TAIPEI, Taiwan, Feb. 17, 2012 /PRNewswire-Asia/ -- GigaMedia
Limited (NASDAQ: GIGM) ("GigaMedia") today updated its guidance for
the company's unaudited fourth-quarter 2011 consolidated financial
results.
The following estimates are based on the current business
outlook:
Revenues: Held steady quarter-over-quarter at approximately
US$7.8 million.
Operating expenses: Remained stable compared to the third
quarter of 2011 at approximately US$7.9
million before bad debt expenses; increased approximately 21
percent compared to the previous quarter to approximately
US$10.1 million when including
fourth-quarter bad debt expenses.
Cash, cash equivalents, restricted cash, and marketable
securities-current: Increased sequentially as of December 31, 2011 to approximately US$67.0 million; total short-term borrowings
remained stable at approximately US$11.8
million resulting in net cash of approximately US$55.2 million in the fourth quarter, up from
approximately US$44.5 million in the
third quarter. Fourth-quarter cash included proceeds from the sale
of GigaMedia's interest in T2CN and from the initial sales of
certain of GigaMedia's Asian studio investments, which totaled
approximately US$4.7 million and
US$6.3 million, respectively.
Non-cash charges: Estimated to be approximately US$50-US$60 million in the fourth quarter,
contributing to a net loss for the period. The company expects to
report non-cash impairment charges related to investments made
under previous management, primarily consisting of charges to
Everest Gaming and certain assets in GigaMedia's Asian online games
business.
GigaMedia expects to announce its fourth-quarter and full-year
2011 consolidated financial results in the second half of
March.
About GigaMedia
GigaMedia Limited (Singapore
registration number: 199905474H) is a major provider of online
entertainment software and services. Through its subsidiaries,
GigaMedia develops and operates a suite of online games in
Asia, covering all regions of
Greater China and Southeast Asia. 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 June 2011.
For further information contact:
Brad Miller, Investor Relations
Director
+886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited