Mitek Systems Ascends On Improved Earnings, Better Than Consensus

(RTTNews) - Shares of Mitek Systems, Inc. (MITK), mobile capture and identity verification software solutions provider, are up more than 6% Friday morning after reporting better-than-expected earnings in the first quarter.

Net income in the first quarter increased to $3.1 million, or $0.07 per diluted share. from $2.17 million or $0.05 per share in the same quarter a year ago.

Excluding one-time items, adjusted earnings were $0.22 per diluted share, that beat the average estimate of analysts polled by Thomson Reuters at $0.21 per share.

Total revenue increased 25% year over year to $32.5 million. The consensus estimate was for $33.69 million.

MITK, currently at $16.07, has been trading in the range of $13.52- $23.29 in the past 52 weeks.