Pokertek-Ptek-The next shufflemaster?

[semipro50]

Company has almonst no revenues. Only one product. Internet poker with out the internet? Do you think it has a chance?

[Groty]

This is another one of Lyle Berman's public companies. Similar to Lakes and WPTE, I find it completely uninvestable. The Berman's, however, will likely do just fine.

[AvivaSimplex]

This comes up every few months. Terrible company. Like Groty said, it's a way for Lyle Berman to get rich at investors' expense.

[Sniper]

Link to the last discussion

fwiw... it appears the company has made some progress since then...

[AvivaSimplex]

[ QUOTE ]
fwiw... it appears the company has made some progress since then...

[/ QUOTE ]
??? They're still losing $4 million on revenues of $300K. As far as I can tell, they haven't added any new tables since the last discussion. Plus now they have a competitor. Hard to justify a $100 million market cap.

On the plus side, they've got $20 million in cash, so bankruptcy is very far off.[list]

[Sniper]

CHARLOTTE, N.C.--(BUSINESS WIRE)--May 11, 2006--PokerTek, Inc. (NASDAQ: PTEK) today announced financial results for its first quarter ended March 31, 2006. Net loss for the first quarter of fiscal 2006 was approximately $1,591,000, or ($0.17) per diluted share, compared with net loss of approximately $725,000, or ($0.11) per diluted share, in the first quarter of 2005.

Revenues from both license fees and equipment sales totaled approximately $473,000, up from zero in the same period in 2005. Revenues consisted of monthly license fees totaling approximately $360,000 from the Seminole Hardrock properties in Florida and the Chickasaw Properties in Oklahoma and the remainder from equipment sales to our international distributor, Aristocrat, for its use in demonstrations of the PokerPro(TM) system to international licensing bodies and potential customers.

As expected, the net loss increased to approximately $1,591,000 from approximately $725,000 in the same period in 2005, creating a net loss per common share, basic and diluted, of ($0.17) compared to ($0.11) for the first quarter of fiscal year 2005. The following factors were the main components affecting the loss for the first quarter of 2006 as compared to the first quarter of 2005: increase in employees and related salaries and benefits; increase of approximately $133,000 of legal and professional fees primarily associated with being a public company; and an increase of approximately $120,000 related to non-cash stock option expense in accordance with Statement of Financial Accounting Standards No. 123R. Partially offsetting the increase in expenses was an increase in interest income of approximately $192,000.

At March 31, 2006, the Company had no debt and approximately $18.3 million total cash and cash equivalents.

"We believe that we are gaining sales momentum as we continue to aggressively pursue sales opportunities in the United States and Canada. We understand that Aristocrat, our international distributor, is doing the same on a global basis," stated Lou White, Chief Executive Officer of PokerTek. "We believe it is only a matter of time before many venues realize the win-win impact our PokerPro(TM) system should have on both the player's poker-playing experience and the casinos ability to operate more profitably. Expense growth was as expected as we continue to gear up for our anticipated expansion."

[Sniper]

PTEK 1st Qtr 10Q

[Sniper]

[ QUOTE ]
They're still losing $4 million on revenues of $300K

[/ QUOTE ]

Aviva.. they are a development stage company...
[which doesn't mean that I disagree with Groty]

Heres some other info pulled from the 10Q...

Recent Events

In April 2006, we received regulatory approval from the California Division of Gaming, which allows us to distribute PokerPro™ tables to California card clubs and to some Native American casinos. Other Native American casinos in California require Gaming Laboratories International (“GLI”) certification prior to adopting use of new gaming devices. The PokerPro™ system is currently undergoing GLI testing, so the license of the system to these Native American casinos will not be permitted until the GLI certification process is successfully completed. In addition, in April 2006 we also received regulatory approval from the British Gaming Commission, which allows us (through Aristocrat International Pty. Limited, our international distributor) to distribute PokerPro™ tables to card clubs and casinos in the United Kingdom.

During April 2006, the Company successfully launched the PokerPro™ systems with four major cruise lines, each for a paid trial period of 60 days. The Company and each of these cruise lines have begun negotiation of longer term agreements pending results from the trials.

As of April 2006, the Chickasaw Nation elected to remove 12 tables from the rural Chickasaw Nation properties in Oklahoma. Customer traffic in these casinos was less than originally anticipated and therefore the systems were removed. The Chickasaw Nation continues to operate the initial four tables installed at their largest facility.