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Gigamedia Generates positive cash flow

11/28/2012 : GIGAMEDIA EXEC SHUFFLE AND THIRD QUARTER RESULTS
 
Generates positive cash flow for the first time in 10 reporting quarters
 
GigaMedia Ltd has reported on its turnaround development through its third quarter fiscal results, saying cost savings and increased efficiencies are paying off resulting in its first positive cash flow in 10 quarterly reports.
 
Third Quarter Highlights include:
 
-   Net income of $5.9 million, including gains from sales of marketable securities and investments (Q2/2012: a loss of $3.5 million and Q3/2011: loss of $7.8 million).
 
-   Cash inflow from operations of approximately $550 thousand.
 
-   Short-term debt decreased approximately $1.7 million sequentially to approximately $7.7 million.
 
-   Consolidated revenues of $7.2 million held steady quarter-over-quarter and decreased from $7.8 million in the third quarter of 2011 reflecting decreased contributions from its disposal of IAHGames.
 
-   Revenues for FunTown increased 20 percent quarter-over- quarter to $6.6 million from $5.5 million.
 
-   Consolidated EBITDA was $6.7 million compared to a loss of $2.1 million in the second quarter of 2012 and a loss of $7.7 million in the third quarter of 2011.
 
GigaMedia said it is continuing its business model shift to focus on online games along with the implementation of new strategies to build efficiencies, improve productivity and drive improved performance.
 
Looking ahead, GigaMedia's chief financial officer Dirk Chen said the firm is transitioning its online gaming business to capture rapid market growth in Web games fueled by the popularity of social networks and mobile and portable computer devices in Asia.
 
The company is anticipating the launch of its GigaCloud, an important new development for the firm that it says will place it as an early mover in addressing affordable, mobile, seamless cloud communication solutions among the millions of SME's in Asia.
 
In related news, the firm announced the appointment of Collin Hwang as its new chief executive officer succeeding John Stringer who tendered his resignation as an officer and director with immediate effect.
 
Stringer was the driving force behind GigaMedia's turnaround strategy.
 
Hwang was recruited to the board earlier this month along with the appointment of Mo-Na Chien in the role of Chairman



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Day 2 of the MPNPT Tallinn Main Event - Day 1b of the MPN Poker Tour 2017 Tallinn Main Event easily surpassed the tournament’s €150,000 guarantee on its own. Yesterday’s 416 entries brought the total number so far up to 522

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Day 1a MPN Poker Tour Tallinn Main Event - Day 1a brought 106 entries into the €550 Main Event, with nearly as many players turning out for the last €35 super satellite into tomorrow’s Day 1b

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

Mega Moolah strikes again - The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.

2 New Slots For Microgaming Casinos - David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.

MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

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