San Diego Business Journal

Mitek Earnings Rise, Considers Switch to Nasdaq

Monday, May 9, 2011

Mitek Systems Inc., which makes software allowing people to deposit checks to their bank accounts using smart phones, reported second quarter net income of $570,000, compared with $7,000 for the like quarter of 2010.

Sales for the quarter that ended March 31 were $2.8 million, up 89 percent from the like quarter last year, propelled by some of the nation’s largest banks adopting its mobile imaging application.

Mitek said five of the nation’s top retail banks, most recently Bank of America and Capital One, have signed agreements. In April, San Diego-based Mitek said 26 banks signed agreements to use its Mobile Deposit solution, bringing the total number of financial institutions using the application to 40.

In addition to its impressive results, Mitek announced it closed a private stock placement to select institutional investors for about 2.8 million shares of common stock at $5.25 per share, resulting in $15 million in gross proceeds.

Mitek said it plans to file for listing its shares on the Nasdaq Capital Market exchange, part of the Nasdaq Stock Market Inc. Shares of the business, now traded as MITK on the Over the Counter Bulletin Board, were up 60 cents or 11 percent to $6.25 in midday May 9 trading. Mitek’s 52-week range is 65 cents to $6.75.

— Mike Allen