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Mitek Systems tops Street 2Q forecasts

SAN DIEGO (AP) _ Mitek Systems Inc. (MITK) on Thursday reported fiscal second-quarter profit of $1.2 million.

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 8 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.

The mobile imaging software company posted revenue of $11.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $10.4 million.

Mitek Systems shares have increased 32 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $8.10, a climb of 30 percent in the last 12 months.


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


Keywords: Mitek Systems, Earnings Report