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Mitek Systems: Fiscal 1Q Earnings Snapshot

SAN DIEGO (AP) _ Mitek Systems Inc. (MITK) on Thursday reported fiscal first-quarter net income of $560,000, after reporting a loss in the same period a year earlier.

The San Diego-based company said it had net income of 1 cent per share. Earnings, adjusted for one-time gains and costs, came to 12 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

The mobile imaging software company posted revenue of $22.1 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $21.5 million.

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

Mitek Systems shares have increased 22% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.35, a decline of 15% 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