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GIGAMEDIA Q.3 NET PROFIT UP 24 PERCENT TO $12 MILL
Gigamedia, the Asian business group that owns online gambling software provider Everest Gaming (formerly Grand Virtual) and the popular Everest Poker website, has posted its third quarter results, showing an increase in net profits of 24 percent to $12 million.
Financial Highlights for Q.3 include:
* Consolidated revenues increased 16 percent to $45.7 million from $39.3 million in the same quarter in 2007, but decreased 7 percent from the previous quarter.
* GAAP consolidated income from operations decreased 42 percent year-over-year to $5.8 million from $10.0 million
in the same quarter in 2007 and decreased 50 percent quarter-over-quarter.
* Non-GAAP consolidated income from operations increased 12 percent year-over-year to $10.7 million from $9.6 million in the same quarter in 2007 and decreased 15 percent from the previous quarter.
* GAAP consolidated net income grew 24 percent to $12.0 million from $9.7 million in the same quarter in 2007 and increased by 7 percent from the second quarter of 2008.
* Non-GAAP consolidated net income increased 22 percent to $10.7 million from $8.8 million in the same quarter in 2007 and decreased 10 percent from the previous quarter.
Operational highlights included the final disposal of Gigamedia's last legacy ISP business, completing the transition to the new GigaMedia, an online entertainment and gambling group. The poker software continued to deliver good performance and revenues despite the traditionally quiet quarter, whilst online casino operations produced record revenues. The group's Asian online games platform is nearing completion and will be launched as planned in the fourth quarter of 2008 and the first quarter of 2009.
The re-branded Everest Gaming platform added over 40 new cash-wager casino games featuring Marvel's Incredible Hulk, Spider-Man, X-Men and others in collaboration with Cryptologic.
"GigaMedia performed well in the third quarter despite the normal summer slowdown and the negative affects of the Olympics on player activity," said President Thomas Hui. "We look forward to continued growth in our core businesses driven by a strong lineup of new games and sponsorships."
GigaMedia CEO Arthur Wang commented: "The financial turmoil has created many concerns, many fears. Nevertheless, the fact is we continue to run a high-growth business generating high levels of free cash flow and look to an even better 2009 supported by a strong balance sheet and cash position with no net debt."
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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