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PokerTek Inc. Reports Operating Results (10-Q)

May 11, 2011 | About:
10qk

10qk

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PokerTek Inc. (PTEK) filed Quarterly Report for the period ended 2011-03-31.

Pokertek Inc. has a market cap of $8.5 million; its shares were traded at around $1.36 with and P/S ratio of 1.4.

Highlight of Business Operations:

Depreciation. Depreciation decreased by $19,051 (48.4%) for the three months ended March 31, 2011 to $20,281 from $39,332 for the comparable period in 2010. The decrease in depreciation was primarily attributable to certain assets becoming fully depreciated.

Net Loss from continuing operations. Net loss from continuing operations for the three months ended March 31, 2011 was $0.5 million, an improvement of $0.3 million (42.7%) from $0.8 million for the three months ended March 31, 2010. Net loss from continuing operations was $0.07 per share for the three months ended March 31, 2011, an improvement of $0.07 (50.0%) per share compared to $0.14 for the comparable period of 2010. The decrease in net loss was attributable to improved revenue and gross margins.

Net Loss from discontinued operations. Net income from discontinued operations for the three months ended March 31, 2011 was $9,974, an improvement of $54,414 (84.5%) from a net loss of $64,388 for the three months ended March 31, 2010. Net loss from discontinued operations per share as of March 31, 2011 was $0.0 compared to $0.01 net loss per share for the three months ended March 31, 2010.

Net Loss. Net loss for the three months ended March 31, 2011 was $0.5 million, an improvement of $0.4 million (45.8%) from $0.9 million for the three months ended March 31, 2010. Net loss per share was $0.07 per share for the three months ended March 31, 2011, an improvement of $0.08 (53.3%) per share compared to $0.15 per share for the comparable period of 2010. The decrease in net loss was attributable to our improved results from continuing gaming business.

For the three months ended March 31, 2011, net cash provided by operating activities of continuing operations improved $0.2 million (117.5%) to $37,075compared to a use of cash of $0.2 million for the three months ended March 31, 2010. The improvement in cash from operating activities was primarily due to the reduction in net loss, an increase in deferred revenue and management of working capital spending.

As of March 31, 2011, our cash balance was $814,125 and availability from our credit line was $328,002. Cash provided by operations for the three months ended March 31, 2011 was $36,399, an improvement of $118,853 from the first three months of 2010 when we used cash of 82,454. The level of additional capital needed to fund operations and our ability to conduct business for the next year is influenced primarily by the following factors:

Read the The complete Report

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