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GigaMedia Preliminary 3Q Results: Net Income Of $5.9 Million; Positive Cash Flow From Operations

TAIPEI, Taiwan, Nov. 1, 2012 /PRNewswire/ --

Highlights

  • Net income of $5.9 million, including gains from sales of marketable securities and investments
  • Cash inflow from operations of approximately $550 thousand
  • Operating income in GigaMedia's online games business of $1.5 million
  • Cash, cash equivalents, restricted cash and marketable securities-current increased approximately $3.5 million sequentially to approximately $98.4 million
  • Short-term debt decreased approximately $1.7 million sequentially to approximately $7.7 million

GigaMedia Limited (NASDAQ: GIGM) announced today preliminary third-quarter 2012 consolidated financial results.

"We have made steady progress building efficiencies and adjusting our business model this year and began to benefit from cost savings in the third quarter," stated GigaMedia Chief Executive Officer John Stringer. "Complementing this, we strengthened our balance sheet, consistent with our plans for accretive M&A."

"While we are pleased with our success in turning around operational challenges, we are disappointed with our recent stock price performance," stated CEO John Stringer. "We believe our stock is undervalued; nevertheless we remain confident in growing shareholder value and see significant near-term and long-term catalysts that should drive valuation."

"We will continue to benefit from lower operating costs we've built into New Giga and are starting to see increasing user engagement as we revitalize and update our offerings with Web-based games," stated CEO John Stringer. "We are also moving quickly to capitalize on new growth opportunities in Web/mobile based games and in cloud computing and look forward to sharing more on this as we go forward."

Preliminary Results

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