TAIPEI, Nov. 13, 2013 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM) today announced its unaudited financial results for
the third quarter of 2013.
"Earlier this year, we formed new mobile games and social casino
games teams – part of our strategic expansion initiatives in online
games," stated Collin Hwang, chief
executive officer of GigaMedia Limited. "We have made good progress
in adding new talent to these teams and developing these new game
platforms, which has strengthened our outlook for 2014."
"We also launched a new cloud computing business this year to
drive further growth," stated CEO Collin
Hwang. "I am very pleased to announce that we expect our
first top-line contributions from the cloud business in 4Q13 and we
forecast momentum to continue from exciting new growth plans for
2014."
"Overall, our 2014 financial outlook is bright with a growing
pipeline of mobile and social casino games, the MMO game
ArcheAge, a new and expanding cloud business, and a solid
balance sheet," stated CEO Collin
Hwang. "We expect our sharply lowered cost structure, growth
plans and strategic M&A to drive significant growth in
shareholder value in 2014 and beyond."
Third-Quarter Overview
- Revenues of $3.8 million, all
from GigaMedia's online games business. Multiple new growth
initiatives in online games and cloud computing planned for 2014.
(See, "Business Outlook.")
- GigaMedia continued to maintain strong cost controls in the
third quarter. Consolidated operating expenses were $6.6 million, including a non-cash impairment of
$3.1 million mainly related to a
legacy game project. Excluding the non-cash impairment,
consolidated operating expenses were approximately $3.4 million, down approximately 41 percent from
3Q12.
- Record-low headquarters operating expenses, down 64 percent
from 3Q12.
- 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.
Recent Developments
- Improved outlook for 2014, with growth expected in both online
games and cloud computing. (See, "Business Outlook.")
- Added top management talent: Simon
Lee appointed new chief executive officer of GigaMedia's
cloud business, GigaCloud. Mr. Lee has deep experience in the
regional cloud industry and a strong track record of developing new
business and driving growth. Under Mr. Lee's leadership, GigaCloud
expects to make initial revenue contributions to GigaMedia in 4Q13
and is implementing a new growth strategy.
- Added new independent director Alfred
Wong to GigaMedia's board. Mr. Wong brings to GigaMedia
extensive experience in regional business development and mergers
and acquisitions as GigaMedia increases its focus on driving growth
in 2014.
- Acquired in October a majority stake in a Taiwanese mobile game
developer; strategic acquisition immediately adds mobile game
technology and skilled team to support mobile game growth
initiatives; total consideration approximately US$500 thousand.
- Disposed of legacy investment in Taiwan-based game studio; consequently
GigaMedia to record a disposal gain of approximately $1.0 million in 4Q13.
Unaudited Consolidated Financial Results
GigaMedia Limited is a diversified provider of online games and
cloud computing services. GigaMedia's online games business FunTown
develops and operates a suite of games in Taiwan and Hong
Kong, with focus on Web/mobile games and social casino
games. GigaMedia's cloud computing business GigaCloud was launched
in early April 2013 and is focused on
providing small and medium-sized enterprises in Greater China with critical communications
services and IT solutions that increase flexibility, efficiency and
competitiveness.
Unaudited consolidated results of GigaMedia are summarized in
the table below.
GIGAMEDIA 3Q13
UNAUDITED CONSOLIDATED FINANCIAL RESULTS
|
(unaudited, all
figures in US$ thousands, except per share amounts)
|
3Q13
|
2Q13
|
Change
(%)
|
3Q13
|
3Q12
|
Change
(%)
|
Revenues
|
3,810
|
3,654
|
4
|
3,810
|
7,193
|
-47
|
Gross
Profit
|
2,030
|
1,928
|
5
|
2,030
|
4,888
|
-58
|
Loss from
Operations
|
4,552
|
1,325
|
NM
|
4,552
|
909
|
NM
|
Net Income (Loss)
Attributable to GigaMedia
|
(3,112)
|
84
|
NM
|
(3,112)
|
5,869
|
NM
|
Net Earnings
(Loss) Per Share Attributable to GigaMedia, Diluted
|
(0.06)
|
0.00
|
NM
|
(0.06)
|
0.11
|
NM
|
EBITDA
(A)
|
(2,582)
|
642
|
NM
|
(2,582)
|
6,707
|
NM
|
Cash, Cash
Equivalents, Restricted Cash, and Marketable
Securities-Current
|
74,281
|
72,960
|
2
|
74,281
|
98,
359
|
-24
|
|
|
|
|
|
|
|
NM – Not
Meaningful
|
|
|
|
|
|
|
(A) 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 2013 were
$3.8 million; this compared to
$3.7 million in the second quarter of
2013 and $7.2 million in the third
quarter of 2012. Quarter-over-quarter results reflected growth in
the company's MMO games, which offset a decrease in GigaMedia's
PC-based casual online games. Year-over-year results reflected the
effect on Giga's currently PC-based online games business of the
continuing shift in player preferences for browser/mobile games, as
well as the deconsolidation of IAHGames revenues following
the disposal of a majority ownership interest in IAHGames in
August 2012.
In response to market trends, GigaMedia is currently rebuilding
its portfolio with browser/mobile games and social casino games and
plans to begin offering these games to its user base starting in
early 2014.
Average monthly revenue per active paying account was
$27.96 during the third quarter of
2013 compared to $27.76 in the
previous quarter. Peak concurrent users were approximately 24,000
in the third quarter compared to approximately 23,000 in the second
quarter.
Consolidated gross profit for the third quarter of 2013 was
$2.0 million compared to $1.9 million in the second quarter of 2013 and to
$4.9 million in the third quarter of
2012. Third-quarter 2013 consolidated gross profit margin was 53.3
percent compared to 52.8 percent in the second quarter of 2013 and
68.0 percent in the third quarter of 2012.
Consolidated operating expenses for the third quarter of 2013
were $6.6 million, which included
non-cash impairment losses of approximately $3.1 million in the third quarter related
primarily to the write-off of a legacy game project. Excluding the
non-cash impairment losses, consolidated operating expenses were
approximately $3.4 million. This
compared to consolidated operating expenses of $3.3 million in the second quarter of 2013 and to
$5.8 million in the third quarter of
2012.
Consolidated product development and engineering expenses were
$510 thousand in the third quarter of
2013 compared to $319 thousand in the
previous quarter and $334 thousand in
the third quarter of 2012.
Consolidated selling and marketing expenses were $1.3 million in the third quarter of 2013
compared to $1.2 million in the
previous quarter and $1.9 million in
the third quarter of 2012.
Consolidated general and administrative expenses were
$1.7 million in the third quarter
versus $1.7 million in the previous
quarter and $3.6 million in the third
quarter of 2012. Corporate operating expenses were a record low at
approximately $840 thousand in the
third quarter of 2013, down from $990
thousand in the second quarter of 2013.
Consolidated loss from operations for the third quarter of 2013
was $4.6 million. Excluding the
third-quarter 2013 non-cash impairment losses, consolidated loss
from operations was approximately $1.4
million. This compared to a loss of $1.3 million in the second quarter of 2013 and
approximately $910 thousand in the
third quarter of 2012. The period variations mainly reflected the
impact of the third-quarter 2013 non-cash impairment losses of
approximately $3.1 million.
Consolidated non-operating expenses/income during the third
quarter of 2013 was income of $1.3
million compared to income of $1.4
million in the second quarter of 2013 and income of
$6.8 million recorded in the third
quarter of 2012.
Consolidated net income for the third quarter of 2013 was a loss
of $3.1 million. Excluding the
previously mentioned third-quarter 2013 non-cash impairments, net
income was approximately $30
thousand. This compared to net income of $84 thousand in the second quarter of 2013 and
income of $5.9 million in the third
quarter of 2012.
Consolidated EBITDA for the third quarter of 2013 was a loss of
$2.6 million. Excluding the
third-quarter 2013 non-cash impairments, consolidated EBITDA was
approximately $558 thousand. This
compared to income of $642 thousand
in the second quarter of 2013 and to income of $6.7 million in the third quarter of 2012.
Strong Financial Position
During the third quarter, GigaMedia continued to maintain a
strong balance sheet. As of September 30,
2013, GigaMedia had $74.3
million in cash and marketable securities-current, or
approximately $1.46 per share,
compared to $73.0 million at the end
of the second quarter of 2013. The company has zero debt.
Business Outlook
The following forward-looking statements reflect GigaMedia's
expectations as of November
13, 2013. 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 2012 Annual Report
on Form 20-F filed with the U.S. Securities
and Exchange Commission as referenced below, actual
results may differ materially.
Online games business
In response to the ongoing downturn in the PC-based games market
in which GigaMedia has historically operated, management is
repositioning its online games business to align itself with strong
growth in browser/mobile games and social casino games. Investments
in rebuilding GigaMedia's game pipeline and upgrading systems are
ongoing to support anticipated future growth.
In the short term, as this transition continues, management
expects revenues to be negatively impacted by the downturn in
PC-based games, as well as the end of A.V.A. operations in
December, following a decision by management against renewing the
game license under new, less favorable terms.
Longer term, management expects revenue growth from 1) new
browser/mobile games; 2) new social casino games; and 3) new
licensed games, to more than offset short-term challenges. The
company expects launches of multiple new mobile games and new
social casino games over the next several months, to be followed by
launch of ArcheAge in the second half of 2014.
The pace of future growth will be subject to the timing of the
aforesaid rapidly developing growth initiatives, as well as
potential new strategic transactions, making near-term forecasts
difficult. Nonetheless, based on progress to date in strengthening
the pipeline, building a new technology platform, and executing new
growth plans, management is confident the online games business
will deliver growing revenues in 2014.
Cloud services business
GigaMedia's cloud services business was launched in April 2013 with a cloud-based Software as a
Service (SaaS) offering of hosted phone, fax, storage, and video
security systems for SMEs. Management plans to expand the scope,
reach, and quality of its cloud offerings going forward. Expansion
of GigaCloud in 2014 will begin with both new hosted and new
private SaaS applications and services refocused on larger SMEs;
new consulting services are also planned. Longer term, GigaCloud
targets a full range of cloud products and services, which will
include Infrastructure as a Service (IaaS) and Platform as a
Service (PaaS).
Management expects GigaCloud to make initial small revenue
contributions in the fourth quarter of 2013. Based on results to
date and the company's strategic growth plans, management is
confident the cloud business will deliver growing revenues in
2014.
Overall Outlook
Financial results in the fourth quarter of 2013 may be
negatively impacted by a non-cash impairment of goodwill related to
legacy PC-based online game operations and by revenue softness as
the company transitions its online games business. The company
expects cash to increase in the fourth quarter of 2013 from the
disposal of its interest in a Taiwan-based game studio. In 2014, the company
expects accelerating revenue growth driven by major new product
launches and subscriber growth in its online games and cloud
computing businesses. Based on improvements gained to date from
implementing its strategic growth plans, management is confident in
its ability to deliver significant improvement in the company's
2014 financials and increasing shareholder value.
Use of Non-GAAP Measures
To supplement GigaMedia's consolidated financial statements
presented in accordance with US GAAP, the company uses the
following measure defined as non-GAAP by the SEC: EBITDA.
Management believes that EBITDA (earnings before interest, taxes,
depreciation, and amortization) 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.
Conference Call and Webcast
Management will hold an investor conference call and webcast on
Thursday, November 13, 2013 at
7:00 p.m. Eastern Standard Time,
which is 8:00 a.m. Taipei Time on November
14, 2013, to discuss GigaMedia's third-quarter 2013
performance.
Dial-in numbers:
U.S.: +1-845-675-0437
International: +65-6723-9381
Passcode: 96171517
A replay will be available from 11:00
p.m. Eastern Standard Time on November 13, 2013 for seven days.
U.S.: +1-646-254-3697
International: +612-8199-0299
Passcode: 96171517
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 Taiwan and
Hong Kong, with focus on
Web-based/mobile games and social casino 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. 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 2013 and its
other filings with the United States Securities and Exchange
Commission.
For further information contact:
Brad Miller, Investor
Relations Director
+886-2-2656-8016
Brad.Miller@GigaMedia.com
(Tables to follow)
GIGAMEDIA
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
9/30/2013
|
|
6/30/2013
|
|
9/30/2012
|
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
|
USD
|
|
USD
|
|
USD
|
Operating
revenues
|
|
|
|
|
|
|
|
Asian online game and
service revenues
|
|
|
3,803,430
|
|
3,652,728
|
|
7,192,530
|
Cloud service
revenues
|
|
|
6,521
|
|
1,351
|
|
0
|
|
|
|
3,809,951
|
|
3,654,079
|
|
7,192,530
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
|
|
|
|
|
|
Cost of Asian online
game and service revenues
|
|
|
1,709,214
|
|
1,667,002
|
|
2,304,217
|
Cost of Cloud service
revenues
|
|
|
70,586
|
|
59,569
|
|
0
|
|
|
|
1,779,800
|
|
1,726,571
|
|
2,304,217
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
2,030,151
|
|
1,927,508
|
|
4,888,313
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Product development
and engineering expenses
|
|
|
510,189
|
|
319,015
|
|
333,780
|
Selling and marketing
expenses
|
|
|
1,253,071
|
|
1,210,152
|
|
1,903,527
|
General and
administrative expenses
|
|
|
1,677,786
|
|
1,712,604
|
|
3,553,053
|
Bad debt
expenses
|
|
|
979
|
|
11,230
|
|
7,161
|
Impairment
losses
|
|
|
3,139,999
|
|
0
|
|
0
|
|
|
|
6,582,024
|
|
3,253,001
|
|
5,797,521
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(4,551,873)
|
|
(1,325,493)
|
|
(909,208)
|
|
|
|
|
|
|
|
|
Non-operating
income (expense)
|
|
|
|
|
|
|
|
Interest
income
|
|
|
48,499
|
|
53,326
|
|
67,766
|
Gain on sales of
marketable securities
|
|
|
539,840
|
|
0
|
|
4,237,057
|
Interest recoveries
(expense)
|
|
|
72
|
|
(13,824)
|
|
277,573
|
Foreign exchange gain
(loss) - net
|
|
|
339,274
|
|
(132,412)
|
|
207,612
|
(Loss) gain on
disposal of property, plant and equipment
|
|
|
(1)
|
|
5
|
|
(5)
|
Gain on equity method
investments - net
|
|
|
378,014
|
|
184,281
|
|
513,795
|
Gain on disposal of
investments
|
|
|
0
|
|
1,219,712
|
|
1,455,935
|
Impairment loss on
marketable securities and investments
|
|
|
0
|
|
0
|
|
(174,504)
|
Other
|
|
|
19,185
|
|
100,258
|
|
189,162
|
|
|
|
1,324,883
|
|
1,411,346
|
|
6,774,391
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations before income taxes
|
|
|
(3,226,990)
|
|
85,853
|
|
5,865,183
|
Income tax
expense
|
|
|
(1,403)
|
|
(153)
|
|
(494,786)
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
|
(3,228,393)
|
|
85,700
|
|
5,370,397
|
Income (loss) from
discontinued operations, net of tax
|
|
|
116,272
|
|
(1,937)
|
|
14,387
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
(3,112,121)
|
|
83,763
|
|
5,384,784
|
Less: Net loss (gain)
attributable to noncontrolling interest and subsidiary preferred
shares
|
|
|
92
|
|
(7)
|
|
483,935
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to GigaMedia
|
|
|
(3,112,029)
|
|
83,756
|
|
5,868,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share attributable to GigaMedia
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations
|
|
|
(0.06)
|
|
0.00
|
|
0.12
|
Loss from discontinued
operations
|
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
(0.06)
|
|
0.00
|
|
0.12
|
Diluted:
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations
|
|
|
(0.06)
|
|
0.00
|
|
0.11
|
Loss from discontinued
operations
|
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
(0.06)
|
|
0.00
|
|
0.11
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
50,719,976
|
|
50,719,976
|
|
50,719,976
|
Diluted
|
|
|
50,719,976
|
|
51,805,045
|
|
52,164,344
|
|
|
|
|
|
|
|
|
GIGAMEDIA
LIMITED
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2013
|
|
6/30/2013
|
|
9/30/2012
|
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
|
USD
|
|
USD
|
|
USD
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
54,658,747
|
|
55,263,459
|
|
63,412,768
|
Marketable securities
- current
|
|
19,622,706
|
|
17,697,033
|
|
34,202,346
|
Accounts receivable -
net
|
|
2,480,216
|
|
2,081,571
|
|
3,840,731
|
Prepaid
expenses
|
|
616,367
|
|
799,026
|
|
658,753
|
Restricted
cash
|
|
|
0
|
|
0
|
|
743,611
|
Other
receivables
|
|
|
645,557
|
|
2,407
|
|
2,793,986
|
Other current
assets
|
|
922,309
|
|
879,752
|
|
1,005,737
|
Total current
assets
|
|
78,945,902
|
|
76,723,248
|
|
106,657,932
|
|
|
|
|
|
|
|
|
Marketable securities
- noncurrent
|
|
4,263,473
|
|
4,241,916
|
|
4,421,299
|
Investments
|
|
|
5,828,209
|
|
5,090,643
|
|
6,046,951
|
Property, plant &
equipment - net
|
|
1,744,797
|
|
1,803,237
|
|
2,193,171
|
Goodwill
|
|
|
16,630,544
|
|
16,392,173
|
|
29,388,112
|
Intangible assets -
net
|
|
14,569,242
|
|
14,893,449
|
|
15,831,067
|
Prepaid licensing and
royalty fees
|
|
4,683,692
|
|
7,943,568
|
|
9,398,615
|
Other
assets
|
|
|
431,908
|
|
481,069
|
|
707,679
|
Total
assets
|
|
|
127,097,767
|
|
127,569,303
|
|
174,644,826
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
Accounts
payable
|
|
|
183,702
|
|
216,125
|
|
448,785
|
Accrued
compensation
|
|
1,127,221
|
|
771,419
|
|
1,465,030
|
Accrued
expenses
|
|
3,007,902
|
|
3,561,367
|
|
7,279,465
|
Short-term
borrowings
|
|
0
|
|
0
|
|
7,679,181
|
Other current
liabilities
|
|
6,950,036
|
|
6,858,350
|
|
7,600,727
|
Total current
liabilities
|
|
11,268,861
|
|
11,407,261
|
|
24,473,188
|
Other
liabilities
|
|
|
845,164
|
|
832,032
|
|
747,752
|
Total
liabilities
|
|
|
12,114,025
|
|
12,239,293
|
|
25,220,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GigaMedia's
shareholders' equity
|
|
115,322,174
|
|
115,668,461
|
|
149,762,146
|
|
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
(338,432)
|
|
(338,451)
|
|
(338,260)
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
114,983,742
|
|
115,330,010
|
|
149,423,886
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
127,097,767
|
|
127,569,303
|
|
174,644,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIGAMEDIA
LIMITED
|
Reconciliations of
Non-GAAP Results of Operations
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
9/30/2013
|
|
6/30/2013
|
|
9/30/2012
|
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
|
USD
|
|
USD
|
|
USD
|
|
Reconciliation of
Net (Loss) Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to GigaMedia
|
|
(3,112,029)
|
|
83,756
|
|
5,868,719
|
|
Depreciation
|
|
99,130
|
|
107,110
|
|
197,841
|
|
Amortization
|
|
477,940
|
|
490,397
|
|
538,120
|
|
Interest
income
|
|
(48,790)
|
|
(39,842)
|
|
(373,723)
|
|
Income tax
expense
|
|
1,403
|
|
153
|
|
475,795
|
|
EBITDA
|
|
(2,582,346)
|
|
641,574
|
|
6,706,752
|
|
SOURCE GigaMedia Limited