Mitek Systems Inc (MITK) has reported a 0.52 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $0.96 million, or $0.03 a share in the quarter, compared with $0.96 million, or $0.03 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.51 million, or $0.07 a share compared with $2.79 million or $0.09 a share, a year ago.
Revenue during the quarter grew 22.93 percent to $9.67 million from $7.87 million in the previous year period. Gross margin for the quarter expanded 77 basis points over the previous year period to 90.28 percent. Total expenses were 91.30 percent of quarterly revenues, up from 87.77 percent for the same period last year. That has resulted in a contraction of 353 basis points in operating margin to 8.70 percent.
Operating income for the quarter was $0.84 million, compared with $0.96 million in the previous year period.
Commenting on the results, James DeBello, chairman and chief executive officer of Mitek, said: “Our record revenue results for fiscal 2016 were driven by growth from both our new mobile ID solutions and our industry leading Mobile Deposit. We made significant progress during the year establishing Mitek as a leading provider of mobile ID verification solutions to banks and other enterprises in the rapidly growing mobile self-service market. With our market momentum in both mobile ID and mobile deposit we are well positioned for continued growth in fiscal 2017 and beyond.”
Working capital increases sharply
Mitek Systems Inc has recorded an increase in the working capital over the last year. It stood at $31.98 million as at Sep. 30, 2016, up 33.23 percent or $7.98 million from $24 million on Sep. 30, 2015. Current ratio was at 4.84 as on Sep. 30, 2016, up from 4.24 on Sep. 30, 2015.
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