SAN DIEGO (AP) _ Mitek Systems Inc. (MITK) on Thursday reported fiscal third-quarter net income of $1.3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Diego-based company said it had profit of 3 cents. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, came to 16 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The mobile imaging software company posted revenue of $25.4 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $23.4 million.
Mitek Systems shares have increased 41% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.81, an increase of 6% in the last 12 months.