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PokerTek Reports First Quarter 2011 Financial Results

Stocks in this article: PTEK

PokerTek, Inc. (NASDAQ: PTEK) today reported financial results for the first quarter ended March 31, 2011.

Mark Roberson, Chief Executive Officer and Chief Financial Officer, commented, “Revenue growth, margin expansion and controlled spending levels combined to drive significantly improved operating results. We were EBITDAS positive for the second consecutive quarter, generated positive cash from operations, and our results from continuing operations improved by 43%.

“We launched our new Blackjack Pro product during the first quarter with initial installations going live in February and March. Player reaction and product performance has been positive, and we are excited about the opportunity to drive additional growth as we expand our electronic table games offering.”

Financial Summary

Total revenue for the first quarter of 2011 was $1.7 million compared to $1.6 million for the first quarter of 2010. Revenues increased primarily due to a higher number of revenue producing PokerPro tables in our target markets, particularly in Mexico and Europe, partially offset by reductions in revenue from Canada.

Gross profit increased 28.2% to $1.2 million for the first quarter of 2011 as compared to $0.9 million for the first quarter of 2010. Gross profit margin increased to 72% compared to 60% for the prior-year period. The increase in gross profit was primarily attributable to increased revenues, improved asset utilization and reduced product costs.

Operating expenses were $1.6 million for the first quarter of 2011 compared to $1.7 million for the prior-year period. We continue to focus on controlling spending and maintaining a lean operating structure as we invest in new product development and increase our market penetration.

Net loss from continuing operations for the first quarter of 2011 improved 43% to $0.4 million ($0.07 per share) from $0.8 million ($0.14 per share) for comparable periods in 2011 and 2010. Including the results of discontinued operations, quarterly net loss improved 46% to $0.5 million ($0.07 per share) from $0.9 million ($0.15 per share).

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