Mitek Systems reports fiscal fourth-quarter and yearend results

Mitek Systems Inc., a mobile-imaging applications firm for the financial services industry, today reported fourth-quarter and full-year financial results for the 2010 fiscal year.

The San Diego-based company recorded a fourth-quarter net income of $180,000 compared with a net loss of $328,000 for the same three-month period last year. The quarter ended September 30. Fourth-quarter sales were $1.6 million, up 100 percent, compared with $804,000 in 2009's fourth quarter.

The company's yearend financial results also improved. Mitek recorded a net loss of $682,000 compared with a net loss of $1.3 million for the same three-month period in 2009. Net sales were $5.1 million, up 42 percent, compared with $3.6 million for the same period last year.

Mitek president and CEO James DeBello credited the improved quarterly and yearly results to financial industry acceptance of Mitek's Mobile Deposit, which received a patent in the fourth quarter.

The application enables consumers to deposit checks into their bank accounts from their smart phones. The smart phone owner takes a photograph of the check. Mitek Mobile Deposit corrects the image distortion, extracts relevant data, routes the image and processes the transaction through users' financial institutions. NCR Corp. and Jack Henry & Associates are two of the companies that have embraced Mitek's technology, DeBello said.

Early in the fourth quarter, Mitek introduced Mobile Bill Pay. The application allows smart phone users to submit electronic-bill payments from their smart phones.