SAN DIEGO – Mitek Systems, a pioneer in mobile remote deposit capture, yesterday said losses widened for its fourth quarter and fiscal year and revenue plunged after the departure of its biggest customer, USAA, earlier this year.
Mitek reported a fourth quarter loss of $3 million, compared to a $200,000 loss for the fourth quarter in 2011; and a fiscal year loss of $7.8 million, up from a $100,000 loss for 2011. Revenue declined by 60% to $1.2 million for the fourth quarter, and by 12% to $9.1 million for the full year.
“While we are clearly disappointed that we did not meet our revenue goals for the year, we are doing the work necessary to yield positive future results and position Mitek for long term growth,” said James DeBello, president of the company.
The main cause of the fall in revenue is the dispute with USAA, which is contesting Mitek’s claim to a patent on mobile RDC. Both companies have filed patent infringement suits in federal court against each other.