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GigaMedia Q2-2013 preliminary results

Tuesday July 23,2013 : GIGAMEDIA REPORTS PROGRESS
 
Second quarter yields better than expected revenues and net income
 
Taiwanese firm GigaMedia has reported progress in its second quarter preliminary results attributed to a better than expected performance from its online games business, record-low operating expenses and the disposal of a non-strategic investment.
 
According to chief executive officer Collin Hwang:
 

  • Revenues of approximately $3.7 million – with a strong performance by A.V.A., a game licenced from Neowiz, partially offsetting a traditional seasonal revenue decrease.
  • Record-low headquarter expenses; consolidated operating expenses down 10 percent Q-o-Q.
  • Net income of approximately $84 thousand – exceeding forecast which the firm attributes to the performance of its online games business and a non-operating gain of approximately $1.2 million related to the disposal of a non-strategic investment.
  • Cash outflow of approximately $5.0 million, which included full payment of GigaMedia’s short-term debt of approximately $7.5 million.
  • Cash, cash equivalents, and marketable securities-current of approximately $73.0 million, or approximately $1.44 per share; zero debt.

"With leaner operations and more focused and motivated teams, we are on track for a solid second half of 2013," commented Hwang.
 
"We expect our MMOs to benefit from the traditional seasonal surge in online gaming activity in the third quarter, helping to offset weakness in casual PC-based games, and look forward to extending our platform with new self-developed Web-based/mobile social casino games in the fourth quarter”.

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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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