We can disagree and not become vindictive or personal. The classical definition of quarterly earnings is year over year. Based on the sequential quarterly earning, I anticipate that next quarter year over year revenue growth will not be consistent with the numbers you have shown. Maybe not, have to wait and see.
I continue to have difficulty making the numbers balance. The ABA survey reports the following data.
"more than one in eight Americans depositing a check using a mobile device within the past year, according to a recent survey by the American Bankers Association. "
Once per month – 46 percent
Twice per month – 23 percent
Three or more times per month – 11 percent
Less than once per month – 19 percent
Unsure – 1 percent
Bear with me on this one.
There are 320 M people (americans) in the US.
There are approx. 270 M between the ages of 18-80
Approx. 56% have smartphones which is approx.. 160 M
According to the survey 1 in 8 deposited a check using a mobile device.
That is 20 M
46% once a month or approx. 110 M /yr
23% twice a month or.................100 M/yr
11% 3 or more.............................200 M/yr
That is approx. 300 M/yr deposited.
Now, the Federalf Reserve reported that there were 3.4 Billion checks deposited by image in 2012, of which 3.4% were mobile deposits. That is 115 M mobile deposits in 2102. Another 3.6% consumer checks were deposited by other means, that is 122 M. That totals 237 M checks in 2012. NOTE: these numbers are not a survey.
Therefore, the survey indicates that consumers surpassed the 2012 check deposits by approx. 180 M.
I tend to believe the Fed data. JMO
This data was reported in April, 2014 by Mitek.
Revenue growth reported by Mitek
Sept. 2013 4.4M
Dec 2013 4.5M
Mar 2014 4.5M
Jun 2014 4.7M
Technology leaders combine next-generation mobile capture with Day Zero risk management
"About Mitek Systems
For more than 20 years, Mitek Systems (OTC: MITK.OB) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents. Mitek's patented technology has created the Gold Standard for Mobile Check Deposit and is currently used by leading financial organizations in the United States to process more than 10 billion items per year."
"like China/India and other":
Jagen, check this stuff out...............
China is king of m-banking
• mobiThinking’s research (May, 2014), see table below, shows that there are 352.1 million mobile banking customers at the top four Chinese banks, (according to their 2013 annual reports). That’s more people than live in the United States. The two largest banks, China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC), have more than 100 million mobile banking customers each. That means each one has more than all US mobile banking customers put together.
I do not think there are checking accounts in China,
Dang, you are getting paranoid I am not short,
And, here is one of my posts in April about the time I purchased. As I said earlier, the earning were disappointing and then the patents became suspect so I sold. I will not give up sharing data and information on this stock. I am now watching this stock for a potential bounce and quick trade.
In this April 6, 2014 post, prior to purchasing, I predicted positive earnings.
Mitek Qtr Earnings Estimate by ekretiree01 • Apr 6, 2014 11:55 AM Remove
The quarterly earnings will be announced soon. Probably early May, 2014.
The last quarter was $-0.02. The reported EPS for the same quarter last year was $-0.09. What are your estimates for this quarter? Zacks is estimating $-0.06.
I predict that earnings could have a good chance of being $+0.01. Mainly because of an increase in Maintenance and Service Fees with a sight increase in Software Revenue, while SG&A and legal costs remain about the same as last qtr.
A positive earnings could surprise many.
Excuse, I do not see the contradictions. I said almost the same thing in June that I am saying now. Couple of things have changed.
1. They settled the lawsuits. (some say it was a draw).
2. Earning have been flat with limited growth
3. New product not received well
4. CTO left
5 CSO left
The 2013 AFP Electronic Payments Survey underwritten by J P Morgan says some different things.
In 2004 81% of B2B payments were made with checks
In 2013 50% of B2B payments were made with checks
48% of organizations are likely to convert a majority of B2B
payments made to major suppliers from checks to electronic payments in the next 3 years.
I will yield to your analysis if "electronic payments" is synonymous with RCD.
IMO, As I have mentioned earlier, Mitek has a few years of growth left with Mobile Deposit revenues. But, they need another product.
Yes, Remote Deposit Capture is a must-have product solution most US-based banks are racing to develop and get to market, because they want to retain customers and save money. But, one must consider how it would be used by small, medium, and large businesses. Yes, small businesses will love it. But, will medium to large corporations use it. ????
Consumers are a different story and that is where Miteks limited growth will continue.
Cash is King, probably always will be. Who uses checks anymore, they are dying rapidly. US C2C write about 2.4 B per year, B2B is slowly converting over to electronic. C2B check writing is declining with electronic payments, cards, etc. .
US Check Writing Statistics
2003 37.3B Checks
2006 30.5 B Checks
2009 24,5 B Checks
2012 18.3 B Checks
2015 You fill in the blank
I wish I were off base, but look at the data.
How often do you write or receive a check?
Long, why do you continue to think that Mobile Check Deposit is new and undiscovered. The majority of astute mobile users are aware of it and use it. The others do not care and probably never will.
Nadu, better do some more research...............
In 2013, "38 percent of mobile bankers have deposited a
check using their mobile phone in the past
12 months, up from 21 percent in 2012"
Came from Fed Reserve Report
Wow, they don't waste anytime, just received an email from BOA
"Coming in October, Apple Pay will enable Bank of America customers with eligible debit and credit cards to pay for purchases on the go using their iPhone 6. Payments with Apple Pay will be accepted at over 200,000 stores and in select iPhone apps."
Agree, but the reports on B2B do not specifically indicate that the methods used will be MCD by smartphone, they indicate electronic payments,
Took a very large hit today. Article about Visa possibly reconsidering investment with Monitise.
I understand this is a Mitek MB, however, Monitise has been mentioned here recently.
Have you looked at this list of Financial Institutions, assets controlled, branches, etc. .............
Based on this list, the additional profits per bank will not be that substantial, IMO, most of the MD growth has been accounted for and the company should have instituted better cost controls.
Federal Reserve Statistical Release Large Commercial Banks Dec 2013