Press Release
Mitek Reports Fourth Quarter and Fiscal 2012 Financial Results
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Signed 564 financial institutions to date with 205 customers live as of
Sept. 30, 2012 - Mobile Deposit transaction usage increased more than 25% over the prior quarter
Q4 FY 2012 | Q4 FY 2011 | FY 2012 | FY 2011 | |
Revenue |
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GAAP Net Loss |
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GAAP Net Loss Per Share |
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Non-GAAP Net Income (Loss)* |
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Non-GAAP Net Income (Loss) Per Share* |
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*Please see GAAP to Non-GAAP reconciliation at the end of this news release.
"During fiscal 2012, we made significant progress in laying the foundation for
Total revenue for the fourth quarter of fiscal 2012 was
Total operating expenses for the fourth quarter of 2012 were
The Company ended fiscal 2012 with cash, cash equivalents and investments of
Highlights
- Signed 392 financial institutions with 169 customers live during fiscal 2012, including the nation's top retail banks
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Appointed
Bruce Hansen to the Company's board of directors -
Named
Jane J. Thompson andJim Hale to the Company's advisory board -
Enhanced the depth and breadth of the Company's R&D, Finance, Sales and Professional Services organizations by hiring
Michael Strange ,Russell Clark , andMichael Diamond . -
Mitek technology enabled over$10 billion in mobile deposits as ofMay 2012 - Demonstrated mobile check cashing for underbanked consumers at Finovate 2012
- Announced mobile imaging solutions for insurance with Progressive
Conference Call
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Parties in
the United States andCanada can access the call by dialing 1-866-543-6403, using conference code 45181581 - International parties can access the call by dialing 1-617-213-8896, using conference code 45181581
About
Headquartered in
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, market opportunities beyond the financial services market, expansion of product offerings, and the pursuit of partnerships in new market segments 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 (loss) income and non-GAAP net (loss) income per share that exclude stock compensation expense, non-cash interest expense on convertible debt and amortization of capitalized debt issuance costs.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 evaluating 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.
© 2012
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BALANCE SHEETS | ||
(Unaudited) | ||
September 30, |
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2012 | 2011 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 6,702,090 | $ 5,655,716 |
Short-term investments | 5,819,537 | 10,187,638 |
Accounts receivable, net | 1,097,311 | 2,956,295 |
Other current assets | 485,165 | 317,382 |
Total current assets | 14,104,103 | 19,117,031 |
Long-term investments | 2,085,690 | 417,230 |
Property and equipment, net | 491,079 | 196,519 |
Other non-current assets | 42,049 | 120,903 |
Total assets | $ 16,722,921 | $ 19,851,683 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | $ 711,950 | $ 358,907 |
Accrued payroll and related taxes | 726,965 | 496,009 |
Deferred revenue | 1,632,085 | 873,230 |
Other current liabilities | 31,656 | 45,185 |
Total current liabilities | 3,102,656 | 1,773,331 |
Other non-current liabilities | 63,586 | 23,061 |
Total liabilities | 3,166,242 | 1,796,392 |
Stockholders' equity: | ||
Preferred stock, |
-- | -- |
Common stock, |
25,995 | 24,144 |
Additional paid-in capital | 36,990,691 | 33,660,397 |
Accumulated other comprehensive income | (616) | (9,855) |
Accumulated deficit | (23,459,391) | (15,619,395) |
Total stockholders' equity | 13,556,679 | 18,055,291 |
Total liabilities and stockholders' equity | $ 16,722,921 | $ 19,851,683 |
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STATEMENTS OF OPERATIONS | ||||
(Unaudited) | ||||
Three Months Ended | Twelve Months Ended | |||
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2012 | 2011 | 2012 | 2011 | |
Revenue | ||||
Software | $ 524,970 | $ 2,468,828 | $ 6,386,361 | $ 8,122,744 |
Maintenance and professional services | 694,763 | 571,311 | 2,706,322 | 2,143,231 |
Total revenue | 1,219,733 | 3,040,139 | 9,092,683 | 10,265,975 |
Operating costs and expenses | ||||
Cost of revenue-software | 112,722 | 147,040 | 540,321 | 662,080 |
Cost of revenue-maintenance and professional services | 179,973 | 123,225 | 723,599 | 509,654 |
Selling and marketing | 808,484 | 778,710 | 3,450,054 | 2,410,711 |
Research and development | 1,637,072 | 1,025,422 | 6,664,030 | 2,996,109 |
General and administrative | 1,506,528 | 1,189,014 | 5,595,843 | 3,431,023 |
Total operating costs and expenses | 4,244,779 | 3,263,411 | 16,973,847 | 10,009,577 |
Operating (loss) income | (3,025,046) | (223,272) | (7,881,164) | 256,398 |
Other income (expense), net | ||||
Interest and other expense, net | (48,014) | (40,450) | (239,984) | (427,547) |
Interest income | 58,225 | 44,342 | 277,144 | 48,584 |
Total other income (expense), net | 10,211 | 3,892 | 37,160 | (378,963) |
Loss before income taxes | (3,014,835) | (219,380) | (7,844,004) | (122,565) |
(Benefit from) provision for income taxes | (4,808) | -- | (4,008) | 2,492 |
Net loss | $ (3,010,027) | $ (219,380) | $ (7,839,996) | $ (125,057) |
Net loss per share - basic and diluted | $ (0.12) | $ (0.01) | $ (0.31) | $ (0.01) |
Shares used in calculating net loss per share - basic and diluted | 25,937,801 | 24,053,769 | 25,124,179 | 21,506,508 |
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NON-GAAP NET (LOSS) INCOME RECONCILIATION | ||||
(Unaudited) | ||||
Three Months Ended | Twelve Months Ended | |||
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2012 | 2011 | 2012 | 2011 | |
Loss before income taxes | $ (3,014,835) | $ (219,380) | $ (7,844,004) | $ (122,565) |
Add back: | ||||
Stock compensation expense | 615,988 | 379,891 | 2,599,858 | 1,271,238 |
Non-cash interest expense on convertible debt | -- | -- | -- | 384,124 |
Amortization of capitalized debt issuance costs | -- | -- | -- | 53,945 |
Non-GAAP (loss) income before income taxes | (2,398,847) | 160,511 | (5,244,146) | 1,586,742 |
(Benefit from) provision for income taxes | (4,808) | -- | (4,008) | 2,492 |
Non-GAAP net (loss) income | $ (2,394,039) | $ 160,511 | $ (5,240,138) | $ 1,584,250 |
Non-GAAP net (loss) income per share - diluted | $ (0.09) | $ 0.01 | $ (0.21) | $ 0.06 |
Shares used in computing diluted Non-GAAP net (loss) income per share | 25,937,801 | 28,045,515 | 25,124,179 | 25,416,011 |
CONTACT:Source:Julie Cunningham Vice President, Investor Relations & Corporate CommunicationsMitek Systems 858.309.1780 ir@miteksystems.com Connect with us on Facebook: http://www.facebook.com/MitekSystems Follow us on Twitter: @miteksystems See us on YouTube: http://www.youtube.com/miteksystems Read our latest blog post: http://www.miteksystems.com/blog
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