$MITK
MITEK SYSTEMS INC

2014 Q2 Form 10-Q Financial Statement

#000119312514302858 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $4.660M $3.882M
YoY Change 20.04% 22.78%
Cost Of Revenue $608.0K $469.4K
YoY Change 29.51% 30.4%
Gross Profit $4.052M $3.413M
YoY Change 18.74% 21.88%
Gross Profit Margin 86.95% 87.91%
Selling, General & Admin $4.113M $3.494M
YoY Change 17.71% 29.19%
% of Gross Profit 101.51% 102.39%
Research & Development $1.590M $1.976M
YoY Change -19.56% -6.67%
% of Gross Profit 39.23% 57.9%
Depreciation & Amortization $120.0K $90.00K
YoY Change 33.33% 28.57%
% of Gross Profit 2.96% 2.64%
Operating Expenses $5.702M $5.470M
YoY Change 4.24% 13.45%
Operating Profit -$1.650M -$2.058M
YoY Change -19.81% 1.89%
Interest Expense $20.00K $10.00K
YoY Change 100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $17.00K $5.592K
YoY Change 204.01% -46.81%
Pretax Income -$1.633M -$2.052M
YoY Change -20.45% 2.15%
Income Tax $95.00 $0.00
% Of Pretax Income
Net Earnings -$1.633M -$2.052M
YoY Change -20.42% 2.15%
Net Earnings / Revenue -35.04% -52.86%
Basic Earnings Per Share -$0.05 -$0.08
Diluted Earnings Per Share -$0.05 -$0.08
COMMON SHARES
Basic Shares Outstanding 30.48M 27.11M
Diluted Shares Outstanding 30.48M 27.11M

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.70M $29.50M
YoY Change -16.27% 96.67%
Cash & Equivalents $9.141M $22.95M
Short-Term Investments $15.60M $6.500M
Other Short-Term Assets $805.1K $608.1K
YoY Change 32.38% 21.63%
Inventory
Prepaid Expenses
Receivables $2.520M $572.4K
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.06M $30.64M
YoY Change -8.43% 62.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.407M $1.560M
YoY Change -9.85% 290.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.600M $0.00
YoY Change -100.0%
Other Assets $42.05K $42.05K
YoY Change 0.0%
Total Long-Term Assets $3.072M $1.602M
YoY Change 91.75% 100.28%
TOTAL ASSETS
Total Short-Term Assets $28.06M $30.64M
Total Long-Term Assets $3.072M $1.602M
Total Assets $31.13M $32.24M
YoY Change -3.46% 64.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.594M $2.337M
YoY Change -31.77% 79.76%
Accrued Expenses $1.600M $1.200M
YoY Change 33.33% 71.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.929M $6.441M
YoY Change 7.57% 74.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $677.0K $1.379M
YoY Change -50.91% 1279.08%
Total Long-Term Liabilities $677.0K $1.379M
YoY Change -50.91% 1279.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.929M $6.441M
Total Long-Term Liabilities $677.0K $1.379M
Total Liabilities $7.967M $7.821M
YoY Change 1.87% 105.8%
SHAREHOLDERS EQUITY
Retained Earnings -$36.03M -$29.26M
YoY Change 23.12%
Common Stock $30.48K $29.92K
YoY Change 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.16M $24.42M
YoY Change
Total Liabilities & Shareholders Equity $31.13M $32.24M
YoY Change -3.46% 64.51%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$1.633M -$2.052M
YoY Change -20.42% 2.15%
Depreciation, Depletion And Amortization $120.0K $90.00K
YoY Change 33.33% 28.57%
Cash From Operating Activities $220.0K $840.0K
YoY Change -73.81% -144.92%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$530.0K
YoY Change -96.23% 341.67%
Acquisitions
YoY Change
Other Investing Activities $1.020M -$1.240M
YoY Change -182.26% -165.96%
Cash From Investing Activities $1.000M -$1.770M
YoY Change -156.5% -200.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 13.88M
YoY Change -100.07% 15322.22%
NET CHANGE
Cash From Operating Activities 220.0K 840.0K
Cash From Investing Activities 1.000M -1.770M
Cash From Financing Activities -10.00K 13.88M
Net Change In Cash 1.210M 12.95M
YoY Change -90.66% -64850.0%
FREE CASH FLOW
Cash From Operating Activities $220.0K $840.0K
Capital Expenditures -$20.00K -$530.0K
Free Cash Flow $240.0K $1.370M
YoY Change -82.48% -178.29%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. On an ongoing basis, management reviews its estimates based upon currently available information. Actual future results could differ materially from those estimates.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30451058 shares
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M2D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.33
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2018-09-30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
dei Entity Central Index Key
EntityCentralIndexKey
0000807863
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications do not impact the reported net loss for such periods and do not have a material impact on the presentation of the overall financial statements.</p> </div>
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y4M2D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
103223 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30451058 shares
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
4137723
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
13982
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
20691725
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
1021778
us-gaap Licenses Revenue
LicensesRevenue
9468663
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
169498
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5291693
us-gaap Operating Income Loss
OperatingIncomeLoss
-5342812
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5293022
us-gaap Income Taxes Paid
IncomeTaxesPaid
2226
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
51119
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
355320
us-gaap Net Income Loss
NetIncomeLoss
-5293919
us-gaap Interest Paid
InterestPaid
4773
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
55940
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
897
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2667969
us-gaap Revenues
Revenues
13606386
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
132199
CY2013 mitk Maturity Of Long Term Investments
MaturityOfLongTermInvestments
Greater than one year
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1116999
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
131238
us-gaap Other Cost Of Services
OtherCostOfServices
839953
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
4821
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4745723
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5607559
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
300724
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14153330
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2226
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
44852
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-110206
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-11890300
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58834
us-gaap Costs And Expenses
CostsAndExpenses
18949198
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
8933624
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6968419
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-281531
us-gaap Share Based Compensation
ShareBasedCompensation
2667969
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
468489
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap License Costs
LicenseCosts
787544
mitk Cashless Exercise Of Options And Warrants
CashlessExerciseOfOptionsAndWarrants
3
mitk Maturity Of Short Term Investments
MaturityOfShortTermInvestments
Less than one year
mitk Provision And Recovery For Doubtful Accounts
ProvisionAndRecoveryForDoubtfulAccounts
3200
mitk Percentage Of Vendor Comprising Of Overall Purchases
PercentageOfVendorComprisingOfOverallPurchases
0.10 pure
mitk Percentage Effect Of Lease Amendment Increase Or Decrease In Rent
PercentageEffectOfLeaseAmendmentIncreaseOrDecreaseInRent
0.03 pure
mitk Maturity Of Long Term Investments
MaturityOfLongTermInvestments
Greater than one year
mitk Effect Of Lease Amendment Increase Or Decrease In Rent
EffectOfLeaseAmendmentIncreaseOrDecreaseInRent
471000
mitk State Net Operating Loss Carryforwards Expiry Period Beginning Date
StateNetOperatingLossCarryforwardsExpiryPeriodBeginningDate
2014-09-30
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M15D
CY2013 mitk Maturity Of Short Term Investments
MaturityOfShortTermInvestments
Less than one year
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27109787 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27109787 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27109787 shares
CY2013Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
1187807
CY2013Q2 us-gaap Licenses Revenue
LicensesRevenue
2694220
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2052059
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2057651
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2057540
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5592
CY2013Q2 us-gaap Revenues
Revenues
3882027
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-2052059
CY2013Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
7578
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-5481
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
685633
CY2013Q2 us-gaap Other Cost Of Services
OtherCostOfServices
229392
CY2013Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1986
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1976020
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1461897
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
5939678
CY2013Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2032316
CY2013Q2 us-gaap License Costs
LicenseCosts
240053
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30481168 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30481168 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3835080 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30481168 shares
CY2014Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
1483038
CY2014Q2 us-gaap Licenses Revenue
LicensesRevenue
3176686
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1632506
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1650440
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1637549
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17934
CY2014Q2 us-gaap Revenues
Revenues
4659724
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-1632601
CY2014Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
19479
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4948
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
922848
CY2014Q2 us-gaap Other Cost Of Services
OtherCostOfServices
313709
CY2014Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1545
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1589521
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1810084
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
95
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
6310164
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2302973
CY2014Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014Q2 us-gaap License Costs
LicenseCosts
293877
CY2013Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0

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