TAIPEI, May 13, 2014 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM) today announced its unaudited financial results for
the first quarter of 2014.
"Late in Q1 we successfully launched a new mobile game, an
important first step in the transformation and growth of our games
business," stated GigaMedia Limited Chief Executive Officer
Collin Huang. "We also made progress
in forming partnerships that will support our social casino games
growth initiatives planned for later this year."
"We will soon add a popular new browser game to our portfolio to
drive further growth," stated CEO Collin
Huang. "And in cloud computing we recently launched a
promising new, cutting-edge product: desktop-as-a-service."
"Visibility on revenue growth is increasing," stated CEO
Collin Huang. "We forecast revenue
growth to begin in the second quarter and accelerate in the third
and fourth quarters driven by multiple initiatives."
Highlights
- First new growth driver added: GigaMedia successfully added a
key new revenue stream in the first quarter, recording
approximately one month of contributions from the mobile game
Three Kingdoms Partner. Mobile games accounted for
approximately nine percent of total game revenues in the first
quarter and represented the first of multiple new revenue streams
anticipated in 2014 from growth initiatives.
- Results in line with expectations: Overall results were in line
with expectations, reflecting mainly the unfinished transition of
GigaMedia's online games business to browser/mobile games and
social casino games. Growth in the company's MMO game Tales
Runner and approximately one month of new contributions from
Three Kingdoms Partner were more than offset by lower
contributions from legacy PC games and the cloud computing
business. As a result, revenues decreased to $2.2 million. Revenues from GigaMedia's growth
initiatives in browser/mobile games and social casino games are
expected to increasingly displace revenues from legacy PC games
offerings and drive growth going forward. (See "Recent
Developments" and "Business Outlook.") Net loss was approximately
$3.1 million.
- Strong balance sheet: Cash and marketable
securities-current of approximately $78.8
million, or approximately $1.54 per share, compared to $80.3 million at the end of the fourth quarter of
2013. Short-term debt was $4.3
million.
Recent Developments
- Revenue growth forecast: Revenue growth is expected to begin in
the second quarter and accelerate in the second half of 2014. (See
"Business Outlook.")
- New licensed MMO: The online games business expects to soon
announce the licensing of a popular browser-based MMO game.
Following localization, planning and testing, management expects to
launch the game in late 2014.
- New affiliated marketing partners: The social casino games
platform business has signed agreements with multiple new
affiliated marketing partners in mainland China; launch is expected in the second half
of 2014.
- New strategic partnerships for social casino games: The social
casino games platform business expects to soon finalize agreements
with multiple strategic partners to strengthen the social casino
games platform.
- New virtual desktop product from GigaCloud: The cloud computing
business launched a new virtual desktop product in May. GigaCloud's
virtual desktop provides flexible anytime, anywhere Desktop as a
Service (DaaS) and delivers cost savings to enterprises by
eliminating needs for IT investments and managing complex
infrastructure.
- Share buyback: As part of its plans to increase shareholder
value, management intends to implement a share buyback in the near
future.
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 browser/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 1Q14
UNAUDITED CONSOLIDATED FINANCIAL RESULTS
|
(unaudited, all
figures in US$ thousands, except per share amounts)
|
1Q14
|
4Q13
|
Change
(%)
|
1Q14
|
1Q13
|
Change
(%)
|
Revenues
|
2,175
|
3,381
|
-36
|
2,175
|
4,187
|
-48
|
Gross
Profit
|
1,015
|
1,157
|
-12
|
1,015
|
2,333
|
-57
|
Loss from
Operations
|
2,567
|
31,338
|
NM
|
2,567
|
1,268
|
NM
|
Net Loss
Attributable to GigaMedia
|
3,076
|
30,363
|
NM
|
3,076
|
1,389
|
NM
|
Net Loss Per Share
Attributable to GigaMedia, Diluted
|
0.06
|
0.60
|
NM
|
0.06
|
0.03
|
NM
|
EBITDA
(A)
|
(2,806)
|
(29,841)
|
NM
|
(2,806)
|
(817)
|
NM
|
Cash, Cash
Equivalents, Restricted Cash, and Marketable
Securities-Current
|
78,821
|
80,262
|
-2
|
78,821
|
77,832
|
1
|
|
|
|
|
|
|
|
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 first quarter of 2014 were
$2.2 million; this compared to
$3.4 million in the fourth quarter of
2013 and $4.2 million in the first
quarter of 2013. The quarter-over-quarter revenue decline was due
to decreased contributions from Giga's online games and cloud
computing businesses. In online games, the decrease resulted from
lower contributions from legacy PC-based casual games reflecting
the continuing shift in player preferences for browser/mobile
games. This decrease offset growth in the company's MMO game
Tales Runner and approximately one month of new
contributions from the mobile game Three Kingdoms Partner,
launched late in the first quarter. In cloud computing, the
quarter-over-quarter variation reflected the impact of special
projects completed in the fourth quarter. Year-over-year results
mainly reflected the effect on Giga's currently PC-based online
games business of the shift in player preferences for
browser/mobile games, as well as lower contributions from Tales
Runner.
In response to market trends, GigaMedia is rebuilding its
portfolio with browser/mobile games and social casino games. The
company launched its first mobile game of 2014 in March and plans
additional launches of browser/mobile games and social casino games
throughout 2014.
In online games, average monthly revenue per active paying
account was $23.95 during the first
quarter of 2014 compared to $27.82 in
the previous quarter, with the variation reflecting mainly the
impact of the MMO A.V.A. on fourth-quarter results, prior to
the termination of its operation in December. Peak concurrent users
were approximately 12,000 in the first quarter compared to
approximately 16,000 in the fourth quarter of 2013.
Consolidated gross profit for the first quarter of 2014 was
$1.0 million compared to $1.2 million in the fourth quarter of 2013 and to
$2.3 million in the first quarter of
2013. First-quarter 2014 consolidated gross profit margin was 46.6
percent compared to 34.2 percent in the fourth quarter of 2013 and
55.7 percent in the first quarter of 2013.
Consolidated operating expenses for the first quarter of 2014
were $3.6 million. This compared to
$32.5 million in the fourth quarter
of 2013, which included non-cash impairment losses of approximately
$30.0 million related primarily to
the write-off of goodwill and intangible assets of GigaMedia's
legacy PC games business, acquired in 2006, and to $3.6 million in the first quarter of 2013.
Consolidated product development and engineering expenses were
$246 thousand in the first quarter of
2014 compared to $497 thousand in the
previous quarter and $372 thousand in
the first quarter of 2013.
Consolidated selling and marketing expenses were $1.6 million in the first quarter of 2014
compared to $935 thousand in the
previous quarter and $1.4 million in
the first quarter of 2013.
Consolidated general and administrative expenses were
$1.8 million in the first quarter
versus $1.1 million in the previous
quarter and $1.8 million in the first
quarter of 2013. Corporate operating expenses were approximately
$860 thousand in the first quarter of
2014, in line with $523 thousand in
the fourth quarter of 2013.
Consolidated loss from operations for the first quarter of 2014
was $2.6 million compared to
$31.3 million in the fourth quarter
of 2013, which included non-cash impairment losses of approximately
$30.0 million, and to $1.3 million in the first quarter of 2013. The
quarter-over-quarter variation mainly reflected the impact of the
fourth-quarter 2013 non-cash impairment losses. The year-over-year
increase in consolidated operating loss was attributable to revenue
decline during the period, which outpaced decreases in operating
expenses, and led to lower gross margin.
Consolidated non-operating expenses/income during the first
quarter of 2014 was a loss of $208
thousand compared to income of $1.2
million in the fourth quarter of 2013 and a loss of
$137 thousand recorded in the first
quarter of 2013.
Consolidated net income for the first quarter of 2014 was a loss
of $3.1 million compared to
$30.4 million in the previous
quarter, which included non-cash impairment losses of approximately
$30.0 million, and to $1.4 million in the first quarter of
2013.
Consolidated EBITDA for the first quarter of 2014 was a loss of
$2.8 million compared to $29.8 million in the previous quarter, which
included non-cash impairment losses of approximately $30.0 million, and to $817
thousand in the first quarter of 2013.
Strong Financial Position
During the first quarter, GigaMedia continued to maintain a
strong balance sheet. As of March 31
2014, GigaMedia had $78.8 million in
cash and marketable securities-current, or approximately
$1.54 per share, compared to
$80.3 million at the end of the
fourth quarter of 2013. Cash flow from operations was an outflow of
approximately $2.5 million, an
increase from cash outflow in the fourth quarter of $1.8 million, due primarily to termination of the
game A.V.A. in the fourth quarter, lower contributions from
GigaCloud, promotions surrounding the launch of Three Kingdoms
Partner, and investments in the first quarter in developing new
game products and services. Short-term debt was $4.3 million at the end of the first quarter.
Business Outlook
The following forward-looking statements reflect GigaMedia's
expectations as of May
13, 2014. 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 2013 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 2014, management expects accelerating revenue growth in its
online games business, with contributions from 1) new
browser/mobile games; 2) new social casino games; and 3) new
licensed games to more than offset declines in its legacy PC games
products. The company expects to update content in its new mobile
game late in Q2 2014 and plans launches of, a new social casino
game platform, and a new browser-based MMO game in the next six
months. In the next 4-6 weeks, management expects to begin testing
a new mobile social game platform planned for operations in
2015.
The pace of future growth will be subject to the timing of these
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 has begun with new private SaaS applications
and services for SMEs and larger enterprises. A new virtual desktop
product was launched in May and additional new public and private
SaaS applications and consulting services are planned for 2014.
Management expects GigaCloud to make small revenue contributions
in the second quarter of 2014. 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
Management expects a small sequential revenue increase in the
second quarter of 2014, with contributions from the mobile game
Three Kingdoms Partner more than offsetting declines in
GigaMedia's legacy PC games products. Management forecasts revenue
growth to accelerate in the third and fourth quarter, following the
implementation of growth initiatives in its online games and cloud
computing businesses.
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
May 13, 2014 at 8:00 p.m. Eastern Standard Time, which is 8:00
a.m. Taipei Time on May 14, 2014, to
discuss GigaMedia's first-quarter 2014 performance.
Dial-in numbers:
U.S.: +1-845-675-0437
International: +65-6723-9381
Passcode: 42510401
A replay will be available from 11:00
p.m. Eastern Standard Time on May 13,
2014 for seven days.
U.S.: +1-646-254-3697
International: +612-8199-0299
Passcode: 42510401
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
browser/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 2014 and its
other filings with the United States Securities and Exchange
Commission.
(Tables to
follow)
|
|
|
|
GIGAMEDIA
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
3/31/2014
|
|
12/31/2013
|
|
3/31/2013
|
|
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
|
|
USD
|
|
USD
|
|
USD
|
|
Operating
revenues
|
|
|
|
|
|
|
|
|
Asian online game and
service revenues
|
|
|
2,042,102
|
|
2,463,125
|
|
4,186,767
|
|
Other
revenues
|
|
|
133,204
|
|
917,736
|
|
0
|
|
|
|
|
2,175,306
|
|
3,380,861
|
|
4,186,767
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
|
|
|
|
|
|
|
Cost of Asian online
game and service revenues
|
|
|
912,002
|
|
1,231,969
|
|
1,817,078
|
|
Cost of other
revenues
|
|
|
248,772
|
|
991,980
|
|
36,236
|
|
|
|
|
1,160,774
|
|
2,223,949
|
|
1,853,314
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
1,014,532
|
|
1,156,912
|
|
2,333,453
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Product development
and engineering expenses
|
|
|
246,328
|
|
497,083
|
|
371,519
|
|
Selling and marketing
expenses
|
|
|
1,572,235
|
|
934,726
|
|
1,417,610
|
|
General and
administrative expenses
|
|
|
1,751,163
|
|
1,093,795
|
|
1,839,645
|
|
Bad debt expenses
(recoveries )
|
|
|
11,450
|
|
51,818
|
|
(27,247)
|
|
Impairment
losses
|
|
|
0
|
|
29,917,344
|
|
0
|
|
|
|
|
3,581,176
|
|
32,494,766
|
|
3,601,527
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(2,566,644)
|
|
(31,337,854)
|
|
(1,268,074)
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense)
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
173,830
|
|
85,717
|
|
50,191
|
|
Gain on sales of
marketable securities
|
|
|
241
|
|
1,199,533
|
|
0
|
|
Interest
expense
|
|
|
(15,580)
|
|
(7,549)
|
|
(27,237)
|
|
Foreign exchange
(loss) gain - net
|
|
|
(447,252)
|
|
24,262
|
|
(186,438)
|
|
Gain (loss) on disposal of property, plant and equipment
|
|
|
15
|
|
603
|
|
(4,872)
|
|
Gain (loss) on equity
method investments - net
|
|
|
23,501
|
|
(59,304)
|
|
22,917
|
|
Other
|
|
|
57,428
|
|
(41,504)
|
|
8,228
|
|
|
|
|
(207,817)
|
|
1,201,758
|
|
(137,211)
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes
|
|
|
(2,774,461)
|
|
(30,136,096)
|
|
(1,405,285)
|
|
Income tax (expense)
benefit
|
|
|
(721)
|
|
(76,099)
|
|
16,570
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
(2,775,182)
|
|
(30,212,195)
|
|
(1,388,715)
|
|
Loss from
discontinued operations, net of tax
|
|
|
0
|
|
(431,910)
|
|
(345)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(2,775,182)
|
|
(30,644,105)
|
|
(1,389,060)
|
|
Less: Net (gain) loss attributable to noncontrolling interest
|
|
|
(300,921)
|
|
281,157
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to shareholders of GigaMedia
|
|
|
(3,076,103)
|
|
(30,362,948)
|
|
(1,389,060)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share attributable to GigaMedia
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
(0.06)
|
|
(0.59)
|
|
(0.03)
|
|
Loss from
discontinued operations
|
|
|
0.00
|
|
(0.01)
|
|
0.00
|
|
|
|
|
(0.06)
|
|
(0.60)
|
|
(0.03)
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
(0.06)
|
|
(0.59)
|
|
(0.03)
|
|
Loss from
discontinued operations
|
|
|
0.00
|
|
(0.01)
|
|
0.00
|
|
|
|
|
(0.06)
|
|
(0.60)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
51,224,134
|
|
50,720,498
|
|
50,719,976
|
|
Diluted
|
|
|
51,224,134
|
|
50,720,498
|
|
50,719,976
|
|
GIGAMEDIA
LIMITED
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2014
|
|
12/31/2013
|
|
3/31/2013
|
|
|
|
unAIdited
|
|
unaudited
|
|
unaudited
|
|
|
|
USD
|
|
USD
|
|
USD
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
49,667,405
|
|
58,801,533
|
|
60,313,323
|
Marketable securities
- current
|
|
29,153,315
|
|
21,460,119
|
|
17,518,275
|
Accounts receivable -
net
|
|
1,159,243
|
|
2,026,891
|
|
3,630,552
|
Prepaid
expenses
|
|
681,611
|
|
749,598
|
|
849,549
|
Restricted
cash
|
|
|
1,491,139
|
|
0
|
|
0
|
Other
receivables
|
|
208,249
|
|
211,006
|
|
2,197
|
Other current
assets
|
|
145,424
|
|
82,244
|
|
922,066
|
Total current
assets
|
|
82,506,386
|
|
83,331,391
|
|
83,235,962
|
|
|
|
|
|
|
|
|
Marketable securities
- noncurrent
|
|
10,178,480
|
|
6,048,080
|
|
4,250,550
|
Investments
|
|
|
5,279,776
|
|
5,822,332
|
|
5,059,876
|
Property, plant &
equipment - net
|
|
1,663,286
|
|
1,676,772
|
|
1,826,313
|
Goodwill
|
|
|
0
|
|
0
|
|
16,485,591
|
Intangible assets -
net
|
|
1,151,311
|
|
1,461,304
|
|
15,125,057
|
Prepaid licensing and
royalty fees
|
|
4,629,954
|
|
4,665,992
|
|
8,118,402
|
Other
assets
|
|
|
301,240
|
|
315,327
|
|
2,515,525
|
Total
assets
|
|
|
105,710,433
|
|
103,321,198
|
|
136,617,276
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
Accounts
payable
|
|
297,595
|
|
1,178,357
|
|
159,133
|
Accrued
compensation
|
|
572,948
|
|
379,905
|
|
440,810
|
Accrued
expenses
|
|
2,262,425
|
|
2,616,623
|
|
4,947,557
|
Short-term
borrowings
|
|
4,266,492
|
|
4,360,953
|
|
7,542,742
|
Other current
liabilities
|
|
6,082,274
|
|
6,302,847
|
|
7,396,623
|
Total current
liabilities
|
|
13,481,734
|
|
14,838,685
|
|
20,486,865
|
Other
liabilities
|
|
|
177,449
|
|
181,485
|
|
834,643
|
Total
liabilities
|
|
|
13,659,183
|
|
15,020,170
|
|
21,321,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GigaMedia's
shareholders' equity
|
|
91,904,862
|
|
88,447,894
|
|
115,634,182
|
|
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
146,388
|
|
(146,866)
|
|
(338,414)
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
92,051,250
|
|
88,301,028
|
|
115,295,768
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
105,710,433
|
|
103,321,198
|
|
136,617,276
|
GIGAMEDIA
LIMITED
|
Reconciliations of
Non-GAAP Results of Operations
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
3/31/2014
|
|
12/31/2013
|
|
3/31/2013
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
USD
|
|
USD
|
|
USD
|
Reconciliation of
Net Loss Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to GigaMedia
|
|
(3,076,103)
|
|
(30,362,948)
|
|
(1,389,060)
|
Depreciation
|
|
77,689
|
|
89,778
|
|
111,651
|
Amortization
|
|
349,771
|
|
434,343
|
|
500,084
|
Interest
income
|
|
(173,826)
|
|
(85,652)
|
|
(50,574)
|
Interest
expense
|
|
15,580
|
|
7,549
|
|
27,237
|
Income tax
expense
|
|
721
|
|
76,099
|
|
(16,570)
|
EBITDA
|
|
(2,806,168)
|
|
(29,840,831)
|
|
(817,232)
|
For further information contact:
Brad Miller, Investor Relations
Director
+886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited