AP NEWS

Mitek Systems: Fiscal 4Q Earnings Snapshot

November 8, 2019 GMT

SAN DIEGO (AP) _ Mitek Systems Inc. (MITK) on Thursday reported fiscal fourth-quarter net income of $3.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the San Diego-based company said it had net income of 8 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 21 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.

The mobile imaging software company posted revenue of $25 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $25.1 million.

For the year, the company reported that its loss narrowed to $724,000, or 2 cents per share. Revenue was reported as $46.8 million.

Mitek Systems expects full-year revenue in the range of $98 million to $102 million.

Mitek Systems shares have decreased slightly more than 9% since the beginning of the year. The stock has climbed nearly 6% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MITK at https://www.zacks.com/ap/MITK