PokerTek Announces Net Loss Of $2 Million For Q2 2010

Casino and amusement product maker PokerTek have just announced its financial results, revealing a net loss for the company in the second quarter of 2010 of $2.04 million.
The second quarter results announced by the company show that its total revenue reached $1.6 million in Q2 2010 compared to its Q2 2009 figure of  $1.5 million. The overall revenue figure for the first half of 2010 had also fallen to $3.4 million compared to the $3.7 million reached for the same period in 2009.
Also down was PokerTek’s gross profit for Q2 which had fallen to $0.2 million from $0.5 million a year earlier.
However, on the plus side gross profit from the company’s gaming business improved to $0.8 million from $0.5 million in Q2 2009. In addition, operating expenses had been reduced to $1.8 million from  $2 million a year earlier, and stood at $3.5 million for the first 6 months of 2010 compared to $4.5 million for the first half of 2009.
Putting a positive slant on the Q2 2010 results, Chief Financial Officer, Mark Roberson commented:
“Gross margins continued to expand and our operating expenses remain tightly controlled. As a result EBITDAS from continuing gaming operations improved 78% for the quarter and 96% for the first six months of 2010.
“Looking forward, our strategic initiatives are taking shape, and we expect revenue and margin growth to accelerate as we move through the second half of the year and into 2011.”
On receiving the figures, shares in PokerTek fell by 10.65%, from $0.75 to their current price of $0.67. Shares in the company have now lost almost a third of their value since they reached a 52 weeks high of $1.82

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