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.
GigaMedia expects to announce its third-quarter 2013 financial
results, together with a discussion of new business initiatives, in
November.
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 Taiwan and
Hong Kong, with focus on
Web-based/mobile games. 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. 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 2013.
For further information contact:
Brad Miller, Investor Relations
Director
Country/City Code 8862 Tel: 2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited