Mitek Systems Announces Second Fiscal Quarter 2005 Results With
Improvements in Revenue and Gross Margin POWAY, Calif., May 20
/PRNewswire-FirstCall/ -- Mitek Systems, Inc. (OTC:MITK) (BULLETIN
BOARD: MITK) (http://www.miteksystems.com/), a leading provider of
automated identity verification and intelligent recognition
software, today announced financial results for the second quarter
and first six months of fiscal 2005 ended March 31, 2005. (Photo:
http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO) Net sales
for the second quarter of fiscal 2005 were $1.8 million, compared
with $2.0 million in the same quarter last year, or $1.5 million on
an adjusted basis after the CheckQuest product line divestiture for
the same quarter last year. Net sales for the first quarter of
fiscal 2005 were $1.3 million. Gross margin for the second quarter
of fiscal 2005 was 87 percent, compared with 61 percent for the
same quarter last year, or 85 percent on an adjusted basis after
the CheckQuest product line divestiture for the same quarter last
year. Gross margin for the first quarter of fiscal 2005 was 86
percent. Operating loss for the second quarter of fiscal 2005 was
$548,000 compared with a loss of $813,000 for the same quarter last
year and a loss of $800,000 for the first quarter of fiscal 2005.
Included in the operating loss are additional legal and expert
witness expenses of approximately $450,000 associated with the
resolution of the dispute with BSM Software, Inc., as reported by
the Company on April 19, 2005, and further described below. Net
loss for the second quarter of fiscal 2005 was $799,000, or $0.07
per basic and diluted share, compared with a net loss of $816,000
or $0.07 per basic and diluted share, for the same fiscal quarter
last year and a net loss of $917,000, or $0.08 per basic and
diluted share, for the first quarter of fiscal 2005. The difference
in net loss from the operating loss was due primarily to expenses
associated with registering the securities underlying the
previously disclosed convertible debt instrument agreement entered
into between the Company and Laurus Master Fund, LLC on June 11,
2004. The Company's filing for registration of these securities was
declared effective on May 13, 2005. Net sales for the first six
months of fiscal 2005 were $3.1 million, compared with $3.7 million
in the same period last year, or $2.4 million on an adjusted basis
after the CheckQuest product line divestiture in the same period
last year. Gross margin for the first six months of fiscal 2005 was
87 percent, compared with 59 percent for the same period last year,
or 82 percent on an adjusted basis after the divestiture of the
CheckQuest product line in the same period last year. Operating
loss for the first six months of fiscal 2005 was $1.3 million,
compared with a loss of $1.9 million for the same period last year.
The improvement in the operating loss was primarily due to cost
cutting measures and the divestiture of the CheckQuest product line
prior to the end of the 2004 fiscal year. Net loss for the first
six months of fiscal 2005 was $1.7 million, or $0.15 per basic and
diluted share, compared with a net loss of $1.9 million, or $0.17
per basic and diluted share, for the same period of last year. On
April 19, 2005, the Company announced that it had received a final
payment of $1.0 million from Harland Financial Solutions, Inc., a
subsidiary of John H. Harland Company (NYSE:JH) related to the sale
last July of the Company's CheckQuest product line to Harland. A
recent arbitration ruling on the Company's dispute with BSM Inc.
over the use of the Company's products and intellectual property
allowed the Company to complete the assignment of CheckQuest
software license rights to Harland and collect this final payment.
This gain will be reflected in the company's third quarter
operating results. Additionally, Mitek announced on May 10, 2005
that the Company and John H. Harland Company closed the second and
final round of a sale of Mitek's common stock and warrants pursuant
to the previously-disclosed Securities Purchase Agreement entered
into between the Company and Harland on February 22, 2005. In this
second round, Harland acquired 1,071,428 shares of Mitek's common
stock and 160,714 Mitek warrants for a purchase price of $750,000.
"Our second quarter and first half of 2005 results indicate the
success of our efforts to grow our revenues, improve our gross
margins, and increase our working capital for the launch of our new
identity verification and intelligent recognition products,"
Mitek's President and CEO James B. DeBello said. "The results from
the execution of our growth plan are encouraging." About Mitek
Systems Mitek Systems (OTC:MITK) (BULLETIN BOARD: MITK) is an
established global leader in advanced image recognition software
used by financial institutions for identity verification and
document processing. Sold to partners and directly to end users,
the Company's software is used in the processing of over 8 billion
transactions per year. For more information about Mitek Systems,
contact the company at 14145 Danielson Street, Suite B, Poway, CA
92064; 858-513-4600 or visit http://www.miteksystems.com/.
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 launch of new products and future
prospects of Mitek's growth. Actual results could differ from such
forward-looking statements. There can be no assurance that Mitek
will achieve results set forth herein. Mitek and Mitek Systems are
registered trademarks of Mitek Systems, Inc. Contacts: John R. Shaw
Andrew McCaskill Vice President, Marketing Media Contact for Mitek
858.513.4600 678.781.7210 Mitek Systems, Inc. Statements of
Operations (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED March
31, March 31, 2005 2004 2005 2004 NET SALES $1,772,000 $2,018,000
$3,072,000 $3,713,000 OPERATING COSTS AND EXPENSES Cost of sales
229,000 780,000 413,000 1,522,000 Operations 36,000 378,000 76,000
739,000 Selling and Marketing 623,000 495,000 1,203,000 1,122,000
Research and Development 347,000 658,000 717,000 1,167,000 General
and administrative 1,085,000 520,000 2,011,000 1,060,000 Total
costs and expenses 2,320,000 2,831,000 4,420,000 5,610,000
OPERATING LOSS (548,000) (813,000) (1,348,000) (1,897,000) Interest
and other income (expense) - net (251,000) (3,000) (368,000) 7,000
LOSS BEFORE INCOME TAXES (799,000) (816,000) (1,716,000)
(1,890,000) INCOME TAX (EXPENSE) BENEFIT -- -- -- (3,000) NET LOSS
($799,000) ($816,000)($1,716,000)($1,893,000) LOSS PER SHARE --
BASIC AND DILUTED ($0.07) ($0.07) ($0.15) ($0.17) WEIGHTED AVERAGE
NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED 11,841,862
11,369,942 11,613,186 11,316,861 Mitek Systems, Inc. Condensed
Balance Sheets March 31, 2005 Sept 30, 2004 (unaudited) (audited)
ASSETS Current assets $3,077,000 $3,503,000 Property and equipment
-- net 106,000 119,000 Other assets 70,000 0 TOTAL ASSETS
$3,253,000 $3,622,000 LIABILITIES AND STOCKHOLDERS' DEFICIT Current
liabilities $3,291,000 $2,657,000 Long term liabilities 1,322,000
1,497,000 Total liabilities 4,613,000 4,154,000 Stockholders'
deficit: Common stock 12,000 11,000 Additional paid-in capital
10,956,000 10,070,000 Accumulated deficit (12,328,000) (10,613,000)
Total stockholder's deficit (1,360,000) (532,000) TOTAL LIABILITIES
AND SHAREHOLDER'S DEFICIT $3,253,000 $3,622,000
http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO
http://photoarchive.ap.org/ DATASOURCE: Mitek Systems, Inc.
CONTACT: John R. Shaw, Vice President, Marketing of Mitek Systems,
Inc., +1-858-513-4600, ; or Andrew McCaskill, +1-678-781-7210, ,
for Mitek Web site: http://www.miteksystems.com/
Copyright
John J Harland (NYSE:JH)
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John J Harland (NYSE:JH)
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