Poker Business News: PokerTek Revenue Nearly Triples

PokerTek, the publicly traded company (NASDAQ symbol PTEK) that manufactures and distributes the PokerPro automated live poker table and system, has reported a major increase in revenue for the third business quarter.

Revenue has increased 57 percent from the same quarter of 2007, thanks to a major increase in revenue and a decline in operating expenses.

PokerTek had $4.3 million in consolidated revenues in quarter three, a 299-percent increase over the same quarter in 2007. It’s also a 12-percent increase from 2008’s second quarter.

At the end of the third quarter, PokerTek’s revenues for 2008 reached $11.3 million, a 339-percent increase from the same nine months of 2007.

Operating expenses declined $1.1 million from the same quarter in 2007 and net loss improved 57-percent for the quarter and 39-percent for the year.

The company says revenue was driven by strong performance in both the casino and amusement product lines.

Revenue from recurring license and service fees from PokerPro systems totaled $1.5 million for the third quarter, 145-percent over the results from the third quarter of 2007. The company is up 158-percent on the year with recurring revenues, bringing the year’s total to $4.5 million.

The largest increase is through product sale, which saw a 509-percent increase from the same quarter last year. The $2.8 million generated by sales gives the company $6.9 million for the first nine months of 2008, which is a 706-percent increase from the same time in 2007.

The company also said it sold 331 of its for-amusement-only Heads-Up Challenge machines, bringing its total to 871 on the year.

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