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Previous: MITCHELL HUTCHINS SERIES TRUST/MA/, N-30D, 2000-09-08 |
Next: ELECTROPURE INC, 10QSB, 2000-09-08 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 10-Q
AMENDED
(Mark One)
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended JUNE 30, 2000 or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file number 0-15235
---------------------------------------------------------
MITEK SYSTEMS, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 87-0418827
--------------------------------- -----------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10070 CARROLL CANYON ROAD, SAN DIEGO, CALIFORNIA 92131
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (858) 635-5900
-----------------------------
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No .
--- ---
There were 11,103,525 shares outstanding of the registrant's Common Stock
as of August 10, 2000.
<PAGE>
PART 1: FINANCIAL INFORMATION
MITEK SYSTEMS, INC
CONSOLIDATED BALANCE SHEETS
UNAUDITED
<TABLE>
<CAPTION>
JUNE 30, SEPTEMBER 30,
2000 1999
-----------------------------------------------------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 492,328 $ 1,398,589
Accounts receivable-net 8,454,377 5,006,081
Inventories-net 160,394 58,082
Prepaid expenses and other assets 170,270 69,232
-----------------------------------------------------
Total current assets 9,277,369 6,531,984
PROPERTY AND EQUIPMENT-net 374,946 281,571
OTHER ASSETS 613,662 575,298
-----------------------------------------------------
TOTAL ASSETS $ 10,265,977 $ 7,388,853
=====================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,305,525 $ 738,195
Accrued payroll and related taxes 767,577 720,300
Unearned income 337,670 203,408
Other accrued liabilities 378,676 53,885
-----------------------------------------------------
Total current liabilities 2,789,448 1,715,788
LONG-TERM LIABILITIES 44,834 51,040
-----------------------------------------------------
TOTAL LIABILITIES 2,834,282 1,766,828
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS' EQUITY
Common stock - $.001 par value; 20,000,000
shares authorized, 10,314,138 and
11,573,152 issued and outstanding, respectively 11,069 10,439
Additional paid-in capital 9,141,639 8,507,613
Accumulated deficit (1,721,013) (2,896,027)
-----------------------------------------------------
Total stockholders' equity 7,431,695 5,622,025
-----------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,265,977 $ 7,388,853
=====================================================
</TABLE>
See notes to consolidated financial statements
<PAGE>
MITEK SYSTEMS, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET SALES $ 3,535,734 $ 2,428,501 $ 8,855,026 $ 6,709,487
COST OF SALES 786,473 329,836 1,500,182 1,081,956
----------------------------------------------------------------------------
GROSS MARGIN 2,749,261 2,098,665 7,354,844 5,627,531
COSTS AND EXPENSES:
Operations 390,487 157,195 898,410 425,995
General and administrative 563,255 366,315 1,457,905 1,263,130
Research and development 704,358 385,295 1,676,959 958,344
Selling and marketing 860,400 696,813 2,157,907 1,785,974
----------------------------------------------------------------------------
Total costs and expenses 2,518,500 1,605,618 6,191,181 4,433,443
----------------------------------------------------------------------------
OPERATING INCOME 230,761 493,047 1,163,663 1,194,088
Interest and other income - net 21,627 8,651 30,350 26,036
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 252,388 501,698 1,194,013 1,220,124
PROVISION FOR INCOME TAXES 0 0 19,000 10,000
----------------------------------------------------------------------------
NET INCOME $ 252,388 $ 501,698 $ 1,175,013 $ 1,210,124
EARNINGS PER SHARE - BASIC $ 0.02 $ 0.05 $ 0.11 $ 0.11
============================================================================
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING - BASIC 11,068,167 10,321,012 10,775,319 10,788,694
============================================================================
EARNINGS PER SHARE - DILUTED $ 0.02 $ 0.05 $ 0.10 $ 0.11
============================================================================
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES AND COMMON
SHARE EQUIVALENTS OUTSTANDING - DILUTED 11,599,150 10,747,063 11,212,848 11,033,560
============================================================================
</TABLE>
See notes to consolidated financial statements
<PAGE>
MITEK SYSTEMS, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
<TABLE>
<CAPTION>
NINE MONTHS ENDED
JUNE 30,
2000 1999
----------------------------------------------------------
<S> <C> <C>
Net income $ 1,175,013 $ 1,210,124
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 311,397 241,805
Loss on sale of property and equipment 1,010 3,907
Value of stock options granted to non-employee 31,115 9,181
Changes in assets and liabilities:
Accounts receivable (3,448,296) (1,471,067)
Inventories, prepaid expenses, and other assets (442,150) 169,083
Accounts payable, accrued payroll and related taxes,
unearned income, and other accrued liabilities 1,067,454 (372,730)
----------------------------------------------------------
Net cash used in operating activities (1,304,457) (209,697)
INVESTING ACTIVITIES
Proceeds from note receivable 0 56,478
Purchases of property and equipment (205,347) (165,704)
----------------------------------------------------------
Net cash used in investing activities (205,347) (109,226)
FINANCING ACTIVITIES
Repurchase of common stock 0 (14,150)
Proceeds from exercise of stock options and warrants 603,543 36,744
----------------------------------------------------------
Net cash provided by financing activities 603,543 22,594
----------------------------------------------------------
NET DECREASE IN CASH (906,261) (296,329)
CASH AT BEGINNING OF PERIOD 1,398,589 1,740,760
----------------------------------------------------------
CASH AT END OF PERIOD $ 492,328 $ 1,444,431
==========================================================
Significant non-cash investing and financing activities:
591,114 shares of unregistered common stock reacquired
pursuant to settlement agreement - see Note 3 $ - $ 369,446
763,922 shares of unregistered common stock reacquired
pursuant to revised cross investment and licensing
agreements - see Note 4 $ - $ 477,451
Cash paid for income taxes $ 70,800 $ -
</TABLE>
See notes to consolidated financial statements
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MITEK SYSTEMS, INC.
Date: September 7, 2000 /s/ John Thornton
--------------------------------------
John Thornton, Chairman, President and
Chief Executive Officer
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