Published: March 09, 2010
PokerTek, Inc. Reports Fourth-Quarter and Full-Year-2009 Results
MATTHEWS, N.C. - (BUSINESS WIRE) - PokerTek, Inc. (NASDAQ: PTEK) today reported financial results for the
fourth quarter and year ended December 31, 2009.
Chief Executive Officer and Chief Financial Officer Mark Roberson
commented, "During the second half of 2009, we focused on turning the
business around strategically and financially - reducing operating
expenses, strengthening our balance sheet and implementing new, more
effective sales and marketing strategies that produce recurring revenues
for PokerTek.
"We cut our quarterly operating expenses almost in half and began
focusing on more profitable markets with less competition. As a result,
our EBITDAS improved from a run rate of just under ($700,000) per
quarter for the first two quarters of 2009 to ($111,242) in the fourth
quarter, nearing breakeven."
Mr. Roberson continued, "In the past, our sales and marketing strategy
was focused primarily on converting manual poker rooms in highly
competitive traditional markets. We changed our focus to those markets
with limited competition, including international and emerging markets,
which offer greater earnings potential for PokerTek.
"As announced in January, we are now distributing PokerPro on a direct
basis worldwide. This will enable us to increase market share in
attractive target markets in Europe. Our expansion in Mexico, which
began in earnest late in the fourth quarter, is continuing and we
recently announced the installation of our 40th table in Mexico.
"With operating expenses stabilized at historically low levels, a
substantial inventory position and a focused sales strategy, I expect
our financial performance to continue to improve during 2010."
Financial Summary
Revenue comparisons for 2009 reflect our transition to a stronger mix of
recurring gaming revenues and less dependence on onetime product sales
in both the gaming and amusement markets. While those one-time product
sales generated a larger top line in prior periods, recurring revenues
generally provide increased margins and more predictability for the
future. The decline in operating expenses is primarily attributable to
cost reduction initiatives implemented during the second half of 2009
and increased productivity, resulting in significantly improved bottom
line financial results for both the quarter and full year.
Total revenue for the fourth quarter of 2009 was $1.5 million compared
to $3.1 million for the fourth quarter of 2008. The decline in revenue
is primarily due to the decrease in one-time product sales of Heads-Up
Challenge and the absence of PokerPro purchases from Aristocrat in 2009.
Gross profit was $0.7 million, or 48%, for the 2009 quarter compared to
$1.6 million, or 42%, for the comparable 2008 period due primarily to
the change in revenue mix. Operating expenses were $1.6 million for the
fourth quarter of 2009 compared to $3.3 million for the prior-year
period as a result of cost reduction initiatives. Net loss for the 2009
fourth quarter was $0.9 million, or $0.07 per common share, compared to
$1.8 million, or $0.16 per common share, for the 2008 quarter. EBITDAS,
a non-GAAP financial measure, was $(111,242) for the fourth quarter, an
improvement of 83% from $(642,608) million for the fourth quarter of
2008.
Total revenue for the full year 2009 was $6.7 million compared to $14.4
million for the full year 2008. The decline in revenue is primarily due
to the decrease in one-time product sales of Heads-Up Challenge and the
absence of PokerPro purchases from Aristocrat in 2009. Gross profit was
$2.6 million, or 39%, for the full year 2009 compared to $5.5 million,
or 38%, for 2008 due primarily to the change in revenue mix. Operating
expenses were $7.9 million for the full year 2009 compared to $12.7
million for 2008 as a result of cost reduction initiatives. Net loss for
the full year 2009 was $5.7 million, or $0.47 per common share, compared
to $7.6 million, or $0.70 per common share, for 2008. EBITDAS, a
non-GAAP financial measure, was $(1.7) million 2009, an improvement of
49% from $(3.3) million for 2008.
Balance Sheet and Cash Flow Information
During the second half of 2009, the Company took several steps to
strengthen its balance sheet:
-
$2.5 million credit facility renewed with Silicon Valley Bank
-
$0.6 million common equity investment from ICP Electronics
-
$0.5 million common equity private placement
-
$1.2 million conversion of long-term debt to common equity
-
Term of remaining $0.8 million long-term debt extended to 2012 with
reduced cash interest rate and option for payments in common stock
As of December 31, 2009, the company had no borrowings against its
credit facility.
Segment Unit Count Information:
PokerPro tables installed worldwide totaled 206(a) units as
of December 31, 2009, a sequential increase of 32 from 174 at September
30, 2009. Heads-Up Challenge units operated under recurring revenue
operator-direct programs totaled 179 units as of December 31, 2009, a
sequential increase of 35 units from September 30, 2009. In addition, 15
Heads-Up Challenge units were sold to operators and distributors
worldwide during the fourth quarter and 316 were sold for the full year
ended December 31, 2009.
(a) Note that PokerPro table count information for prior
periods has been restated. In prior periods, table count included tables
installed by PokerTek in North American markets plus all tables sold to
Aristocrat. Now that the Company controls distribution and installation
worldwide, table count includes those tables installed and available for
play worldwide.
Conference Call
PokerTek will host a conference call to discuss its fourth–quarter and
full-year results on Tuesday March 9, 2010 at 5:30 p.m. Eastern Time.
Interested parties may listen to and participate in the conference call
by dialing 888-680-0892 (U.S./Canada) or 617-213-4858 (Other) and
entering passcode 76594478. A live webcast of the conference call will
be available through a link on our website, www.pokertek.com,
under the heading "Investors" as well as at www.earnings.com
and www.streetevents.com.
For those unable to participate in the live call, an archived replay
will be made available for one year on our website. A replay of the
conference call will also be available approximately two hours after the
conclusion of the call for approximately one week by dialing
888-286-8010 (U.S./Canada) or 617-801-6888 (Other) and entering passcode
85676953.
Use of Non-GAAP Measures
PokerTek, Inc. prepares its consolidated financial statements in
accordance with United States generally accepted accounting principles
("GAAP" ). In addition to disclosing financial results prepared in
accordance with GAAP, the Company discloses information regarding
EBITDAS, which differs from the term EBITDA as it is commonly used. In
addition to adjusting net loss to exclude taxes, interest, and
depreciation and amortization, EBITDAS also excludes noncash charges and
share-based compensation expense. EBITDA and EBITDAS are not measures of
performance defined in accordance with GAAP. However, EBITDAS is used
internally by PokerTek's management and by its lenders in planning and
evaluating the company's operating performance. Accordingly, management
believes that disclosure of this metric offers investors, lenders and
other stakeholders with an additional view of the Company's operations
that, when coupled with the GAAP results, provides a more complete
understanding of the Company's financial results.
EBITDAS should not be considered as an alternative to net loss or to net
cash used in operating activities as a measure of operating results or
of liquidity. It may not be comparable to similarly titled measures used
by other companies, and it excludes financial information that some may
consider important in evaluating the Company's performance. A
reconciliation of GAAP net loss to EBITDAS is included in the
accompanying financial schedules.
About PokerTek, Inc.
PokerTek, Inc. (NASDAQ:PTEK) (www.pokertek.com),
headquartered in Matthews, NC, develops and markets products for the
casino and amusement industries. PokerTek developed PokerPro automated
poker tables and related software applications to increase casino
revenue, reduce expenses, and attract new players into poker rooms by
offering interactive poker that is fast, fun and mistake-free. Heads-Up
Challenge is a two-player table that allows bar and restaurant patrons
to compete head-to-head in various games for amusement purposes.
Heads-Up Challenge increases earnings for game operators and provides
patrons unique and challenging on-site entertainment. Both products are
installed worldwide.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
are made in accordance with the Private Securities Litigation Reform Act
of 1995. The forward-looking statements herein include, but are not
limited to, the expected adoption of the PokerPro systems by casinos and
other customers, the expected adoption of the Heads-Up Challenge product
by bars, restaurants and other customers, and the expected acceptance of
the PokerPro systems and Heads-Up Challenge product by players. Our
actual results may differ materially from those implied in these
forward-looking statements as a result of many factors, including, but
not limited to, the impact of global macroeconomic and credit conditions
on our business and the business of our suppliers and customers, overall
industry environment, customer acceptance of our products, delay in the
introduction of new products, further approvals of regulatory
authorities, adverse court rulings, production and/or quality control
problems, the denial, suspension or revocation of permits or licenses by
regulatory or governmental authorities, termination or non-renewal of
customer contracts, competitive pressures, and our financial condition,
including our ability to maintain sufficient liquidity to operate our
business. These and other risks and uncertainties are described in more
detail in our most recent annual report on Form 10-K and other reports
filed with the Securities and Exchange Commission. Forward-looking
statements speak only as of the date they are made. We undertake no
obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur, except as required
by applicable laws, and you are urged to review and consider disclosures
that we make in the reports that we file with the Securities and
Exchange Commission that discuss other factors germane to our business.
|
POKERTEK, INC.
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
Revenue:
|
|
|
|
|
|
Gaming revenue
|
|
$
|
1,367,411
|
|
|
$
|
2,243,974
|
|
|
Amusement revenue
|
|
|
108,355
|
|
|
|
845,679
|
|
|
Total revenue
|
|
|
1,475,766
|
|
|
|
3,089,653
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
763,679
|
|
|
|
1,794,570
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
712,087
|
|
|
|
1,295,083
|
|
|
Operating Expenses:
|
|
|
|
|
|
Selling, general and administrative
|
|
|
1,088,348
|
|
|
|
2,052,369
|
|
|
Research and development
|
|
|
275,408
|
|
|
|
630,129
|
|
|
Share-based compensation expense
|
|
|
169,332
|
|
|
|
213,929
|
|
|
Depreciation
|
|
|
61,717
|
|
|
|
59,539
|
|
|
Total operating expenses
|
|
|
1,594,805
|
|
|
|
2,955,966
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(882,718
|
)
|
|
|
(1,660,883
|
)
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(30,282
|
)
|
|
|
(70,207
|
)
|
|
|
|
|
|
|
|
Net loss before income taxes
|
|
|
(913,000
|
)
|
|
|
(1,731,090
|
)
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
(24,778
|
)
|
|
|
(64,282
|
)
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(937,778
|
)
|
|
$
|
(1,795,372
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and diluted
|
|
$
|
(0.07
|
)
|
|
$
|
(0.16
|
)
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic and diluted
|
|
|
13,982,297
|
|
|
|
10,960,932
|
|
|
POKERTEK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
2008
|
|
|
|
2007
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Gaming revenue
|
|
$
|
5,413,822
|
|
|
$
|
9,668,656
|
|
|
$
|
3,807,244
|
|
|
Amusement revenue
|
|
|
1,278,526
|
|
|
|
4,756,068
|
|
|
|
197,447
|
|
|
Total revenue
|
|
|
6,692,348
|
|
|
|
14,424,724
|
|
|
|
4,004,691
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
4,093,605
|
|
|
|
8,972,659
|
|
|
|
3,559,511
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
2,598,743
|
|
|
|
5,452,065
|
|
|
|
445,180
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
5,652,390
|
|
|
|
8,650,732
|
|
|
|
8,899,881
|
|
|
Research and development
|
|
|
1,210,371
|
|
|
|
2,766,543
|
|
|
|
3,992,449
|
|
|
Share-based compensation expense
|
|
|
759,673
|
|
|
|
1,106,113
|
|
|
|
822,349
|
|
|
Depreciation
|
|
|
254,699
|
|
|
|
210,260
|
|
|
|
144,717
|
|
|
Total operating expenses
|
|
|
7,877,133
|
|
|
|
12,733,648
|
|
|
|
13,859,396
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(5,278,390
|
)
|
|
|
(7,281,583
|
)
|
|
|
(13,414,216
|
)
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
|
(287,956
|
)
|
|
|
(94,285
|
)
|
|
|
564,600
|
|
|
|
|
|
|
|
|
|
|
Net loss before income taxes
|
|
|
(5,566,346
|
)
|
|
|
(7,375,868
|
)
|
|
|
(12,849,616
|
)
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
(107,865
|
)
|
|
|
(262,905
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(5,674,211
|
)
|
|
$
|
(7,638,773
|
)
|
|
$
|
(12,849,616
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and diluted
|
|
$
|
(0.47
|
)
|
|
$
|
(0.70
|
)
|
|
$
|
(1.23
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic and diluted
|
|
|
11,966,928
|
|
|
|
10,941,117
|
|
|
|
10,462,912
|
|
|
POKERTEK, INC.
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
Assets
|
|
|
2009
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
2008
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
636,374
|
|
|
|
$
|
1,481,530
|
|
|
Investments
|
|
|
-
|
|
|
|
|
3,900,000
|
|
|
Accounts receivable, net
|
|
|
1,187,668
|
|
|
|
|
1,600,464
|
|
|
Inventory
|
|
|
2,482,239
|
|
|
|
|
3,547,099
|
|
|
Deferred product costs, net
|
|
|
354,647
|
|
|
|
|
-
|
|
|
Prepaid expenses and other assets
|
|
|
169,845
|
|
|
|
|
213,222
|
|
|
Total current assets
|
|
|
4,830,773
|
|
|
|
|
10,742,315
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
PokerPro systems, net
|
|
|
2,268,535
|
|
|
|
|
3,821,376
|
|
|
Property and equipment, net
|
|
|
394,522
|
|
|
|
|
599,772
|
|
|
Deferred product costs, net
|
|
|
355,404
|
|
|
|
|
-
|
|
|
Other assets
|
|
|
433,865
|
|
|
|
|
542,214
|
|
|
Total assets
|
|
$
|
8,283,099
|
|
|
|
$
|
15,705,677
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
518,476
|
|
|
|
$
|
1,590,681
|
|
|
Accrued liabilities
|
|
|
822,784
|
|
|
|
|
859,179
|
|
|
Deferred revenue
|
|
|
495,767
|
|
|
|
|
194,051
|
|
|
Long-term debt, current portion
|
|
|
26,239
|
|
|
|
|
2,889,261
|
|
|
Total current liabilities
|
|
|
1,863,266
|
|
|
|
|
5,533,172
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
Deferred revenue
|
|
|
106,939
|
|
|
|
|
-
|
|
|
Long-term debt
|
|
|
812,396
|
|
|
|
|
2,038,635
|
|
|
Total long-term liabilities
|
|
|
919,335
|
|
|
|
|
2,038,635
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
2,782,601
|
|
|
|
|
7,571,807
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Preferred stock, no par value per share; authorized 5,000,000, none
issued and outstanding
|
|
|
-
|
|
|
|
|
-
|
|
|
Common stock, no par value per share; authorized 100,000,000
shares, issued and outstanding 14,015,658
and 11,021,429 shares at December 31, 2009 and December 31, 2008,
respectively
|
|
|
-
|
|
|
|
|
-
|
|
|
Additional paid-in capital
|
|
|
45,500,172
|
|
|
|
|
42,459,333
|
|
|
Accumulated deficit
|
|
|
(39,999,674
|
)
|
|
|
|
(34,325,463
|
)
|
|
Total shareholders' equity
|
|
|
5,500,498
|
|
|
|
|
8,133,870
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
8,283,099
|
|
|
|
$
|
15,705,677
|
|
|
POKERTEK, INC.
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
2008
|
|
|
|
2007
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(5,674,211
|
)
|
|
|
|
$
|
(7,638,773
|
)
|
|
|
|
$
|
(12,849,616
|
)
|
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
2,771,889
|
|
|
|
|
|
2,793,225
|
|
|
|
|
|
2,053,345
|
|
|
|
Amortization
|
|
|
72,162
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
Share-based compensation expense
|
|
|
708,673
|
|
|
|
|
|
1,106,113
|
|
|
|
|
|
822,349
|
|
|
|
Provision for accounts and other receivables
|
|
|
44,440
|
|
|
|
|
|
14,672
|
|
|
|
|
|
47,129
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and other receivables
|
|
|
368,356
|
|
|
|
|
|
(646,600
|
)
|
|
|
|
|
(743,276
|
)
|
|
|
Prepaid expenses and other assets
|
|
|
151,726
|
|
|
|
|
|
(47,208
|
)
|
|
|
|
|
(158,373
|
)
|
|
|
Inventory
|
|
|
1,653,110
|
|
|
|
|
|
(904,618
|
)
|
|
|
|
|
(741,485
|
)
|
|
|
PokerPro systems
|
|
|
(964,349
|
)
|
|
|
|
|
(1,412,707
|
)
|
|
|
|
|
(4,250,373
|
)
|
|
|
Deferred product costs
|
|
|
(782,213
|
)
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
Accounts payable and accrued expenses
|
|
|
(1,064,684
|
)
|
|
|
|
|
420,385
|
|
|
|
|
|
1,026,289
|
|
|
|
Deferred revenue
|
|
|
408,655
|
|
|
|
|
|
(205,849
|
)
|
|
|
|
|
399,900
|
|
|
|
Net cash used in operating activities
|
|
|
(2,306,446
|
)
|
|
|
|
|
(6,521,360
|
)
|
|
|
|
|
(14,394,111
|
)
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(49,449
|
)
|
|
|
|
|
(131,713
|
)
|
|
|
|
|
(353,596
|
)
|
|
|
Sale of investments
|
|
|
3,900,000
|
|
|
|
|
|
2,050,000
|
|
|
|
|
|
28,600,000
|
|
|
|
Purchase of investments
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(27,000,000
|
)
|
|
|
Net cash provided by investing activities
|
|
|
3,850,551
|
|
|
|
|
|
1,918,287
|
|
|
|
|
|
1,246,404
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
-
|
|
|
|
|
|
2,000,000
|
|
|
|
|
|
-
|
|
|
|
Proceeds from short-term debt
|
|
|
-
|
|
|
|
|
|
3,060,443
|
|
|
|
|
|
-
|
|
|
|
Repayments of short-term debt
|
|
|
(2,865,357
|
)
|
|
|
|
|
(195,086
|
)
|
|
|
|
|
-
|
|
|
|
Proceeds from issuance of common stock, net of expenses
|
|
|
500,000
|
|
|
|
|
|
-
|
|
|
|
|
|
12,507,578
|
|
|
|
Proceeds from common stock options exercised
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
66,608
|
|
|
|
Repayments of capital lease
|
|
|
(23,904
|
)
|
|
|
|
|
(10,734
|
)
|
|
|
|
|
-
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(2,389,261
|
)
|
|
|
|
|
4,854,623
|
|
|
|
|
|
12,574,186
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(845,156
|
)
|
|
|
|
|
251,550
|
|
|
|
|
|
(573,521
|
)
|
|
|
Cash and cash equivalents, beginning of year
|
|
|
1,481,530
|
|
|
|
|
|
1,229,980
|
|
|
|
|
|
1,803,501
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
636,374
|
|
|
|
|
$
|
1,481,530
|
|
|
|
|
$
|
1,229,980
|
|
|
|
POKERTEK, INC.
|
|
RECONCILIATION TO EBITDAS
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss, as reported
|
|
$
|
(937,778
|
)
|
|
$
|
(1,795,372
|
)
|
|
$
|
(5,674,211
|
)
|
|
$
|
(7,638,773
|
)
|
|
Interest expense, net
|
|
|
30,282
|
|
|
|
70,207
|
|
|
|
287,956
|
|
|
|
94,285
|
|
|
Income tax provision
|
|
|
24,778
|
|
|
|
64,282
|
|
|
|
107,865
|
|
|
|
262,905
|
|
|
Other taxes
|
|
|
(17,815
|
)
|
|
|
64,554
|
|
|
|
7,647
|
|
|
|
107,752
|
|
|
Depreciation and amortization
|
|
|
619,959
|
|
|
|
739,792
|
|
|
|
2,844,051
|
|
|
|
2,793,225
|
|
|
Share-based compensation expense
|
|
|
169,332
|
|
|
|
213,929
|
|
|
|
759,673
|
|
|
|
1,106,113
|
|
|
EBITDAS(1)
|
|
$
|
(111,242
|
)
|
|
$
|
(642,608
|
)
|
|
$
|
(1,667,019
|
)
|
|
$
|
(3,274,493
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDAS is defined as net loss before interest, taxes,
depreciation, amortization, share-based compensation, and non-cash
charges. EBITDAS does not purport to represent net earnings or
net cash used in operating activities, as those terms are defined
under generally accepted accounting principles, and should not be
considered as an alternative to such measurements or as indicators
of the Company's performance. The Company's definition of EBITDAS
may not be comparable with similarly titled measures used by other
companies.
|
PokerTek, Inc.
Mark Roberson, CEO and CFO
704-849-0860, ext.
101
investorrelations@pokertek.com
or
Lippert/Heilshorn
& Associates
Harriet Fried/Jody Burfening
212-838-3777
hfried@lhai.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
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