This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GigaMedia: Preliminary 2Q13 Results Better Than Expected

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs