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Mitek Systems Signs Agreement With Chase for Mobile Deposit®, Reports Fiscal 2011 1st Quarter Earnings

SAN DIEGO Feb. 14 , www.miteksystems.com

http://photos.prnewswire.com/prnh/20100224/MITEKLOGO

$1,404,000 $1,159,000 $245,000

$801,000 $0.04 $223,000 $0.01 $712,000 $384,000 $234,000 $94,000

$2,141,000 $1,090,000 $2,120,000 $2,338,000 $555,000 $556,000

James B. DeBello

"Chase has told us they see our patented solution as a way to provide an all-around better retail customer experience in depositing checks via smart phone cameras," DeBello said.  "We’ve made Mobile Deposit the ‘Gold Standard’ for accurate and secure mobile check deposit by applying all of our intellectual property and expertise in image analysis and mobile capture, so it’s really gratifying that Chase has chosen our technology and capabilities."

In January, Mitek announced that 10 banks, including three of the nation’s top 10 retail banks, have signed agreements to deploy Mobile Deposit. Since that announcement, DeBello said, at least 10 additional banks, credit unions and other financial institutions are now in the process of integrating and launching Mobile Deposit as part of their arrays of mobile-banking choices for their customers.

During the fiscal first quarter, Mitek introduced Mobile Photo Bill Pay™, the industry’s first mobile payments app that enables users to pay bills simply by snapping a photo of a paper bill or invoice with their smart phone camera without writing a check or setting up a template. This product addresses a growing market for mobile payments globally. DeBello added that the Company is currently engaged in discussions with major financial institutions and bill payment providers to pilot Mobile Photo Bill Pay.

Mobile Deposit and Mobile Photo Bill Pay support all major smart phone operating systems, including the iPhone, Blackberry, Android and Windows Mobile handsets.

"We also took major steps to strengthen Mitek’s balance sheet by eliminating debt through conversion to equity to position the Company for future profits," said DeBello.  "Our higher cash balance and higher net equity reflect the strengthening of our business as we see broader demand for our products.  We’re continuing to invest in developing new mobile imaging products that give financial institutions the industry’s best technology solutions at exactly the time they’re looking to expand their mobile banking offerings to their customers."

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About Mitek Systems
the United States

Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices.  Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk — eliminating trips to the bank, Post Office and file cabinet.  Simply take a picture of the document and Mitek does the rest — correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users’ financial institutions.  

www.miteksystems.com

Contact :

Bud Leedom, Finance Director

[email protected]

858.503.7810, x-309

MITEK SYSTEMS, INC.

CONDENSED BALANCE SHEET

(Unaudited)

December 31,

December 31,

2010

2009

ASSETS

Current assets

$                 3,908,000

$                 1,928,000

Property and equipment – net

32,000

51,000

Software development costs – net

194,000

332,000

Other long-term assets

29,000

72,000

TOTAL ASSETS

$                 4,163,000

$                 2,383,000

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

$                 1,788,000

$                 1,373,000

Long-term debt

406,000

Other long-term liabilities

37,000

48,000

TOTAL LIABILITIES

1,825,000

1,827,000

Stockholders’ equity:

Common stock

20,000

17,000

Additional paid-in capital

18,613,000

15,574,000

(Accumulated deficit)

(16,295,000)

(15,035,000)

Total stockholder’s equity

2,338,000

556,000

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$                 4,163,000

$                 2,383,000

MITEK SYSTEMS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

THREE MONTHS ENDED

December 31,

December 31,

2010

2009

NET SALES

$               1,404,000

$               1,159,000

OPERATING COSTS AND  EXPENSES:

Cost of sales

208,000

353,000

Selling and marketing

399,000

165,000

Research and development

590,000

506,000

General and administrative

623,000

333,000

Total costs and expenses

1,820,000

1,357,000

OPERATING LOSS

(416,000)

(198,000)

Other (expense) income – net

(383,000)

(23,000)

LOSS BEFORE INCOME TAXES

(799,000)

(221,000)

PROVISION FOR INCOME TAXES

(2,000)

(2,000)

NET LOSS

(801,000)

(223,000)

NET LOSS PER SHARE – BASIC AND DILUTED

(0.04)

(0.01)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED

18,845,990

16,751,137

SOURCE Mitek Systems, Inc.

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