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Local Tech Wire
MATTHEWS, N.C. – (Nasdaq: PTEK), a provider of automated gaming tables and related services, reported last week positive earnings before interest, taxes, depreciation and amortization last week for the first time.
The company plans an investor call with investors on Tuesday to discuss the latest developments as well as its strategic plans.
On Friday, Mark Roberson, who recently was named chief executive officer while retaining his chief financial officer duties, updated shareholders with the following letter:
“As recently announced, PokerTek reached the EBITDAS positive mark for the first time ever during the quarter ended March 31, 2010. This is an important milestone and is directly attributable to the initiatives we implemented over the past year to position PokerTek for profitable growth.
“With the foundation now in place, we are focused on expanding our market penetration and base of recurring revenues while continuing to control our expenses. Our operating plan for 2010 is comprised of three primary elements:
• "We are targeting the right markets to accelerate revenue growth. We are focused on those opportunities where competition is limited and favorable conditions exist for the expansion of electronic table games. Our target list – which includes markets in Mexico, South America, Eastern Europe and Canada – offers significant short- and long-term growth potential.
• "We will expand our product portfolio while lowering our product costs. We have redesigned our PokerPro hardware, significantly reducing the cost of manufacture and the working capital required to fuel growth. Of even greater significance, we now have the flexibility to expand beyond poker and develop additional electronic table games, such as BlackJack, on an efficient and robust platform.
• "We will continue to control spending and drive bottom-line results. While growing revenues and investing to diversify our product offering, we are committed to staying lean and controlling expenses.
“I would like to invite you to join our quarterly conference call on Tuesday, May 4, 2010 at 11:00 am Eastern Time, when we will discuss our current financial performance and future plans in more detail. …
“I am excited about the future prospects for PokerTek and appreciate your continued support as a valued shareholder.”