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GigaMedia: Preliminary 2Q13 Results Better Than Expected

Stocks in this article: GIGM

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.

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