Before the markets opened today MITK announced their fiscal results for the fourth quarter and year ended September 30, 2003.
Net sales for the fiscal fourth quarter of 2003 were $1.7 million, compared with $3.9 million in the same quarter last year, and $3.0 million in the third quarter of fiscal 2003. MITK reported a fiscal fourth quarter 2003 net loss of $1.6 million, or $0.15 per basic and diluted share, compared with a net loss of $15,000, or breakeven per basic and diluted share, for the same fiscal quarter of last year.
For the twelve months ended September 30, 2003, net sales were $11.6 million, a decrease of 11% from net sales of $13.1 million reported for fiscal 2002. Fiscal year 2003 net loss was $2.5 million, or $0.22 per basic and diluted share, compared with a net income of $397,000, or $0.04 per basic and diluted share, for fiscal year 2002.
Commenting on the fourth quarter results, MITK’s President and CEO James B. DeBello said, "Despite our aggressive sales efforts, many customers we pursued during the quarter were reluctant to commit to capital equipment purchases and chose to prolong their decision-making due, we believe, to persistent economic uncertainties. As a result, we experienced a revenue shortfall in the fourth quarter."
"Fiscal 2003 was a challenging year, but we believe that our targeting of the fraud protection market segment, as well as the steps taken to strengthen our sales and marketing infrastructure, will position us to regain sales momentum. We are committed to the long-term success of Mitek Systems," concluded DeBello.
News of the disappointing year-end results has sent MITK’s share price tumbling; the company is currently trading down 20% over yesterday’s close at $2.06 on 382,000 shares.
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