Press release
Mitek Reports Record Second Quarter with 16% Revenue Growth and Significant Increase in Non-GAAP Net Income
SAN DIEGO, April 30, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, http://www.miteksystems.com), a global leader in mobile capture and digital identity
About this update from Mitek Systems, Inc.
[{"type":"text","content":"SAN DIEGO, April 30, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, http://www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, today announced its financial results for the second quarter of fiscal 2020 ended March 31, 2020.\n Fiscal Second Quarter 2020 Financial Highlights Total revenue increased by $3.2 million or 16% year over year to $23.2 million in a record second quarter.GAAP net income was $0.9 million, or $0.02 per diluted share.Non-GAAP net income was $5.4 million, or $0.13 per diluted share, an increase of 98% year over year.Cash flow from operations was $3.2 million.Total cash and investments were $42.5 million at the end of the fiscal second quarter. Commenting on the results, Max Carnecchia, CEO of Mitek, said: “We are pleased to report record revenue, significantly improved profitability and solid cash flow generation for the fiscal second quarter. In this challenging global business environment, where companies are making the digitization of their business a priority, we are seeing behavioral changes from both businesses and consumers that we believe will positively impact our mobile deposit and identity verification businesses in the long-term.” Fiscal 2020 Financial Guidance Due to the uncertainty of the full impact of the COVID-19 pandemic on the economy, its customers and its business, Mitek is withdrawing its previously provided guidance for the fiscal year 2020 ending September 30, 2020. Management will provide additional information during its earnings conference call. Conference Call Information Mitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company’s financial results. To access the live call, dial 888-394-8218 (US and Canada) or +1 856-344-9221 (International) and give the participant passcode 7991473. A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company’s website at http://www.miteksystems.com. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay dial-in information, please click here. About Mitek Mitek (NASDAQ: MITK) is a global leader in mobile capture and digi...