Mitek (MITK) has reported an 109.11 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.22 million, or $0.03 a share in the quarter, compared with $0.58 million, or $0.02 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.96 million, or $0.08 a share compared with $2.41 million or $0.07 a share, a year ago. Revenue during the quarter surged 33.99 percent to $11.42 million from $8.52 million in the previous year period. Gross margin for the quarter expanded 118 basis points over the previous year period to 92.73 percent. Total expenses were 89.28 percent of quarterly revenues, down from 92.60 percent for the same period last year. This has led to an improvement of 331 basis points in operating margin to 10.72 percent.
Operating income for the quarter was $1.22 million, compared with $0.63 million in the previous year period.
James DeBello, chairman and chief executive officer of Mitek, said: "We are pleased to report the best quarter in Mitek’s history. Our record revenue and profits were driven by growth from both our ID verification and industry leading mobile check deposit products. Our ID solutions are playing a key role globally in the digital transformation of financial services and other companies who need to verify the identity of their customers to meet regulatory requirements. We believe that our market momentum, competitive advantages, global footprint and solid balance sheet position us well for continued growth in this large and growing market."
Working capital increases sharply
Mitek has recorded an increase in the working capital over the last year. It stood at $34.03 million as at Mar. 31, 2017, up 41.42 percent or $9.97 million from $24.06 million on Mar. 31, 2016. Current ratio was at 5.14 as on Mar. 31, 2017, up from 4.13 on Mar. 31, 2016. Days sales outstanding went up to 37 days for the quarter compared with 23 days for the same period last year.
At the same time, days payable outstanding went down to 186 days for the quarter from 203 for the same period last year.
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