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PokerTek Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 10, 2012 04:24PM

PokerTek Inc. (PTEK) filed Quarterly Report for the period ended 2012-06-30. Pokertek, Inc. has a market cap of $5.5 million; its shares were traded at around $0.7 with and P/S ratio of 0.8.



Highlight of Business Operations:

Revenues. Revenues decreased by $0.5 million, or 30.6%, to $1.0 million for the three months ended June 30, 2012 as compared to $1.5 million for the three months ended June 30, 2011. This decrease was partially due to the absence of revenues from Mexico in the current quarter as well as changes in our 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 comparison, total revenues decreased 16.2%.

Gross profit. Gross profit decreased by $0.3 million, or 30.8%, to $0.7 million for the three months ended June 30, 2012 compared to $1.1 million for the three months ended June 30, 2011. For the three months ended June 30, 2012 and 2011, gross profit margin was 71.1% and 71.3%, respectively.

Revenues. Revenues decreased by $0.7 million, or 21.5%, to $2.7 million for the six months ended June 30, 2012 as compared to $3.5 million for the six months ended June 30, 2011. This decrease was partially due to the absence of revenues from Mexico in six months ended June 30, 2012 compared to the comparable period in 2011, as well as changes in our product mix. We ceased operations in Mexico in September 2011, due to the information bulletin issued by 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 six months ended June 30, 2011, total revenues decreased 3.9%.

Gross profit. Gross profit decreased by $0.4 million, or 17.5%, to $2.0 million for the six months ended June 30, 2012 compared to $2.5 million for the six months ended June 30, 2011. For the six months ended June 30, 2012 and 2011, gross profit margin was 74.7% and 71.1%, 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 six months ended June 30, 2012, net cash used in operating activities from continuing operations improved $144,801, or 52.4%, to $131,327. The improvement in cash from operating activities was primarily due to improved profitability, partially offset by increases in working capital.

Read the The complete Report



Stocks Discussed: PTEK,
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