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PokerTek Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 13, 2012 10:07AM

PokerTek Inc. (PTEK) filed Quarterly Report for the period ended 2012-09-30. Pokertek, Inc. has a market cap of $6.1 million; its shares were traded at around $0.84 with and P/S ratio of 0.9.



Highlight of Business Operations:

Revenue. Revenue decreased by $0.6 million, or 34.2%, to $1.1 million for the three months ended September 30, 2012 as compared to $1.7 million for the three months ended September 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. Excluding Mexico revenue from the quarterly period comparison, total revenue decreased 24.3% on lower sales of systems and equipment.

Gross profit. Gross profit decreased by $0.4 million, or 31.5%, to $0.8 million for the three months ended September 30, 2012 compared to $1.2 million for the three months ended September 30, 2011. For the three months ended September 30, 2012 and 2011, gross profit margin was 70.8% and 68.1%, respectively. Gross profit margins increased due to changes in mix with recurring license and service fees generally carrying higher margins than product sales, as well as lower product costs and depreciation of leased equipment.

Revenue. Revenue decreased by $1.3 million, or 25.7%, to $3.8 million for the nine months ended September 30, 2012 as compared to $5.2 million for the nine months ended September 30, 2011. This decrease was partially due to the absence of revenue from Mexico in nine months ended September 30, 2012 compared to the comparable period in 2011, as well as changes in our product mix. Excluding Mexico revenue from the nine months ended September 30, 2011, total revenue decreased 10.8% on lower sales of systems and equipment.

Gross profit. Gross profit decreased by $0.8 million, or 22.0%, to $2.8 million for the nine months ended September 30, 2012 compared to $3.6 million for the nine months ended September 30, 2011. For the nine months ended September 30, 2012 and 2011, gross profit margin was 73.6% and 70.1%, respectively. Gross profit margins increased due to changes in mix with recurring license and service fees generally carrying higher profit margins than product sales, as well as lower product costs and depreciation of leased equipment.

For the nine months ended September 30, 2012, five customers accounted for approximately 72.2% of our total revenues, with one accounting for 39.4%, a second accounting for 15.0%, a third accounting for 6.6%, a fourth accounting for 5.7%, and a fifth accounting for 5.5%. In comparison, for the nine months ended September 30, 2011, five customers accounted for approximately 47.6% of our total revenues, with one accounting for 28.7%, a second accounting for 5.8%, a third accounting for 4.9%, a fourth accounting for 4.1%, and a fifth accounting for 4.1%. The loss of any of these customers or changes in our relationship with them could have a material adverse effect on our business.

Read the The complete Report



Stocks Discussed: PTEK,
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