Press Release
Mitek Reports 25% Revenue Growth in First Quarter of Fiscal 2017
Fiscal First Quarter Financial Highlights
- Revenue increased 25% year over year to
$9.3 million . - GAAP net loss of
($0.6) million , or ($0.02 ) per share, compared to GAAP net loss of($0.3) million , or ($0.01 ) per share, a year ago. - Non-GAAP net income of
$1.0 million , or$0.03 per share, compared to non-GAAP net income of$1.3 million , or$0.04 per share, a year ago. - Total cash and investments was
$34.5 million at the end of the fiscal first quarter.
Commenting on the results,
"Our solutions are playing a key role globally in the digital transformation of money transferors, such as our recently announced deal with MoneyGram, as well as banks, credit card issuers, payments processors, lenders, and other companies. These organizations must comply with ever increasing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations or face hefty fines for noncompliance. With our market momentum, competitive advantages and solid balance sheet, we are well positioned for continued growth in this large and growing market."
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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 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 implementation and launch of the Company's products 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 and non-GAAP net income per share that exclude stock compensation expenses, intellectual property litigation costs and acquisition-related costs and 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.
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| CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (amounts in thousands except share data) | ||||||||
| 2016 | 2016 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,215 | $ | 9,010 | ||||
| Short-term investments | 28,314 | 24,863 | ||||||
| Accounts receivable, net | 5,544 | 4,949 | ||||||
| Other current assets | 1,153 | 1,485 | ||||||
| Total current assets | 41,226 | 40,307 | ||||||
| Long-term investments | - | 1,952 | ||||||
| Property and equipment, net | 310 | 440 | ||||||
| 5,150 | 5,646 | |||||||
| Other non-current assets | - | 40 | ||||||
| Total assets | $ | 46,686 | $ | 48,385 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,380 | $ | 1,318 | ||||
| Accrued payroll and related taxes | 1,570 | 3,263 | ||||||
| Deferred revenue, current portion | 2,794 | 3,391 | ||||||
| Other current liabilities | 316 | 355 | ||||||
| Total current liabilities | 6,060 | 8,327 | ||||||
| Deferred revenue, non-current portion | 79 | 259 | ||||||
| Other non-current liabilities | 611 | 314 | ||||||
| Total liabilities | 6,750 | 8,900 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 33 | 33 | ||||||
| Additional paid-in capital | 72,485 | 71,036 | ||||||
| Accumulated other comprehensive loss | (433 | ) | (42 | ) | ||||
| Accumulated deficit | (32,149 | ) | (31,542 | ) | ||||
| Total stockholders' equity | 39,936 | 39,485 | ||||||
| Total liabilities and stockholders' equity | $ | 46,686 | $ | 48,385 | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (Unaudited) | |||||||
| (amounts in thousands except per share data) | |||||||
| Three Months Ended | |||||||
| 2016 | 2015 | ||||||
| Revenue | |||||||
| Software | $ | 5,983 | $ | 4,730 | |||
| SaaS, maintenance and consulting | 3,286 | 2,674 | |||||
| Total revenue | 9,269 | 7,404 | |||||
| Operating costs and expenses | |||||||
| Cost of revenue - software | 214 | 390 | |||||
| Cost of revenue - SaaS, maintenance and consulting | 677 | 552 | |||||
| Selling and marketing | 3,838 | 2,463 | |||||
| Research and development | 2,451 | 1,707 | |||||
| General and administrative | 2,243 | 2,091 | |||||
| Acquisition-related costs and expenses | 518 | 543 | |||||
| Total operating costs and expenses | 9,941 | 7,746 | |||||
| Operating loss | (672 | ) | (342 | ) | |||
| Other income (expense), net | 65 | 36 | |||||
| Loss before income taxes | (607 | ) | (306 | ) | |||
| Income tax benefit (provision) | - | (16 | ) | ||||
| Net loss | $ | (607 | ) | $ | (322 | ) | |
| Net loss per share - basic | $ | (0.02 | ) | $ | (0.01 | ) | |
| Net loss per share - diluted | $ | (0.02 | ) | $ | (0.01 | ) | |
| Shares used in calculating net loss per share - basic | 32,376,671 | 31,094,417 | |||||
| Shares used in calculating net loss per share - diluted | 32,376,671 | 31,094,417 | |||||
| NON-GAAP NET INCOME RECONCILIATION | |||||||
| (Unaudited) | |||||||
| (amounts in thousands except per share data) | |||||||
| Three Months Ended | |||||||
| 2016 | 2015 | ||||||
| Loss before income taxes | $ | (607 | ) | $ | (306 | ) | |
| Add back: | |||||||
| Acquisition-related costs and expenses | 518 | 543 | |||||
| Litigation costs | - | 113 | |||||
| Stock compensation expense | 1,085 | 989 | |||||
| Non-GAAP income before income taxes | 996 | 1,339 | |||||
| Non-GAAP benefit (provision) for income taxes | - | (16 | ) | ||||
| Non-GAAP net income | $ | 996 | $ | 1,323 | |||
| Non-GAAP net income per share - basic | $ | 0.03 | $ | 0.04 | |||
| Non-GAAP net income per share - diluted | $ | 0.03 | $ | 0.04 | |||
| Shares used in calculating non-GAAP net income per share - basic | 32,376,671 | 31,094,417 | |||||
| Shares used in calculating non-GAAP net income per share - diluted | 34,695,184 | 32,064,223 | |||||
Investor Contact:Todd Kehrli orJim Byers MKR Group, Inc. mitk@mkr-group.com
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