TAIPEI, Taiwan, Aug. 16, 2012 /PRNewswire-Asia/ --
GigaMedia Limited (NASDAQ: GIGM) ("GigaMedia") today announced
preliminary second-quarter 2012 consolidated financial results that
were in line with guidance and rescheduled the company's
second-quarter 2012 investor call to August
23, 2012 to include discussion of new business
initiatives.
Preliminary Results
Revenues: Decreased 14 percent quarter-over-quarter to
approximately $7.1 million, in line
with the company's guidance.
Gross margin, excluding IAHGames: Held steady compared to
the first quarter at approximately 66 percent, as expected.
Operating expenses: Decreased quarter-over-quarter to
approximately $6.4 million, exceeding
guidance.
Loss from operations: Increased quarter-over-quarter to
approximately $2.5 million, in line
with expectations.
Cash, cash equivalents, restricted cash, and marketable
securities-current: Decreased approximately $1.1 million sequentially as of June 30, 2012 to approximately $94.8 million; total short-term borrowings
decreased approximately $800 thousand
to approximately $9.3 million.
Second-Quarter 2012 Results Rescheduled
In order to include discussion of new turnaround initiatives and
business development, GigaMedia has rescheduled its second-quarter
2012 results. Giga will report its second-quarter 2012 financial
results on Thursday, August 23, 2012
after the market closes.
Management will hold an investor conference call and webcast on
August 23, 2012 at 8:30 p.m. Eastern Daylight Time, which is 8:30
a.m. Taipei Time on August 24, 2012,
to discuss GigaMedia's second-quarter 2012 performance.
Dial-in numbers:
U.S.: +1-718-354-1231
International: +65-6723-9381
Passcode: 18895123
A replay will be available from 10:30 p.m.
Eastern Daylight Time on August 23,
2012 for seven days.
U.S.: +1-718-354-1232
International: +612-8235-5000
Passcode: 18895123
A link to the live and archived webcast will be available at
www.gigamedia.com.
Conference Call Format
The call will consist of brief prepared remarks, followed by
live Q&A and management responses to questions submitted via
email. Questions may be sent in advance to IR@gigamedia.com.tw.
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business develops and operates a
suite of games in Asia, with focus
on Web-based/mobile games in emerging markets. The company's cloud
computing business is focused on providing SMEs in Greater China with critical IT solutions that
increase flexibility, efficiency and competitiveness. More
information on GigaMedia can be obtained from
www.gigamedia.com.
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. GigaMedia
cautions readers that forward-looking statements are based on the
company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements. Information as to
certain factors that could cause actual results to vary can be
found in GigaMedia's Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission in April 2012.
For further information contact:
Brad Miller, Investor Relations
Director
Tel: +886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited