UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2015

 

Mitek Systems, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-35231

87-0418827

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

8911 Balboa Avenue

San Diego, California

 

92123

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (858) 309-1700

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 


Item 2.02 Results of Operations and Financial Condition.

 

On April 30, 2015, Mitek Systems, Inc. (the “Company”) issued a press release regarding the Company’s financial results for the second quarter of fiscal 2015.  The full text of the Company’s press release is attached hereto as Exhibit 99.1.

 

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

Exhibits. The exhibits shall be deemed to be filed or furnished, depending on the relevant item requiring such exhibit, in accordance with the provisions of Item 601 of Regulation S-K (17 CFR 229.601)and Instruction B.2 to this form.

 

Exhibit

Number

 

Description

99.1

 

Press Release issued on April 30, 2015


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Mitek Systems, Inc.

 

 

 

 

Date: April 30, 2015

 

By:

/s/ Russell C. Clark

 

 

 

Russell C. Clark

 

 

 

Chief Financial Officer

 

 


Exhibit Index

 

Exhibit

Number

 

Description

99.1

 

Press Release issued on April 30, 2015

 

 

 

Exhibit 99.1

 

 

 

Mitek Reports Second Quarter Fiscal 2015 Financial Results

 

·

Record quarterly revenue of $5.7 million, up 26.5% year-over-year

·

Achieved third consecutive profitable quarter

·

Mobile Deposit® grew to 3,705 financial institutions now signed, 3,181 live

·

Granted 21st patent, 9th for Mobile Deposit®

 

SAN DIEGO – April 30, 2015 - Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com), the leading innovator of mobile capture and identity solutions to improve customer acquisition, today announced its financial results for the second quarter of fiscal 2015, which ended March 31, 2015.  

 

“Our ninth consecutive quarter of year-over-year revenue growth is a testament to the compelling user experience and strong science of our products,” said James B. DeBello, president and CEO of Mitek. “Our proven Mobile Deposit technology is the foundation that allows us to enter exciting new markets where we can deliver customer acquisition and identity solutions to our customers.”

 

Total revenue for the second quarter of fiscal 2015 was $5.7 million compared to total revenue of $4.5 million in the second quarter of fiscal 2014, driven by continued strong demand for Mitek’s Mobile Deposit® product.

 

GAAP net income for the second quarter of fiscal 2015 was $508,000, or $0.02 per diluted share, compared to GAAP net loss of $(2.2) million, or $(0.07) per share, in the second quarter of fiscal 2014. Non-GAAP net income for the second quarter of fiscal 2015 was $1.7 million, or $0.05 per share, compared to non-GAAP net loss of $(43,000), or breakeven per diluted share, in the second quarter of fiscal 2014.

 

Conference Call

Mitek management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company's financial results.

To listen to the live conference call, parties in the United States and Canada should dial 877-545-1414, access code 3859319. International parties should call 719-325-4779, access code 3859319. Please dial in approximately 15 minutes prior to the start of the call.  

 


 

A live and archived webcast of the conference call will be accessible on the "Investor Relations" section of the Company's website at www.miteksystems.com. To access the live webcast, please log in 15 minutes prior to the start of the call to download and install any necessary audio software.

About Mitek  

                                                                                                

Headquartered in San Diego, CA, Mitek (NASDAQ: MITK) is the leading innovator of mobile capture and identity solutions to improve customer acquisition.  Mitek’s patented mobile photo technology automatically captures images of personal and financial documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases. This innovative technology is licensed by more than 3,700 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com MITK-F

 

Notice Regarding Forward-Looking Statements

 

Statements contained in this news release relating to the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s long-term prospects and market opportunities beyond the financial services market are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the launch of Mobile Deposit® by the Company’s signed customers.

 

Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.    

Note Regarding Use of Non-GAAP Financial Measures

This news release contains non-GAAP financial measures for non-GAAP net income (loss) and non-GAAP net income (loss) per share that exclude stock compensation expenses and intellectual property litigation expenses. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company's performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company's ongoing operating performance. Further, management and the Board of Directors utilize these non-GAAP financial measures to gain a better understanding of the Company's comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company's GAAP financials, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company's ongoing operating results, including results of operations, against investor and analyst financial models, identifying trends in the Company's underlying business and performing related trend analyses, and they provide a better understanding of how management plans and measures the Company's underlying business.

 


 

© 2015 Mitek Systems, Inc. All rights reserved. Mobile Photo Bill Pay®, Mobile Deposit®, Mobile Photo Account Opening™ and the Mitek Systems name and logo are registered trademarks of Mitek Systems, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.          

###


 


 

MITEK SYSTEMS, INC.

BALANCE SHEETS

 

 

 

March 31,

2015

(Unaudited)

 

 

September 30,

2014

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,740,117

 

 

$

7,766,590

 

Short-term investments

 

 

19,965,390

 

 

 

16,269,170

 

Accounts receivable, net

 

 

2,982,753

 

 

 

2,955,350

 

Other current assets

 

 

1,035,717

 

 

 

704,409

 

Total current assets

 

 

29,723,977

 

 

 

27,695,519

 

Long-term investments

 

 

2,517,612

 

 

 

2,072,018

 

Property and equipment, net

 

 

1,101,405

 

 

 

1,293,270

 

Other non-current assets

 

 

42,049

 

 

 

42,049

 

Total assets

 

$

33,385,043

 

 

$

31,102,856

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,300,077

 

 

$

1,792,267

 

Accrued payroll and related taxes

 

 

1,195,766

 

 

 

1,434,913

 

Deferred revenue, current portion

 

 

3,635,351

 

 

 

2,826,670

 

Other current liabilities

 

 

175,244

 

 

 

157,649

 

Total current liabilities

 

 

6,306,438

 

 

 

6,211,499

 

Deferred revenue, non-current portion

 

 

235,125

 

 

 

311,225

 

Other non-current liabilities

 

 

558,541

 

 

 

638,099

 

Total liabilities

 

 

7,100,104

 

 

 

7,160,823

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and

   outstanding

 

 

 

 

 

 

Common stock, $0.001 par value, 60,000,000 shares authorized, 30,729,289 and

   30,521,080 issued and outstanding, respectively

 

 

30,729

 

 

 

30,521

 

Additional paid-in capital

 

 

61,641,010

 

 

 

59,946,288

 

Accumulated other comprehensive gain (loss)

 

 

(13,664

)

 

 

(7,810

)

Accumulated deficit

 

 

(35,373,136

)

 

 

(36,026,966

)

Total stockholders’ equity

 

 

26,284,939

 

 

 

23,942,033

 

Total liabilities and stockholders’ equity

 

$

33,385,043

 

 

$

31,102,856

 

 


 


 

MITEK SYSTEMS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

Six Months Ended

March 31,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

$

3,993,013

 

 

$

3,122,114

 

 

$

7,739,530

 

 

$

6,291,978

 

Maintenance and professional services

 

 

1,679,313

 

 

 

1,362,024

 

 

 

3,322,119

 

 

 

2,654,684

 

Total revenue

 

 

5,672,326

 

 

 

4,484,138

 

 

 

11,061,649

 

 

 

8,946,662

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue-software

 

 

225,245

 

 

 

172,568

 

 

 

439,155

 

 

 

493,667

 

Cost of revenue-maintenance and professional services

 

 

332,408

 

 

 

276,646

 

 

 

615,900

 

 

 

526,244

 

Selling and marketing

 

 

1,428,643

 

 

 

1,947,573

 

 

 

2,866,709

 

 

 

3,797,475

 

Research and development

 

 

1,387,828

 

 

 

1,630,628

 

 

 

2,542,971

 

 

 

3,156,202

 

General and administrative

 

 

1,811,708

 

 

 

2,668,246

 

 

 

3,976,546

 

 

 

4,665,445

 

Total operating costs and expenses

 

 

5,185,832

 

 

 

6,695,661

 

 

 

10,441,281

 

 

 

12,639,033

 

Operating income (loss)

 

 

486,494

 

 

 

(2,211,523

)

 

 

620,368

 

 

 

(3,692,371

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other expense

 

 

(1,120

)

 

 

(1,576

)

 

 

(2,170

)

 

 

(3,277

)

Interest and other income

 

 

22,276

 

 

 

21,252

 

 

 

38,529

 

 

 

36,462

 

Total other income (expense), net

 

 

21,156

 

 

 

19,676

 

 

 

36,359

 

 

 

33,185

 

Income (loss) before income taxes

 

 

507,650

 

 

 

(2,191,847

)

 

 

656,727

 

 

 

(3,659,186

)

Provision for income taxes

 

 

-

 

 

 

(1,170

)

 

 

(2,897

)

 

 

(2,131

)

Net income (loss)

 

$

507,650

 

 

$

(2,193,017

)

 

$

653,830

 

 

$

(3,661,317

)

Net income (loss) per share – basic

 

$

0.02

 

 

$

(0.07

)

 

$

0.02

 

 

$

(0.12

)

Net income (loss) per share – diluted

 

$

0.02

 

 

$

(0.07

)

 

$

0.02

 

 

$

(0.12

)

Shares used in calculating net income (loss) per share – basic

 

 

30,697,391

 

 

 

30,453,455

 

 

 

30,657,308

 

 

 

30,427,646

 

Shares used in calculating net income (loss) per share – diluted

 

 

31,321,259

 

 

 

30,453,455

 

 

 

31,241,374

 

 

 

30,427,646

 

 


 


 

MITEK SYSTEMS, INC.

NON-GAAP NET INCOME (LOSS) RECONCILIATION

(Unaudited)

 

 

Three Months Ended

March 31,

 

 

Six Months Ended

March 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Income (loss) before income taxes

$

507,650

 

 

$

(2,191,847

)

 

$

656,727

 

 

$

(3,659,186

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Litigation/other

 

279,119

 

 

 

1,234,229

 

 

 

779,861

 

 

 

1,738,557

 

Stock compensation expense

 

871,121

 

 

 

916,050

 

 

 

1,685,181

 

 

 

1,745,121

 

Non-GAAP income (loss) before income taxes

 

1,657,890

 

 

 

(41,568

)

 

 

3,121,769

 

 

 

(175,508

)

Non-GAAP provision for income taxes

 

-

 

 

 

(1,170

)

 

 

(2,897

)

 

 

(2,131

)

Non-GAAP net income (loss)

$

1,657,890

 

 

$

(42,738

)

 

$

3,118,872

 

 

$

(177,639

)

Non-GAAP net income (loss) per share - basic

$

0.05

 

 

$

(0.00

)

 

$

0.10

 

 

$

(0.01

)

Non-GAAP net income (loss) per share - diluted

$

0.05

 

 

$

(0.00

)

 

$

0.10

 

 

$

(0.01

)

Shares used in calculating non-GAAP net income (loss) per share - basic

 

30,697,391

 

 

 

30,453,455

 

 

 

30,657,308

 

 

 

30,427,646

 

Shares used in calculating non-GAAP net income (loss) per share - diluted

 

31,321,259

 

 

 

30,453,455

 

 

 

31,241,374

 

 

 

30,427,646

 

 

 

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Follow us on Twitter: @miteksystems  

See us on YouTube: http://www.youtube.com/miteksystems

Read our latest blog post: http://www.miteksystems.com/blog

 

Mitek Contact:

Peter Salkowski

Managing Director, The Blueshirt Group

ir@miteksystems.com

858-309-1780