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GigaMedia Preliminary 3Q13 Results: Revenues Up; Cost Cutting Continues

Stocks in this article: GIGM

TAIPEI, Oct. 24, 2013 /PRNewswire/ --

3Q Preliminary Results

  • Revenues of approximately $3.8 million, up 4 percent Q-o-Q.
  • Consolidated operating expenses of approximately $6.6 million, including a non-cash impairment of $3.1 million mainly related to a legacy game development project pursued by previous management. Excluding the non-cash impairment, consolidated operating expenses were approximately $3.4 million, up 6 percent Q-o-Q, due to increased research and development expenses, which more than offset a decrease in general and administrative expenses.
  • Net loss of approximately $3.1 million, including 1) the aforementioned non-cash impairment of $3.1 million and 2) non-operating income of $1.3 million. Excluding the non-cash impairment, net income was approximately $30 thousand.
  • Cash flow from operations was nearly neutral with a net outflow of approximately $78 thousand.
  • Cash and marketable securities-current of approximately $74.3 million, or approximately $1.46 per share, up from $73.0 million at the end of 2Q13; zero debt.

GigaMedia Limited (NASDAQ: GIGM) announced today preliminary third-quarter 2013 consolidated financial results.

"In the third quarter, we made good progress in strengthening and optimizing our existing PC games business while preparing for the launch of our new mobile and browser-based games business," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

"During the next several months, we will continue work on our new social casino games platform, a key part of our growth strategy," stated CEO Collin Hwang. "We will also continue reviewing several potential strategic transactions that would enable us to accelerate our growth and enhance our value."

"Overall, we are confident that we are on track to deliver improved financial performance and enhanced shareholder value in 2014," stated CEO Collin Hwang.

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 third quarter of 2013 when they are released.

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