Press Release
Mitek Reports Second Quarter Fiscal 2015 Financial Results
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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®
"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
Total revenue for the second quarter of fiscal 2015 was
GAAP net income for the second quarter of fiscal 2015 was
Conference Call
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About
Headquartered in
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
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
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| BALANCE SHEETS | ||
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| 2015 | 2014 | |
| (Unaudited) | ||
| 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 | ||
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Preferred stock, |
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| none issued and outstanding | -- | -- |
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Common stock, |
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| 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 |
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| STATEMENTS OF OPERATIONS | ||||
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| Three Months Ended | Six Months Ended | |||
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| 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 |
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| NON-GAAP NET INCOME (LOSS) RECONCILIATION | ||||
| (Unaudited) | ||||
| Three Months Ended | Six Months Ended | |||
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| 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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CONTACT: Mitek Contact:
Peter Salkowski
Managing Director, The Blueshirt Group
ir@miteksystems.com
858-309-1780
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