$MITK
MITEK SYSTEMS INC

2015 Q1 Form 10-Q Financial Statement

#000156459015003702 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $5.672M $4.484M
YoY Change 26.49% 39.07%
Cost Of Revenue $558.0K $450.0K
YoY Change 24.0% 7.89%
Gross Profit $5.114M $4.034M
YoY Change 26.77% 43.7%
Gross Profit Margin 90.16% 89.96%
Selling, General & Admin $3.240M $4.616M
YoY Change -29.81% 29.47%
% of Gross Profit 63.36% 114.42%
Research & Development $1.390M $1.631M
YoY Change -14.76% -0.65%
% of Gross Profit 27.18% 40.42%
Depreciation & Amortization $100.0K $120.0K
YoY Change -16.67% 71.43%
% of Gross Profit 1.96% 2.97%
Operating Expenses $4.628M $6.246M
YoY Change -25.9% 19.96%
Operating Profit $486.0K -$2.212M
YoY Change -121.97% -7.81%
Interest Expense $20.00K $20.00K
YoY Change 0.0% 100.0%
% of Operating Profit 4.12%
Other Income/Expense, Net $21.00K $19.00K
YoY Change 10.53% 174.92%
Pretax Income $508.0K -$2.192M
YoY Change -123.18% -8.39%
Income Tax $0.00 $1.170K
% Of Pretax Income 0.0%
Net Earnings $507.0K -$2.193M
YoY Change -123.12% -8.37%
Net Earnings / Revenue 8.94% -48.91%
Basic Earnings Per Share $0.02 -$0.07
Diluted Earnings Per Share $0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 30.70M shares 30.45M
Diluted Shares Outstanding 31.32M shares 30.45M

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.70M $26.20M
YoY Change -1.91% 75.84%
Cash & Equivalents $5.740M $7.921M
Short-Term Investments $20.00M $18.30M
Other Short-Term Assets $1.000M $609.9K
YoY Change 63.96% -12.87%
Inventory
Prepaid Expenses
Receivables $3.000M $3.115M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.70M $29.97M
YoY Change -0.9% 82.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.100M $1.507M
YoY Change -27.02% 37.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $42.05K $42.05K
YoY Change 0.0%
Total Long-Term Assets $3.685M $1.549M
YoY Change 137.85% -3.17%
TOTAL ASSETS
Total Short-Term Assets $29.70M $29.97M
Total Long-Term Assets $3.685M $1.549M
Total Assets $33.39M $31.52M
YoY Change 5.92% 75.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $1.685M
YoY Change -22.83% -6.41%
Accrued Expenses $1.200M $1.400M
YoY Change -14.29% 55.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.306M $6.515M
YoY Change -3.21% 22.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $558.5K $715.8K
YoY Change -21.97% -10.53%
Total Long-Term Liabilities $558.5K $715.8K
YoY Change -21.97% -10.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.306M $6.515M
Total Long-Term Liabilities $558.5K $715.8K
Total Liabilities $7.100M $7.642M
YoY Change -7.09% 25.28%
SHAREHOLDERS EQUITY
Retained Earnings -$35.37M -$34.40M
YoY Change 2.84%
Common Stock $61.67M $30.48K
YoY Change 202228.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.28M $23.88M
YoY Change
Total Liabilities & Shareholders Equity $33.39M $31.52M
YoY Change 5.92% 75.11%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $507.0K -$2.193M
YoY Change -123.12% -8.37%
Depreciation, Depletion And Amortization $100.0K $120.0K
YoY Change -16.67% 71.43%
Cash From Operating Activities $1.610M -$990.0K
YoY Change -262.63% 4850.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$90.00K
YoY Change -88.89% -79.07%
Acquisitions
YoY Change
Other Investing Activities -$8.630M -$1.190M
YoY Change 625.21% -950.0%
Cash From Investing Activities -$8.650M -$1.280M
YoY Change 575.78% 341.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 20.00K
YoY Change -100.0% -97.18%
NET CHANGE
Cash From Operating Activities 1.610M -990.0K
Cash From Investing Activities -8.650M -1.280M
Cash From Financing Activities 0.000 20.00K
Net Change In Cash -7.040M -2.250M
YoY Change 212.89% -662.5%
FREE CASH FLOW
Cash From Operating Activities $1.610M -$990.0K
Capital Expenditures -$10.00K -$90.00K
Free Cash Flow $1.620M -$900.0K
YoY Change -280.0% -319.51%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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>
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2.04
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2708063
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M18D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.19
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2725294
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3176655
CY2015Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
302369
us-gaap Restricted Stock Expense
RestrictedStockExpense
642339
CY2014Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
361056
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2015Q1 mitk Annual Base Rent
AnnualBaseRent
471000
CY2015Q1 us-gaap Operating Leases Of Lessee Contingent Rentals Basis Spread On Variable Rate
OperatingLeasesOfLesseeContingentRentalsBasisSpreadOnVariableRate
0.03
CY2015Q1 mitk Tenant Improvement Allowances
TenantImprovementAllowances
675690
CY2015Q1 mitk Unamortized Lease Incentives
UnamortizedLeaseIncentives
445845

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