Mitek Systems Sinks Into The Red

SAN DIEGO -- Mitek Systems, the provider of image analytics software, reported a loss of $126,000, or a penny a share, for its fiscal third quarter ended June 30. The third quarter loss compares to a profit of $230,000, or two cents a share, for the same period last year when the company booked a $1 million gain from the sale of its CheckQuest unit to John H. Harland Co. Still, losses for the first three quarters narrowed to $573,000, or four cents a share, compared to losses of $1.5 million, or 12 cents a share, for the first three quarters last year. Mitek, which is in the process of merging with Parascript, reported a 13% rise in third quarter revenues to $1.7 million, and $4.7 million in revenues for the first three quarters, virtually unchanged from the same period last year. Mitek is the exclusive provider to John H. Harland Co. for Harland's fraud safe check product, called Validify. Mitek is in the process of a reverse merger with Parascript, a Boulder, Colo.-based competitor which also provides image and fraud detection software.