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PokerTek Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 11, 2012 03:19PM
PokerTek Inc. (PTEK) filed Quarterly Report for the period ended 2012-03-31.
Highlight of Business Operations:Revenues. Revenues decreased by $0.3 million or 14.6% to $1.7 million for the three months ended March 31, 2012 as compared to $2.0 million for the three months ended March 31, 2011. This decrease was primarily due to the absence of revenues from Mexico in the current quarter as well as changes in product mix. We ceased operations in Mexico in September 2011, due to the information bulletin issued by Mexico s Secretaría de Gobernación (“SEGOB”), the government agency responsible for administering the country's internal affairs, notifying casino owners in Mexico that all card and roulette games, whether live or electronic, would no longer be permitted. Excluding Mexico revenues from the quarterly period ended March 31, 2011, total revenues increased 5.7%.
Gross Profit. Gross profit decreased by $0.1 million or 7.3% to $1.3 million for the three months ended March 31, 2012 compared to $1.4 million for the three months ended March 31, 2011. For the three months ended March 31, 2012 and 2011, gross profit margin was 77.0% and 70.9%, respectively. The increase in gross profit margin was primarily attributable to changes in revenue mix, improved asset utilization and reduced product costs and depreciation.
For the three months ended March 31, 2012, net cash provided by operating activities improved $211,499 or 570.5% to $248,574. The improvement in cash from operating activities was primarily due to improved profitability and collections, partially offset by reductions in accounts payable and accrued liabilities.