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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact:
John M. Thornton
Mitek Systems, Incorporated
(858) 635-5900
www.miteksys.com
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MITEK EXPECTS DECLINE IN FOURTH FISCAL QUARTER AND
FISCAL YEAR 2000 RESULTS
Mitek Will Restate Third Fiscal Quarter Results
SAN DIEGO, CA, September 29, 2000 -- Mitek Systems, Inc. (Nasdaq: MITK), a
developer of automated document recognition technology, today reported that it
will restate its third quarter earnings and expects fourth quarter revenues and
profits will not meet expectations.
In the course of reviewing the Company's compliance with the American Institute
of Certified Public Accountants' Statement of Position 97-2, Software Revenue
Recognition ("Position 97-2"), the Company became aware that the terms and
conditions of a particular contract were not in full compliance with the
guidelines of Position 97-2. Although the terms and conditions of this contract
have subsequently been amended and brought into compliance with Position 97-2,
it appears it was not in compliance as of June 30, 2000. Therefore, the revenue
associated with the contract in question may not be included in the quarter
ended, June 30, 2000 under the provisions of Position 97-2. The revenue may
properly be recorded in the subsequent quarter ending September 30, 2000, that
being the quarter in which the contract was amended and compliance was achieved.
As a result, the $1.4 million in revenue and associated costs from the contract
will be removed from the quarter ended June 30, 2000. This restatement will not
significantly affect the year's performance, as the revenue and associated costs
of this contract will be reflected in the fourth quarter ended September 30,
2000.
The Company will restate its third quarter results to reflect this adjustment
and file an amendment to its quarterly report on Form 10-Q for the three and
nine month periods ended June 30, 2000.
The Company remains confident that its product lines are the best of their
class; however, management now believes the fourth quarter results of fiscal
2000 will not meet the goals set for this fiscal year. It appears that several
contracts are not expected to be finalized by the close of the fiscal year ended
September 30, 2000, which will most likely result in a fourth quarter revenue
and profit shortfall. The Company intends to continue to aggressively pursue
finalizing these contracts in the near term.
Mitek's results for the fiscal fourth quarter and year ended September 30, 2000
are expected to be released during the week of November 6, 2000. A conference
call will be held at that time to discuss the fourth quarter, fiscal year end
results and the outlook for fiscal year 2001.
About Mitek Systems
Mitek Systems, Inc. is a worldwide provider of intelligent character recognition
technology, products and services for the document and check imaging markets.
The Company's document imaging software engine and intelligent character
recognition products and services are used in mission-critical and high volume
data entry, data capture and forms processing applications installed in many of
the world's leading
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financial institutions, manufacturing and service companies, and government
organizations. For more information about Mitek Systems, please contact the
Company at 10070 Carroll Canyon Road, San Diego, CA 92131, (858) 635-5900, or
visit the Company's Web site at www.miteksys.com.
Forward Looking Statement Disclosure
With the exception of historical matters, the matters discussed in this news
release are forward-looking statements that involve risks and uncertainty.
Forward-looking statements include, but are not limited to, statements relating
to the development and pace of sales of the Company's products, expected trends
and growth in the Company's results of operations, projections concerning the
Company's available cash flow and liquidity, anticipated penetration in new and
existing markets for the Company's products and the size of such markets,
anticipated acceptance of the Company's products by existing and new customers,
the ability of the Company to sustain any growth in sales and revenue and the
increase in sales representatives and other personnel. The Company's actual
results could differ in such forward-looking statements. There can be no
assurance that the Company will achieve the results set forth herein.
Mitek and Mitek Systems are registered trademarks of Mitek Systems, Inc. All
other product or company names may be trademarks or registered trademarks of
their respective holders.
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