PokerTek Revenue Increases 9% To $5.9m In 2010

Electronic poker games manufacturer PokerTek has just announced its financial results for year ended December 31, 2010, revealing a leap in revenue to $5.9 million from $5.4 million a year earlier.
The company’s results were capped off by a promising finish to 2010, with fourth quarter revenue figures increasing 17% to $1.6 million compared to $1.4 million in Q4 2009.
PokerTek also showed a whopping 70% increase in its 2010 gross profit to $3.9 million, although the company’s high operating costs meant that PokerTek still managed to lose $0.5 million throughout the year.
However, the company’s losses have shown a 49% improvement from $0.9 million a year earlier, and commenting on the financial figures CEO Mark Roberson said:
“Our business fundamentals have responded favorably to the focused marketing strategies and cost reduction efforts we previously implemented.”
Touching on the subject of share price, Mark Roberson also said  that a 1 for 2.5 share reverse stock split had now been implemented in order to bring the number of PokerTek shares down from over 15 million to 6.2 million, instead.
The effect of the share number reduction was to ensure that the company was able to maintain the minimum NASDAQ Capital Market requirement of $1 per share and thus continue its listing on the exchange.
“We believe that maintaining our NASDAQ listing is in the best interest of our shareholders,” explained Mark Roberson.
Following the reduction in stock the company’s shares are now currently trading at $1.69 up from a 52 week low of $0.44.
Going forward, Roberson struck an optimistic note and stated: “As we enter 2011, I am excited about PokerTek’s future as we transition from the industry’s dominant poker specialist to a diversified supplier of electronic table games with expanded growth opportunities.”