Mitek Reports 50% Revenue Growth and Profitability in Second Quarter Fiscal 2016
Company Signs Seven Fortune 500 Customers for ID Product Offerings in 1H16
SAN DIEGO, April 28, 2016 (GLOBE NEWSWIRE) – Mitek (NASDAQ:MITK) (www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, today announced its financial results for the second quarter of fiscal 2016 ended March 31, 2016.
Second Quarter Fiscal 2016 Highlights
Total revenue increased 50% year over year to $8.5 million
The Company signed three new Fortune 500 companies for its mobile ID capture and verification product offerings bringing the total to seven Fortune 500 companies signed during the first six months of FY2016
GAAP net income increased 15% year over year to $0.6 million or $0.02 per diluted share
Non-GAAP net income increased 45% year over year to $2.4 million or $0.07 per diluted share
Total cash and investments at the end of the second quarter was $31.9 million, compared to $27.6 million at the end of the first quarter of fiscal 2016
Commenting on the results, James DeBello, President and CEO of Mitek, said:
“We are pleased to report another strong quarter for Mitek, driven by revenue growth from our new mobile ID capture and verification product offerings, and our industry leading mobile check deposit products. We licensed our ID solutions to several new logos during the quarter, including three new Fortune 500 companies. With our new ID platform, we are focused on serving the rapidly growing mobile self-service market and with our strong balance sheet and market momentum we believe we are poised for continued growth throughout the remainder of the year.”
Second Quarter Fiscal 2016 Results
Total revenue for the second quarter of fiscal 2016 was $8.5 million, a 50% increase year over year compared to total revenue of $5.7 million in the second quarter of fiscal 2015.
GAAP net income for the second quarter of fiscal 2016 was $0.6 million, or $0.02 per diluted share, compared to GAAP net income of $0.5 million, or $0.02 per diluted share, in the second quarter of fiscal 2015.
Non-GAAP net income for the second quarter of fiscal 2016 was $2.4 million, or $0.07 per diluted share, compared to non-GAAP net income of $1.7 million, or $0.05 per diluted share, in the second quarter of fiscal 2015.
The Company ended the second quarter of fiscal 2016 with cash and investments of $31.9 million, compared to $27.6 million at the end of the first quarter of fiscal 2016.
They were targeting to sign (10) Fortune 500 companies for 2016 I believe. Ahead of plan!
Lets see what they have to say on the conference call?