Mitek reports loss.Mitek Reports Loss: Mitek Systems Inc., the Poway-based maker of check imaging and forgery forgery, in art forgery, in art, the false claim to authenticity for a work of art. The Nature of Forgery Because the provenance of works of art is seldom clear and because their origin is often judged by means of subtle factors, art detection software, reported a net loss for its first quarter ended Dec. 31 of $900,000 on revenues of $1.3 million. That compares with a net loss of $1.1 million on revenues of $1.7 million for the like period in the prior fiscal year. For FY 2004, which ended Sept. 30, 2004, Mitek reported a net loss of $3.8 million on revenues of $5.2 million. For the prior fiscal year, it had a net loss of $2.5 million on $11.6 million in sales. Mitek, which was delisted in March from Nasdaq because it fell below $2.5 million in shareholder equity, is still probably about six months away from restoring its equity to that level, said John Thornton John Thornton is the name of:
The firm took a step toward that goal last year by selling off a money-losing unit, Checkquest, to the John Harland Co. It is also seeing increased sales on a new forgery detection product that has been purchased by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Wachovia Bank, Thornton said. Traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under MITK.OB, it closed Feb. 22 at 38 cents, giving it a market cap of about $4.3 million. |
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