TAIPEI, July 22, 2013 /PRNewswire/ --
2Q Preliminary Results
- Revenues of approximately $3.7
million – better than expected, with strong performance by
A.V.A. partially offsetting a traditional summer season revenue
decrease.
- Record-low headquarters expenses; consolidated operating
expenses down 10 percent Q-o-Q.
- Net income of approximately $84
thousand – better results than forecast due to
better-than-expected performance of the online games business and a
non-operating gain of approximately $1.2
million related to the disposal of a non-strategic
investment.
- Cash outflow of approximately $5.0
million, which included full payment of GigaMedia's
short-term debt of approximately $7.5
million.
- Cash, cash equivalents, and marketable
securities-current of approximately $73.0
million, or approximately $1.44 per share; zero debt.
GigaMedia Limited (NASDAQ: GIGM) announced today preliminary
second-quarter 2013 consolidated financial results.
"We are pleased to report another quarter of solid progress in
our turnaround, with our revamped online games business performing
better than expected in the second quarter, traditionally a weak
period for online gaming," stated GigaMedia Limited Chief Executive
Officer Collin Hwang. "New quarterly
performance incentives and continued cost reductions are beginning
to take affect."
"With leaner operations and more focused and motivated teams, we
are on track for a solid second half of 2013," stated CEO
Collin Hwang. "We expect our MMOs to
benefit from the traditional seasonal surge in online gaming
activity in the third quarter, helping to offset weakness in casual
PC-based games, and look forward to extending our platform with new
self-developed Web-based/mobile social casino games in the fourth
quarter."
The financial results presented above are preliminary and
subject to completion. GigaMedia's expectations with respect to
these unaudited results are based on management estimates and
information available at this time. As a result, these preliminary
estimates may be different from the actual results that will be
reflected in GigaMedia's consolidated financial statements for the
second quarter of 2013 when they are released.
GigaMedia expects to announce its second-quarter 2013 financial
results, together with a discussion of new business initiatives, in
August.
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business develops and operates a
suite of games in Taiwan and
Hong Kong, with focus on
Web-based/mobile games. The company's cloud computing business is
focused on providing SMEs in Greater
China with critical communications services and IT solutions
that increase flexibility, efficiency and competitiveness. More
information on GigaMedia can be obtained from
www.gigamedia.com.
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. GigaMedia
cautions readers that forward-looking statements are based on the
company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements. Information as to
certain factors that could cause actual results to vary can be
found in GigaMedia's Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission in April 2013.
For further information contact:
Brad Miller, Investor Relations
Director
Tel: +886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited