TAIPEI, Taiwan, Nov. 26, 2012 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM) today announced its unaudited financial results for
the third quarter of 2012.
"In the third quarter, Giga generated positive cash flow for the
first time in 10 quarters," stated GigaMedia Chief Financial
Officer Dirk Chen. "Grow lean
initiatives are generating cost savings and increased efficiencies,
driving our turnaround."
"Looking ahead, we are focused on moving beyond
optimization/streamlining to a new phase in our turnaround --
growth," stated CFO Dirk Chen. "To
grow new Giga, we are positioning ourselves to benefit from strong
market forces."
"We are transitioning our online games business to capture
ongoing rapid market growth in Web games fueled by the popularity
of social networks and mobile and portable computing devices in
Asia," stated CFO Dirk Chen. "We are also launching GigaCloud, an
important new business that will be an early mover in addressing
enormous need for affordable, mobile, seamless cloud communications
solutions among the millions of SMEs in Asia."
Third Quarter Highlights
- Net income of $5.9 million,
including gains from sales of marketable securities and
investments.
- Cash inflow from operations of approximately $550 thousand.
- Cash, cash equivalents, restricted cash and marketable
securities-current increased approximately $3.5 million sequentially to approximately
$98.4 million.
- Short-term debt decreased approximately $1.7 million sequentially to approximately
$7.7 million.
- GigaMedia unveiled GigaCloud, a new cloud computing business
focused on providing SMEs in Greater
China with critical communications services and IT solutions
that increase flexibility, efficiency and competitiveness, with
initial product launch set for late Q1 2013.
- Implemented workforce reductions in FunTown to improve
efficiencies.
- Continued to dispose of non-core game studio interests as part
of divestment plans to better manage cash and increase focus.
Recent Developments
- GigaMedia appointed Collin Hwang CEO.
- In November, GigaMedia's board of directors appointed
Mo-Na Chien as its new chairman. The
company also announced the appointment of Collin Hwang to the company's board.
Consolidated Financial Results
Third-quarter results reflected for the first time the benefits
of downsizing, streamlining and other actions in the first half of
2012 to enhance productivity and improve efficiencies.
Consolidated results of GigaMedia are summarized in the table
below.
GIGAMEDIA 3Q12
CONSOLIDATED FINANCIAL RESULTS
|
|
(unaudited, all
figures in US$ thousands, except per share amounts)
|
3Q12
|
2Q12
|
Change
(%)
|
3Q12
|
3Q11
|
Change
(%)
|
Revenues
(A)
|
7,193
|
7,129
|
1
|
7,193
|
7,781
|
-8
|
Gross Profit
(A)
|
4,888
|
3,852
|
27
|
4,888
|
4,817
|
1
|
Loss from
Operations (A)
|
909
|
2,539
|
-64
|
909
|
2,763
|
-67
|
Income (Loss) from
Continuing Operations (A)
|
5,370
|
(2,211)
|
NA
|
5,370
|
(7,122)
|
NA
|
Net Income (Loss)
Attributable to GigaMedia
|
5,869
|
(3,454)
|
NA
|
5,869
|
(7,801)
|
NA
|
Net Income (Loss) Per
Share, Diluted
|
0.11
|
(0.07)
|
NA
|
0.11
|
(0.15)
|
NA
|
EBITDA
(B)
|
6,707
|
(2,124)
|
NA
|
6,707
|
(7,687)
|
NA
|
Cash, Cash
Equivalents, Restricted Cash, and Marketable
Securities-Current
|
98,359
|
94,810
|
4
|
98,359
|
57,136
|
72
|
|
|
|
|
|
|
|
(A) Excludes
results from discontinued operations.
(B) EBITDA (earnings before interest, taxes, depreciation, and
amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles
("GAAP"). (See, "Use of Non-GAAP Measures," for more
details.)
|
Consolidated revenues for the third quarter of 2012 of
$7.2 million held steady
quarter-over-quarter and decreased from $7.8
million in the third quarter of 2011. Quarter-over-quarter
results were in line with expectations; year-over-year results
reflected decreased contributions from IAHGames following
the disposal of these operations (see IAHGames below).
Revenues for FunTown in the third quarter increased 20 percent
quarter-over-quarter to $6.6 million
from $5.5 million. The quarterly
sequential increase was attributable to game licensing revenues in
the period. Average monthly active paying accounts were
approximately 55,000 during the third quarter. Average monthly
revenue per active paying account was $31.01 during the third quarter of 2012, up 2
percent from the previous quarter. Third-quarter peak concurrent
users were approximately 33,000, down 9 percent from the second
quarter.
Revenues for IAHGames in the month of July were
$596 thousand. In August 2012, GigaMedia concluded the disposal of
a majority ownership interest in this business unit as part of
plans to build New Giga.
Consolidated gross profit for the third quarter of 2012
increased to $4.9 million from
$3.9 million in the second quarter of
2012 and increased from $4.8 million
in the third quarter of 2011. Third-quarter 2012 consolidated gross
profit margin increased to 68.0 percent from 54.0 percent in the
second quarter of 2012 and increased from 61.9 percent in the third
quarter of 2011, with the increases reflecting the impact of game
licensing revenues.
Consolidated operating expenses for the third quarter of 2012
continued to trend lower, reflecting benefits from implementation
of productivity initiatives. Consolidated operating expenses
decreased to $5.8 million from
$6.4 million quarter-over-quarter and
decreased from $7.6 million
year-over-year.
Consolidated product development and engineering expenses
increased to $334 thousand in the
third quarter of 2012 from $280
thousand in the previous quarter and decreased compared to
$376 thousand in the third quarter of
2011.
Consolidated selling and marketing expenses were $1.9 million in the third quarter of 2012
compared to $2.3 million in the
previous quarter and $2.5 million in
the third quarter of 2011.
Consolidated general and administrative expenses decreased to
$3.6 million in the third quarter of
2012 from $3.8 million in the
previous quarter and decreased from $4.5
million in the third quarter of 2011. Corporate operating
expenses held steady quarter-over-quarter at $2.3 million.
Consolidated loss from operations for the third quarter was
$909 thousand compared to a loss of
$2.5 million in the second quarter of
2012 and a loss of $2.8 million in
the third quarter of 2011. The period variations primarily
reflected the aforementioned factors affecting revenues and costs
and expenses.
Consolidated non-operating income/expenses during the third
quarter of 2012 was income of $6.8
million compared to income of $429
thousand in the second quarter of 2012 and expenses of
$5.1 million recorded in the third
quarter of 2011. Results in the third quarter of 2012 primarily
included gains related to the sales of marketable securities and
investments.
Consolidated net income for the third quarter of 2012 was income
of $5.9 million compared to a loss of
$3.5 million in the second quarter of
2012 and a loss of $7.8 million in
the third quarter of 2011. The period variations primarily
reflected the aforementioned factors affecting income/loss from
operations and consolidated non-operating expenses/income.
Consolidated EBITDA for the third quarter of 2012 was
$6.7 million compared to a loss of
$2.1 million in the second quarter of
2012 and a loss of $7.7 million in
the third quarter of 2011.
Cash and Strategic Investments
Cash, cash equivalents, restricted cash, and marketable
securities-current were $98.4 million
at the end of the third quarter of 2012 compared to $94.8 million at the end of the second quarter of
2012. Total short-term borrowings decreased to $7.7 million at the end of the third quarter of
2012 compared to $9.3 million for the
prior quarter.
Marketable securities -- noncurrent and investments,
consisting of GigaMedia's strategic holdings in game studios,
developers and other related entities, were $10.5 million at the end of the third quarter
compared to $12.8 million last
quarter.
Business Outlook
The following forward-looking statements reflect GigaMedia's
expectations as of November 26, 2012.
Given potential changes in economic conditions and consumer
spending, the evolving nature of online games, and various other
risk factors, including those discussed in the company's 2011
Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission as referenced below, actual results may differ
materially.
Improving efficiencies
Management is continuing to review and adjust its business model
in online games and implementing new strategies to build
efficiencies, improve productivity and drive improved performance.
This includes reducing overall system and administrative and
organizational complexities and reducing personnel to support
productivity.
During the third quarter, management implemented workforce
reductions, relocated both its headquarters and its GigaCloud
business to share space with its FunTown operations, and continued
to simplify operations to capture additional cost savings.
To date, execution of turnaround initiatives focused on
optimizing existing operations has delivered significant
improvements in GigaMedia's financial results.
Transitioning online games business
To achieve sustained, long-term growth and further improvements
in the financial performance of its online games business,
GigaMedia is transitioning the business to take advantage of growth
in Web games. The company is updating and strengthening its
portfolio with self-developed and licensed Web games.
New cloud services business
The launch of the new GigaCloud business is on track, planned
for March 2013. Final product testing
is currently underway.
Outlook
Management expects the transformation of its business and its
realignment with ongoing market shifts to be subject to the timing
of several growth initiatives. Following the implementation of
these initiatives, management plans to provide an update and
quarterly financial expectations.
Use of Non-GAAP Measures
To supplement GigaMedia's consolidated financial statements
presented in accordance with US GAAP, the company uses the
following measures defined as non-GAAP by the SEC: EBITDA.
Management believes that EBITDA (earnings before interest, taxes,
depreciation, amortization and minority interests) is a useful
supplemental measure of performance because it excludes certain
non-cash items such as depreciation and amortization and that
EBITDA is a measure of performance used by some investors, equity
analysts and others to make informed investment decisions. EBITDA
is not a recognized earnings measure under GAAP and does not have a
standardized meaning. Non-GAAP measures such as EBITDA should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to,
other financial measures prepared in accordance with GAAP. A
limitation of using EBITDA is that it does not include all items
that impact the company's net income for the period.
Reconciliations to the GAAP equivalents of the non-GAAP financial
measures are provided on the attached unaudited financial
statements.
About the Numbers in This Release
Quarterly results
All quarterly results referred to in the text, tables and
attachments to this release are unaudited. The financial statements
from which the financial results reported in this press release are
derived have been prepared in accordance with U.S. GAAP, unless
otherwise noted as "non-GAAP," and are presented in U.S.
dollars.
Results from continuing operations
In June 2012, the board of
directors approved a plan to dispose of the company's Jidi Joy online games operations in
Shanghai. As a result, Jidi
Joy operations have been accounted for as a discontinued
operation in accordance with U.S. GAAP. Therefore, the results of
operations for Jidi Joy have been
removed from the company's results of continuing operations for all
periods presented. The operating assets and liabilities of
Jidi Joy were not significant as of
June 30, 2012.
Neowiz agreement
In line with the company's strategy to leverage Web games,
during the third quarter the company announced a strategic
partnership and licensing agreement with Neowiz, licensing four Web
games for Taiwan, Hong Kong, and Southeast Asia. As part of the transaction,
GigaMedia received cash consideration from Neowiz in exchange for a
portion of GigaMedia's interest in a game studio holding and rights
to operate certain of GigaMedia's casual games.
Assets held for sale
In June 2012, the company entered
into a memorandum of understanding and the board of directors
approved a plan to sell, a 60 percent interest in the company's
IAHGames operations, together with a sale of a 30 percent
interest in Game First International Corporation. In July 2012, the company entered into two stock
purchase agreements (the "SPAs") for the sale with Management
Capital International Limited and Infocomm Asia Holdings Pte. Ltd.
Pursuant to the terms of the SPAs, the company is to receive
US$3.0 million in four installments.
As a result, substantially all of the operating assets related to
the company's IAHGames operations, including certain
liabilities associated with these assets, are presented as held for
sale as of June 30, 2012 in
accordance with U.S. GAAP. IAHGames operations do not
qualify as a component that may be reported as discontinued
operations due to the company's continuing involvement in the
component after the disposal transaction. The sale transaction was
completed in August 2012 and the
company has received the first installment payment of US$750 thousand. After August 2012, GigaMedia began to deconsolidate the
results of IAHGames operations and began accounting for
GigaMedia's remaining 20 percent interest under the equity method
of accounting.
Conference Call and Webcast
Management will hold an investor conference call and webcast on
November 26, 2012 at 7:30 p.m. Eastern Standard Time, which is 8:30
a.m. Taipei Time on November 27,
2012, to discuss GigaMedia's third-quarter 2012
performance.
Dial-in numbers:
U.S.: +1-718-354-1231
International: +65-6723-9381
Passcode: 70565977
A replay will be available from 10:30
p.m. Eastern Standard Time on November 26, 2012 for seven days.
U.S.: +1-646-254-3697
International: +612-8199-0299
Passcode: 70565977
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 communications
services and 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. These
forward-looking statements include statements regarding expected
financial performance (as described without limitation in the
"Business Outlook" section and in quotations from management in
this press release) and GigaMedia's strategic and operational
plans. These statements are based on management's current
expectations and are subject to risks and uncertainties and changes
in circumstances. There are important factors that could cause
actual results to differ materially from those anticipated in the
forward looking statements, including but not limited to, our
ability to license, develop or acquire additional online games that
are appealing to users, our ability to retain existing online game
players and attract new players, and our ability to launch online
games in a timely manner and pursuant to our anticipated schedule.
Further information on risks or other factors that could cause
results to differ is detailed in GigaMedia's Annual Report on Form
20-F filed in April 2012 and its
other filings with the United States Securities and Exchange
Commission.
GIGAMEDIA
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
9/30/2012
|
|
6/30/2012
|
|
9/30/2011
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
USD
|
|
USD
|
|
USD
|
Operating
revenues
|
|
|
|
|
|
|
Asian online game and
service revenues
|
|
7,192,530
|
|
7,128,830
|
|
7,780,715
|
|
|
|
|
|
|
|
Operating
costs
|
|
|
|
|
|
|
Cost of Asian online
game and service revenues
|
|
2,304,217
|
|
3,276,561
|
|
2,963,625
|
|
|
|
|
|
|
|
Gross
profit
|
|
4,888,313
|
|
3,852,269
|
|
4,817,090
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Product development and
engineering expenses (includes share-based compensation expenses
under ASC 718 of $0, $0 and $3,886,
respectively)
|
|
333,780
|
|
279,904
|
|
375,765
|
Selling and marketing
expenses (includes share-based compensation expenses under ASC 718
of $10,676, -$3,573 and $14,562, respectively)
|
|
1,903,527
|
|
2,337,434
|
|
2,493,358
|
General and
administrative expenses (includes share-based compensation expenses
under ASC 718 of $71,040, $143,268 and $578,125,
respectively)
|
|
3,553,053
|
|
3,784,495
|
|
4,480,296
|
Bad debt expenses
(recoveries)
|
|
7,161
|
|
(10,315)
|
|
230,661
|
|
|
5,797,521
|
|
6,391,518
|
|
7,580,080
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(909,208)
|
|
(2,539,249)
|
|
(2,762,990)
|
|
|
|
|
|
|
|
Non-operating income
(expense)
|
|
|
|
|
|
|
Interest
income
|
|
67,766
|
|
73,548
|
|
221,390
|
Gain on sales of
marketable securities
|
|
4,237,057
|
|
926,063
|
|
0
|
Interest recoveries
(expense)
|
|
277,573
|
|
(408,161)
|
|
(96,784)
|
Foreign exchange gain
(loss) - net
|
|
207,612
|
|
(193,279)
|
|
(257,843)
|
Loss on disposal of
property, plant and equipment
|
|
(5)
|
|
(58,992)
|
|
(18,417)
|
Gain (loss) on equity
method investments - net
|
|
513,795
|
|
(78,150)
|
|
(5,735,146)
|
Gain on disposal of
investments
|
|
1,455,935
|
|
0
|
|
0
|
Impairment loss on
marketable securities and investments
|
|
(174,504)
|
|
0
|
|
0
|
Recovery of loss on
termination of third-party participating right in
subsidiary
|
|
0
|
|
0
|
|
664,781
|
Other
|
|
189,162
|
|
168,156
|
|
79,979
|
|
|
6,774,391
|
|
429,185
|
|
(5,142,040)
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
5,865,183
|
|
(2,110,064)
|
|
(7,905,030)
|
Income tax (expense)
benefit
|
|
(494,786)
|
|
(101,417)
|
|
782,553
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
5,370,397
|
|
(2,211,481)
|
|
(7,122,477)
|
Income (loss) from
discontinued operations, net of tax
|
|
14,387
|
|
(1,418,990)
|
|
(985,080)
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
5,384,784
|
|
(3,630,471)
|
|
(8,107,557)
|
Less: Net loss
attributable to noncontrolling interest and subsidiary preferred
shares
|
|
483,935
|
|
176,960
|
|
306,660
|
|
|
|
|
|
|
|
Net income (loss)
attributable to GigaMedia
|
|
5,868,719
|
|
(3,453,511)
|
|
(7,800,897)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share attributable to GigaMedia
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
0.12
|
|
(0.04)
|
|
(0.13)
|
Loss from discontinued
operations
|
|
0.00
|
|
(0.03)
|
|
(0.02)
|
|
|
0.12
|
|
(0.07)
|
|
(0.15)
|
Diluted:
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
0.11
|
|
(0.04)
|
|
(0.13)
|
Loss from discontinued
operations
|
|
0.00
|
|
(0.03)
|
|
(0.02)
|
|
|
0.11
|
|
(0.07)
|
|
(0.15)
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
Basic
|
|
50,719,976
|
|
50,719,976
|
|
53,288,021
|
Diluted
|
|
52,164,344
|
|
50,719,976
|
|
53,288,021
|
|
|
|
|
|
|
|
GIGAMEDIA
LIMITED
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
9/30/2012
|
|
6/30/2012
|
|
9/30/2011
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
USD
|
|
USD
|
|
USD
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
63,412,768
|
|
55,244,421
|
|
49,066,727
|
Marketable securities -
current
|
|
34,202,346
|
|
37,783,301
|
|
3,568,906
|
Accounts receivable -
net
|
|
3,840,731
|
|
3,930,527
|
|
8,098,087
|
Prepaid
expenses
|
|
658,753
|
|
996,643
|
|
1,836,708
|
Restricted
cash
|
|
743,611
|
|
1,781,944
|
|
4,500,000
|
Assets held for sale -
current
|
|
0
|
|
2,173,312
|
|
0
|
Other
receivables
|
|
2,793,986
|
|
1,314,229
|
|
5,993,777
|
Other current
assets
|
|
1,005,737
|
|
816,420
|
|
1,825,441
|
Total current
assets
|
|
106,657,932
|
|
104,040,797
|
|
74,889,646
|
|
|
|
|
|
|
|
Marketable securities -
noncurrent
|
|
4,421,299
|
|
6,979,696
|
|
44,978,140
|
Investments
|
|
6,046,951
|
|
5,833,680
|
|
54,451,753
|
Retained ownership of
IAHGames
|
|
0
|
|
166,734
|
|
0
|
Property, plant &
equipment - net
|
|
2,193,171
|
|
2,321,039
|
|
4,404,008
|
Goodwill
|
|
29,388,112
|
|
28,817,660
|
|
38,183,416
|
Intangible assets -
net
|
|
15,831,067
|
|
15,487,140
|
|
18,220,058
|
Assets held for sale -
noncurrent
|
|
0
|
|
2,930,806
|
|
0
|
Prepaid licensing and
royalty fees
|
|
9,398,615
|
|
9,277,977
|
|
7,631,236
|
Other assets
|
|
707,679
|
|
673,053
|
|
5,471,975
|
Total assets
|
|
174,644,826
|
|
176,528,582
|
|
248,230,232
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
Accounts
payable
|
|
448,785
|
|
407,464
|
|
5,139,696
|
Accrued
compensation
|
|
1,465,030
|
|
969,120
|
|
1,933,416
|
Accrued
expenses
|
|
7,279,465
|
|
8,675,494
|
|
10,201,270
|
Short-term
borrowings
|
|
7,679,181
|
|
9,346,360
|
|
12,677,165
|
Liabilities held for
sale - current
|
|
0
|
|
3,900,461
|
|
0
|
Other current
liabilities
|
|
7,600,727
|
|
7,342,720
|
|
8,876,041
|
Total current
liabilities
|
|
24,473,188
|
|
30,641,619
|
|
38,827,588
|
Liabilities held for
sale - noncurrent
|
|
0
|
|
536,723
|
|
0
|
Other
liabilities
|
|
747,752
|
|
659,401
|
|
7,547,186
|
Total
liabilities
|
|
25,220,940
|
|
31,837,743
|
|
46,374,774
|
|
|
|
|
|
|
|
Subsidiary preferred
shares
|
|
0
|
|
1,962,806
|
|
1,705,766
|
|
|
|
|
|
|
|
GigaMedia's
shareholders' equity
|
|
149,762,146
|
|
146,319,109
|
|
203,763,681
|
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
(338,260)
|
|
(3,591,076)
|
|
(3,613,989)
|
|
|
|
|
|
|
|
Total equity
|
|
149,423,886
|
|
142,728,033
|
|
200,149,692
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
174,644,826
|
|
176,528,582
|
|
248,230,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIGAMEDIA
LIMITED
|
Reconciliations of
Non-GAAP Results of Operations
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
9/30/2012
|
|
6/30/2012
|
|
9/30/2011
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
USD
|
|
USD
|
|
USD
|
Reconciliation of Net
Income (Loss) to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss
attributable to GigaMedia
|
|
5,868,719
|
|
(3,453,511)
|
|
(7,800,897)
|
Depreciation
|
|
197,841
|
|
404,896
|
|
487,974
|
Amortization
|
|
538,120
|
|
557,786
|
|
578,676
|
Interest (income)
expense
|
|
(373,723)
|
|
263,058
|
|
(160,984)
|
Income tax expense
(benefit)
|
|
475,795
|
|
104,152
|
|
(791,420)
|
EBITDA
|
|
6,706,752
|
|
(2,123,619)
|
|
(7,686,651)
|
|
|
|
|
|
|
|
For further information contact:
Brad Miller, Investor Relations
Director
Tel: +886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited