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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: JULY 22, 2003
Commission File Number: 0-15235
MITEK SYSTEMS, INC
(Exact name of Registrant as specified in its charter)
DELAWARE 87-0418827
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
14145 DANIELSON STREET, SUITE B
POWAY, CA 92064
(Address of principal executive offices)
(858) 513-4600
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
ITEM 7(c). EXHIBITS
99.1 Press release dated July 22, 2003.
ITEM 9. REGULATION FD DISCLOSURE
The information in this Form 8-K and the Exhibit attached hereto is
intended to be furnished under Item 12, Results of Operations and Financial
Condition, and is being furnished under Item 9, Regulation FD Disclosure, in
accordance with Securities and Exchange Commission Release No. 33-8216 dated
March 27, 2003.
On July 22, 2003 Mitek Systems, Inc. issued a press release commenting on
its preliminary financial results for the quarter ended June 30, 2003. A copy of
the release is attached as Exhibit 99.1 and incorporated by reference herein.
The information in this Form 8-K and the Exhibit attached hereto 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 liabilities
of that Section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended or the Exchange Act, regardless of
any general incorporation language in such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
MITEK SYSTEMS, INC.
Date: July 22, 2003 By: /s/ John M. Thornton
-------------------------------------
John M. Thornton
Chairman of the Board of Directors and
Chief Financial Officer
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
- ------- -------------------------------
99.1 PRESS RELEASE DATED JULY 22, 2003.
Mitek Systems Comments on Preliminary Financial Results For
Fiscal Third Quarter 2003
Fiscal Third Quarter 2003 Results To Be Announced On July 29, 2003
POWAY, Calif.--(BUSINESS WIRE)--July 22, 2003--Mitek Systems, Inc.
(Nasdaq: MITK), a leading developer of automated check imaging and
document processing solutions, today announced preliminary financial
results for the fiscal third quarter of 2003 ended June 30, 2003.
Mitek expects to report revenue of approximately $2.8 to $3.1 million
and a net loss of approximately $(900,000) to $(1.0) million.
Commenting on the third quarter preliminary results, James
DeBello, Mitek's President and CEO, said, "Despite our projected loss,
we believe our financial position remains strong as evidenced by
approximately $1.4 million in cash and no bank debt on our balance
sheet.
"During the quarter we expected bookings to meet our plan.
However, due to the continued uncertainty surrounding the lagging
economic climate, the sales cycle substantially lengthened and a
number of customer deals failed to close by quarter end. We remain
committed to aggressively working with our prospective customers and
closing these sales.
"Although our third quarter performance was disappointing, we are
pledged to reaching our goal of sustained profitability. We are making
significant improvements in our execution of sales and marketing
functions to meet objectives and will continue to strategically
evaluate operations to reduce costs and improve margins," concluded
DeBello.
Mitek will announce financial results for the fiscal third quarter
ended June 30, 2003, before the market opens on Tuesday, July 29,
2003.
Following the release, Mitek Systems will host a conference call
with a simultaneous Webcast at 11 a.m. Eastern (8 a.m. Pacific)
to discuss the Company's fiscal third quarter 2003 operating
performance. The conference call, featuring James B. DeBello,
President and CEO and John M. Thornton, Chairman and CFO, can be
accessed live via the Internet at www.miteksys.com or
www.companyboardroom.com. Please go to either Web site at least
fifteen minutes early to register, download, and install any necessary
audio software.
For those who cannot listen to the live broadcast, the Webcast
replays will be available for 90 days, or an audio replay will be
available through August 5, 2003, by calling 888-266-2086
(703-925-2435 for international callers) and entering the passcode
215456.
About Mitek Systems
Mitek Systems is a leading provider of check imaging software for
financial institutions and an established global supplier of embedded
software recognition engines. These engines process over 8 billion
checks and other documents per year for a variety of OEM and reseller
partners. Mitek helps reduce operating costs by automatically reading,
classifying and processing high volumes of checks and documents. Our
applications also help customers implement new image document Web
services for Internet and intranet configurations. For more
information about Mitek Systems, contact us at 14145 Danielson Street,
Suite B, Poway, CA 92064; 858-513-4600 or visit our Web site at
www.miteksys.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, the Company's expectations for revenue and earnings per
share for the third fiscal quarter of 2003, anticipated third quarter
gross margin, expense and earnings levels, and the ability to close
transactions currently being negotiated. The Company's actual results
could differ materially from such forward-looking statements as a
result of various factors, including a general slowdown in the economy
or new product introductions by competitors. There can be no assurance
that the Company will achieve the results set forth herein. Please
refer to the Company's reports filed with the Securities and Exchange
Commission, for additional factors. These filings can be accessed over
the Internet at http://www.sec.gov. Mitek and Mitek Systems are
registered trademarks of Mitek Systems, Inc. All other product or
company names may be trademarks or registered trademarks of their
respective holders.
CONTACT: Mitek Systems, Inc.
John M. Thornton, 858-513-4600
Chairman and CFO
or
FRB/Weber Shandwick
Linda Chien, 310-407-6547
General Information
Jocelyn Hunter, 415-248-3433
Investor Contact