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Mitek (MITK) -42.9% premarket after swinging to an FQ2 EPS loss of $0.11 vs. expectations of a...

Mitek (MITK) -42.9% premarket after swinging to an FQ2 EPS loss of $0.11 vs. expectations of a $0.02 profit, due to the bank technology vendor's loss of a major chunk of its top line following a dispute with customer USAA. MITK didn't detail new developments in the case, though it is fighting the claim in court.
Comments (1)
  • remember there is 17 mil in cash and now mkt cap of just over 60 mil. Despite the brain dead manner of handling the usaa situation and obviously very bad idea of trying to intimidate a giant, the technology should win the day even if they have to buy off usaa. The market is not even close to penetration potential. Even if the uptake on transactions with new users is slow, it will be cumulative and recurring building an annuity cash flow. Now would be the time to buy as it is universally reviled and management has no respect. Good technology will win out over inept management most of the time. You can send Jim Debello a message at jdebello@miteksystems.... make it constructive...even though only analysts were allowed to ask questions on the call. Another bad policy JIM!!!!!!!!!!!
    4 May 2012, 03:54 AM Reply Like
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