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MITEK SYSTEMS (NASDAQ) REPORTS FIRST QUARTER LOSS OF $.02 PER SHARE ON $3,644,000 IN NET SALES

 SAN DIEGO, Calif., Jan. 18 /PRNewswire/ -- Mitek Systems Inc. (NASDAQ: MITK) announced today a net loss for the first quarter of fiscal 1993 ended Dec. 31, 1992, of $137,000, or $.02 per share, on revenue of $3,644,000, compared to net income of $226,000, or $.03 per share, on revenue of $6,002,000 for the same period last year.
 Noting the improvement in net sales for the first quarter over the fourth quarter of fiscal 1992, Lawrence C. Dolan, president of Mitek said, "We are optimistic about Mitek's performance for the balance of fiscal 1993."
 Late in the first quarter of fiscal 1993, Mitek completed its acquisition of the Automated Document Recognition (ADR) Group. ADR develops and markets proprietary neural network-based automated handwritten character recognition software used in forms and remittance processing. Dolan noted that ADR is expected to contribute to revenue and profitability in the second quarter and said, "Although still in the process of integrating ADR with Mitek Systems, we have already completed our first systems integration installation using ADR's QuickStrokes(C) software and third-party hardware for a banking industry application in Chicago."
 Dolan added that new orders for TEMPEST products in the first quarter were more than double orders for the prior quarter and said that backlog had increased to $3.1 million at Dec. 31, 1992, from backlog of $1 million at Sept. 30, 1992. The backlog was $3.5 million at Dec. 31, 1991.
 Mitek Systems Inc. is a computer systems integrator and value- added reseller (VAR) based in San Diego and markets TEMPEST, computer equipment and automated document recognition products to businesses and high-security governmental agencies.
 MITEK SYSTEMS INC.
 Statements of Operations
 Three Months Ended
 Dec. 31,
 1992 1991
 Net sales $3,644,000 $6,002,000
 Costs of goods sold 2,656,000 3,863,000
 Gross margin 988,000 2,139,000
 Costs and expenses:
 Selling and marketing 460,000 633,000
 General and administrative 350,000 514,000
 Research and development 300,000 517,000
 Interest 52,000 133,000
 Total costs and expenses 1,162,000 1,797,000
 Income (loss) before taxes (174,000) 342,000
 Provision for (benefit
 from) income taxes (37,000) 116,000
 Net income (loss) ($137,000) $226,000
 Earnings (loss) per share:
 Common and common
 equivalent shares ($.02) $.03
 Assuming issuance of all
 dilutive contingent shares ($.02) $.03
 Average shares outstanding:
 Common and common
 equivalent shares 6,917,644 6,959,612
 Assuming issuance of all
 dilutive contingent shares 6,965,117 6,959,612
 MITEK SYSTEMS INC.
 Summarized Balance Sheets
 Sept. 30, Sept. 30,
 1992 1991
 Assets:
 Current assets $4,983,000 $5,633,000
 Property and equipment -- net 567,000 551,000
 Other assets 1,924,000 73,000
 Total $7,474,000 $6,257,000
 Liabilities and
 stockholders' equity:
 Current liabilities $3,842,000 $2,253,000
 Long term liabilities 1,050,000 1,284,000
 Stockholders' equity
 Common stock 7,000 7,000
 Additional paid-in capital 2,772,000 2,772,000
 Accumulated Deficit (197,000) (59,000)
 Total stockholders' equity 2,582,000 2,720,000
 Total $7,474,000 $6,257,000
 -0- 1/18/93
 /CONTACT: Maurice L. Roller, VP & CFO of Mitek Systems, 619-587-9157/
 (MITK)


CO: Mitek Systems Inc. ST: California IN: ARO CPR SU: ERN

JL-KJ -- SD001 -- 5705 01/18/93 08:00 EST
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Date:Jan 18, 1993
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