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PokerTek Inc. Reports Operating Results (10-Q)

August 11, 2011 | About:
10qk

10qk

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PokerTek Inc. (PTEK) filed Quarterly Report for the period ended 2011-06-30.

Pokertek Inc. has a market cap of $8.5 million; its shares were traded at around $1.25 with and P/S ratio of 1.4.

Highlight of Business Operations:

Net Loss from continuing operations. Net loss from continuing operations for the three months ended June 30, 2011 was $0.4 million, an improvement of $0.5 million (55.1%) from $0.9 million for the three months ended June 30, 2010. Net loss from continuing operations was $0.06 per share for the three months ended June 30, 2011, an improvement of $0.09 (60.0%) per share compared to $0.15 for the comparable period of 2010. The improvement in net loss was attributable to improved revenue and gross margins, along with a reduction in operating expenses.

Net Loss from discontinued operations. Net loss from discontinued operations for the three months ended June 30, 2011 was $429, an improvement of $1,146,770 (100.0%) from a net loss of $1,147,199 for the three months ended June 30, 2010. Net loss from discontinued operations per share as of June 30, 2011 was $0.0 compared to $0.20 net loss per share for the three months ended June 30, 2010. During the 2010 period, we incurred ($1.0 million) in asset revaluation charges related to the impairment of inventory and other assets associated with the discontinued amusement operations.

Net Loss. Net loss for the three months ended June 30, 2011 was $0.4 million, an improvement of $1.6 million (80.3%) from $2.0 million for the three months ended June 30, 2010. Net loss per share was $0.06 per share for the three months ended June 30, 2011, an improvement of $0.29 (80.3%) per share compared to $0.35 per share for the comparable period of 2010. The improvement in net loss was attributable to our improved results from continuing gaming business and improved results from discontinued operations.

Net Loss from continuing operations. Net loss from continuing operations for the six months ended June 30, 2011 was $0.9 million, an improvement of $0.8 million (49.3%) from $1.7 million for the six months ended June 30, 2010. Net loss from continuing operations was $0.13 per share for the six months ended June 30, 2011, an improvement of $0.16 (55.2%) per share compared to $0.29 for the comparable period of 2010. The improvement in net loss was attributable to improved revenue and gross margins, along with a reduction in operating expenses.

Net Loss from discontinued operations. Net loss from discontinued operations for the six months ended June 30, 2011 was $10,403, an improvement of $1,201,184 (99.1%) from a net loss of $1,211,587 for the six months ended June 30, 2010. Net loss from discontinued operations per share as of June 30, 2011 was $0.0 compared to $0.21 net loss per share for the six months ended June 30, 2010. During the 2010 period, we incurred ($1.0 million) in asset revaluation charges related to the impairment of inventory and other assets associated with the discontinued amusement operations.

Net Loss. Net loss for the six months ended June 30, 2011 was $0.9 million, an improvement of $2.0 million (70.1%) from $2.9 million for the six months ended June 30, 2010. Net loss per share was $0.13 per share for the six months ended June 30, 2011, an improvement of $0.37 (70.1%) per share compared to $0.50 per share for the comparable period of 2010. The decrease in net loss was attributable to our improved results from continuing gaming business and the improved results from discontinued operations.

Read the The complete Report

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