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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 

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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."

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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