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Bad 3rd quarter for gigamedia
Gigamedia, parent to major online companies like Everest Gaming, has announced its Q3 2009 results, reporting on the second and third quarters, with Q2 revenues at $37.7 million and EBITDA of $2.3 million, but less encouraging third-quarter revenues of $37.2 million and negative EBITDA of $10 000. The management is forecasting a "small double-digit" fall in its Asian online games business revenue in the fourth quarter.
For the latest [third] quarter, Gigamedia posted a net loss of $2.4 million, compared with a profit of $12 million a year ago. Revenues declined by 19 percent year-on-year.
The company attributed the disappointing results to negative economic conditions and strong competitive pressures in Europe, and substantial marketing and other expenses surrounding new online game initiatives in Asia. Both the gaming software and the Asian online games businesses delivered worse than expected performance during the periods.
"We faced tough market conditions and strong operating challenges in the second and third quarters in our gambling software and our Asian online games businesses - and did not respond as well as we should," admitted Gigamedia Limited CEO Arthur Wang. "We were successful however in forging a powerful strategic alliance in Europe which we believe will be very value creative - and as a side benefit free up management time and financial firepower for our planned expansion in Asia."
The company highlighted the following events during the reporting period:
* Strategic alliance with Mangas Gaming by way of a sale of 60 percent interest in GigaMedia's online gaming software business to Mangas Gaming for an up-front cash payment of US$100 million . "The strategic alliance positions Everest Poker to benefit from increased liquidity, cross-selling, and operational synergies," said a spokesman.
* World Series of Poker: Everest Poker celebrated the finals in its second year of sponsorship; extensive ESPN broadcasts of the tournament and finals are to air in Everest's European markets in Q4 and throughout 2010.
* New MMORPG launches: Warhammer Online in Taiwan and Hong Kong and Luna Online in China.
* Q2 and Q3 revenues of $37.7 million and $37.2 million, respectively; second-quarter net income of $128 000 and third-quarter net loss of $2.4 million.
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.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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