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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."
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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