a high-quality, printable image; and its partnership with ClairMail, a mobile banking and payment solutions provider, that will allow for Mitek to integrate its Mobile Deposit application into ClairMail’s platform.

“While we continue to focus on financial stability, we are confident that Mitek Systems is well-positioned to take advantage of the growing acceptance of mobile banking via smartphone-camera transactions,” DeBello stated. “We are well along in transitioning our proprietary image-analytics expertise to smartphone cameras and the market trends for our Oomph apps look favorable.”

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