TAIPEI, Taiwan, March 12, 2013 /PRNewswire/ --
4Q Preliminary Results
- Revenues of approximately $4.8 million; the quarterly sequential variation in revenues reflected a decline in the fourth quarter of Tales Runner contributions in Hong Kong as well as the beneficial impact on third-quarter revenues of licensing fees, a category of revenues GigaMedia did not receive in the fourth quarter.
- Net loss of $2.2 million.
- Cash outflow of approximately $1.4 million.
- Operating loss in GigaMedia's online games business of $700 thousand.
- Cash, cash equivalents, and marketable securities-current of approximately $80.5 million, with the quarterly sequential decrease largely related to a variation in the value of marketable securities-current.
- Short-term debt held steady at approximately $7.7 million.
- Online Games Business - GigaMedia's FunTown online games business forecasts mixed results in the first quarter, with growth in the MMO titles A.V.A. and Tales Runner offsetting declines in casual games.
- Cloud Computing Business - Management believes GigaMedia's cloud computing business is well positioned to benefit from an emerging market for cloud services for SMEs in Greater China and achieve significant long-term growth. GigaMedia expects plans to strengthen and scale-up its cloud computing business will help drive growth and increasingly offset the challenges GigaMedia faces; namely, strong competition in the online game market and the repositioning of GigaMedia's online games business. Management does not expect the cloud computing business to make a contribution to operating results in the first quarter of 2013.
- GigaMedia expects to receive cash proceeds in the late first/early second quarter in excess of $1 million from the sale of non-strategic assets.
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