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PokerTek Inc. Reports Operating Results (10-Q)

May 14, 2010 | About:

10qk

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PokerTek Inc. (PTEK) filed Quarterly Report for the period ended 2010-03-31.

Pokertek Inc. has a market cap of $16.2 million; its shares were traded at around $1.1501 with and P/S ratio of 2.5.
This is the annual revenues and earnings per share of PTEK over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PTEK.


Highlight of Business Operations:

Gaming revenue increased by $0.1 million (5%) to $1.6 million for the three months ended March 31, 2010 as compared to $1.5 million for the three months ended March 31, 2009. Gaming revenues increased as installations of PokerPro in Mexico from the fourth quarter of 2009 and continuing into the first quarter of 2010 began to contribute.

Amusement revenue decreased by $0.3 million (53%) to $0.3 million for the three months ended March 31, 2010 as compared to $0.6 million for the three months ended March 31, 2009. Market conditions in the amusement segment continue to be challenging internationally, and we converted our distribution in the United States to a recurring revenue model, which generates lower upfront revenue than the product sale model which was in place during the first quarter of 2009.

Depreciation. Depreciation decreased by $8,657 (13%) for the three months ended March 31, 2010 to $55,601 from $64,258 for the comparable period in 2009. The decrease in depreciation was primarily attributable to certain assets being fully depreciated.

Interest Expense, net. Interest expense decreased $52,152 (62%) for the three months ended March 31, 2010 to $32,555 from $84,707 for the three months ended March 31, 2009. The decrease was primarily attributable to the reduction in the principal balance of our Founders Loan from $2.0 million at March 31, 2009 to $800,000 at March 31, 2010, combined with lower interest rates. Interest expense for the three months ended March 31, 2010 was composed of the following items: Founders Loan interest of $17,753; loan origination and unused line fees associated with the credit line from Silicon Valley Bank totaling $13,947; and interest on our capital lease of $854.

Net Loss. Net loss for the three months ended March 31, 2010 was $0.9 million, an improvement of $1.0 million (53%) from $1.8 million for the three months ended March 31, 2009. Net loss per share, basic and diluted, was $0.06 per share for the three months ended March 31, 2010, an improvement of $0.10 (63%) per share from net loss per share, basic and diluted, of $0.16 for the comparable period of 2009.

For the three months ended March 31, 2010, net cash used in operating activities was $0.1 million, as compared to $0.9 million for the three months ended March 31, 2009, a decrease of $0.9 million.

Read the The complete Report

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