Mitek Announces Q1 '98 Financial Results
Mitek Systems (San Diego, Nasdaq: MITK) announces Q1 '98 financial results. Revenue of $1.3 million compares with Q1 '97 revenue of $1.1 million. A net loss of $1.6 million compares with a $287,000 net loss in Q1 '97. Several non-recurring charges totaling nearly $1 million reflect changes in the business environment and relationships and internal realignments, according to chairman of the board John Thornton. In an effort to shed non-core businesses and return to profitability, Mitek sold its fax business to Smith Micro (Aliso Viejo, CA), and named Elliot Wassarman as its new president and CEO. During the quarter Mitek also released Version 5.2 of its CheckScript recognition engine.