Mitek Systems (MITK) Tops Q2 EPS by 1c, Ends Process to Evaluate Strategic Alternatives

Mitek Systems (NASDAQ: MITK) reported Q2 EPS of $0.07, $0.01 better than the analyst estimate of $0.06. Revenue for the quarter came in at $20 million versus the consensus estimate of $19.2 million.

GUIDANCE:

Mitek Systems sees FY2019 revenue of $84-86 million, versus the consensus of $84.56 million.

Commenting on the results and the process to review strategic alternatives, Max Carnecchia, CEO of Mitek, said:

“Today, customer relationships are being established without ever physically meeting. Identity verification is foundational to trust between parties in these interactions, and Mitek’s mission is empowering trust and convenience in these essential relationships. We took another important step in delivering on that mission during the quarter, resulting in our significant operating progress and record second quarter revenue driven by strong growth in both of our product families.”

“Over the past several months, our Board of Directors has led a process to engage with several interested parties to evaluate the relative benefits of various strategic alternatives, with a view to maximizing value for our shareholders. Following a thorough review of the results, the Board of Directors determined that there were no offers that it deemed in the best interest of Mitek shareholders, and today, we are announcing that we have concluded this process. We continue to focus on maximizing the significant opportunities we see for Mitek in the marketplace and remain thoroughly committed to delivering shareholder value through operating and growing the business.”

For earnings history and earnings-related data on Mitek Systems (MITK) click here.

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