SAN DIEGO – Shares in Mitek Systems declined almost 7% yesterday after the provider of mobile banking services reported a $219,000 loss for the fourth quarter.
The fourth quarter loss compares to a $180,000 profit for the same period last year. For the full year Mitek reported a $125,000 loss, down from a $682,000 loss for the full 2010.
Fourth quarter revenues surged 88% to $3 million, while fiscal year revenues doubled to $10.3 million.
Mitek reported that the total number of Mobile Deposit signed customers more than doubled to 161 financial institutions during the fourth quarter. Among these financial institutions, 35 have now formally launched Mobile Deposit to their customers. Mitek has signed agreements with seven of the top 10 U.S. banks.
"Fiscal 2011 was an exceptional year for Mitek,” said James DeBello, the company’s chief executive. “We doubled our revenue and signed more than 10 new agreements with Fortune 500 customers. We are seeing the market opportunity for Mitek's mobile imaging solutions continue to accelerate.”
