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PokerTek Reports Second Quarter 2011 Financial Results

Stocks in this article: PTEK

Net loss from continuing operations improved 55% for the second quarter of 2011 to $0.4 million ($0.06 per share) from $0.9 million ($0.15 per share) for comparable period of 2010. For the first half of 2011, net loss from continuing operations improved 49% from $1.7 million ($0.29 per share) to $0.9 million ($0.13 per share).

Including the results of discontinued operations, quarterly net loss improved 80% to $0.4 million ($0.06 per share) from $2.0 million ($0.35 per share ) and, on a year to date basis, improved 70% from $2.9 million ($0.50 per share) to $0.9 million ($0.13 per share).

EBITDAS from continuing operations, a non-GAAP financial measure, improved to a profit of $133 thousand for the second quarter for 2011, compared to a loss of $223 thousand in the prior–year period. For the first half of 2011, EBITDAS improved from a loss of $121 thousand to a profit of $254 thousand.

Balance Sheet and Cash Flow Information

The Company’s cash used in continuing operations was $0.3 million for both the first half of 2011 and 2010. Cash flow was essentially flat as continued improvements in earnings were partially offset by increased working capital to support the rollout of the new ProCore platform.

The Company successfully closed a private placement transaction led by officers and directors of the Company increasing the Company’s liquidity and strengthening its balance sheet.

As of June 30, 2011, the Company’s cash balance was $1.2 million.

Unit Count Information

Gaming positions deployed worldwide totaled 2,710 as of June 30, 2011 comprised of 263 PokerPro tables and 16 Blackjack Pro tables. As of June 30, 2010, 2184 gaming positions were deployed comprised of 220 PokerPro tables.

Conference Call

A conference call and webcast will be held on Tuesday, August 9, 2011 at 11:00 a.m. EST for management to discuss the company’s second quarter 2011 performance.

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