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Mitek Reports Record Revenue in Third Quarter of Fiscal 2017

SAN DIEGO, Calif., July 27, 2017 (GLOBE NEWSWIRE) -- Mitek (MITK) (www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, today announced its financial results for the third quarter of fiscal 2017 ended June 30, 2017.

Fiscal Third Quarter Financial Highlights

  • Record total revenue of $11.8 million, up 30% year over year.
  • SaaS revenue of $2.4 million, up 61% year over year.
  • GAAP net income of $0.6 million, or $0.02 per diluted share.
  • Non-GAAP net income of $2.9 million, or $0.08 per diluted share.
  • Excluding one-time charges related to the Company's CFO transition, GAAP and Non-GAAP net income per diluted share would have been $0.04 and $0.10, up 90% and 35%, respectively, year over year.
  • Cash and investments totaled $42.9 million at June 30, 2017, up $3.0 million, or 8% from the second fiscal quarter.

Commenting on the results, James DeBello, Chairman and CEO of Mitek, said:

“Our record revenue was driven by continued growth from our industry leading identity verification and mobile check deposit products, contributing to another strong quarter for Mitek. Our identity solutions squarely address the large and growing consumer identity and access management market and are a significant growth driver for Mitek as businesses look to optimize the digital channel for new customer on-boarding, payments and authentication. Additionally, our mobile deposit solution continues to lead the market as financial institutions drive their customers to the lower cost mobile channel. Our market momentum and competitive advantages in these two growing markets, as well as our strong balance...


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