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The Green Sheet

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Mitek Systems Reports Fourth Quarter and Fiscal Year 2011 Results

Monday, November 14, 2011 (Mitek Systems, Inc / Mitek Systems, Inc)

81 New Customers for Mobile Deposit®, Signed Agreements with All Top 5 U.S. Banks; Extends Reach into Insurance

SAN DIEGO , Nov. 14, 2011- Mitek Systems, Inc., the leader in mobile-imaging applications using smartphone and tablet cameras for check deposits, bill payments and mobile ecommerce, today announced financial results for the fourth quarter and full fiscal year 2011, which ended September 30, 2011.

Total revenues for the fourth quarter were $3,040,000 , an increase of 88% from revenues of $1,620,000 for the fourth quarter of 2010. Gross margin for the fourth quarter was 91%, compared to 87% for the fourth quarter of 2010.  Fourth quarter net loss was $219,000 , or $0.01 per diluted share, compared to net income of $180,000 , or $0.01 per diluted share, for the  fourth quarter of 2010.

Total revenues for the full fiscal year 2011 were $10,266,000 , an increase of 101% from revenues of $5,119,000 for the 2010 fiscal year.  Gross margin for the full fiscal year 2011 was 89%, compared to 81% for the 2010 fiscal year.  Fiscal 2011 net loss was $125,000 , or $0.01 per diluted share, compared to a net loss of $682,000 , or $0.04 per diluted share, for the 2010 fiscal year.

The Company ended fiscal 2011 with cash, cash equivalents and investments of $16,261,000 , compared to $1,305,000 at the end of the 2010 fiscal year, including approximately $300,000 provided by operating activities during fiscal 2011, compared to $800,000 used in operating activities  in 2010.  The Company had no debt at the end of fiscal 2011, compared to $680,000 of debt at the end of the 2010 fiscal year.

"Fiscal 2011 was an exceptional year for Mitek. We doubled our revenue and signed more than 10 new agreements with Fortune 500 customers. We are seeing the market opportunity for Mitek's mobile imaging solutions continue to accelerate," said President and CEO James B. DeBello . "Companies like Progressive, who signed a definitive agreement, and other global Fortune 500 corporations who want to capture the next generation of consumers are investing in our mobile imaging solutions and extending our opportunities beyond financial services."

"Mitek's fourth quarter was its most productive quarter to date," added DeBello. Mitek reported that the total number of Mobile Deposit® signed customers more than doubled to 161 financial institutions over the past quarter, including the signing of an additional Tier 1 bank. Among these financial institutions, 35 have now formally launched Mobile Deposit to their customers. Mitek has signed agreements with seven of the top 10 U.S. banks.

"In addition, we continue to broaden revenue opportunities using Mobile Deposit for check cashing, prepaid card top-up and commercial payments," DeBello said. "For example, we announced a mobile check cashing capability to Mobile Deposit for the more than 50 million unbanked consumers in the U.S. and presently we are in discussions with several large distribution companies to provide commercial check deposit at the point of delivery."

Mitek's mobile imaging algorithms enable smartphones and tablets to extract data from a photo of any document, thereby enabling consumer friendly applications and an enhanced mobile shopping experience.  "During the fourth quarter Mitek introduced Mobile Balance transfer, a solution which allows a consumer to shop for a better credit card rate. Mitek's mobile imaging solutions are now being used for mobile ecommerce highlighting the exciting opportunities that lie ahead for the company," added DeBello.

Highlights during Mitek's Fiscal 2011 included:


  • A total of 161 signed Mobile Deposit customers up from four at the end of Fiscal 2010. This total includes each of the top 5 U.S. banks.
  • The addition of more than 10 Fortune 500 customers to Mitek's mobile imaging solutions.
  • The launch of the Mobile Imaging Cloud Service and entry into the insurance market.
  • The launch of the Mitek Mobile Balance Transfer application which enables consumers to switch bank credit card accounts as simply as "Point, Shoot and Transfer."
  • Listing of Mitek shares on the NASDAQ Capital Market under the symbol "MITK."
  • $15 million in gross proceeds through a private placement offering in May 2011.

About Mitek Systems

Mitek Systems is the leader in mobile imaging solutions, achieved through 25 years of R & D, patented technology and extensive experience in extractive imaging. The company invented and patented leading software solutions that allow consumers to use the cameras on their smartphones and tablets to deposit checks, pay bills, get quotes and transfer balances, all by just snapping photos of documents. Offering outstanding customer experience and convenience while driving operational efficiencies, Mitek Systems' solutions enable organizations across various industries to differentiate themselves from their competitors, attract and retain customers and ultimately increase their revenue and profitability. Current products include Mobile Deposit®, Mobile Photo Bill Pay™, Mobile Balance Transfer™, Mobile ACH Enrollments™, and the Mobile Imaging Platform™.

For more information about Mitek Systems, contact the company at 858-309-1700 or visit http://www.miteksystems.com/.


 



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