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GigaMedia Announces First-Quarter 2018 Financial Results

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GigaMedia Announces First-Quarter 2018 Financial Results

PR Newswire

TAIPEI, Taiwan, May 2, 2018 /PRNewswire/ -- GigaMedia Limited (NASDAQ:GIGM) today announced its first-quarter 2018 unaudited financial results.

Comments from Management

In the first quarter of 2018, the digital entertainment service revenues increased 6.5% due to a new game launched in mid-December 2017, which led a growth in gross profit by 20.6% quarter-on-quarter.

Currently, there are three licensed games in pipeline waiting for release. Management is looking forward to seeing healthy growth of our new licensed games and expecting to have a long-term profitability.  

First Quarter Overview

  • Operating revenue increased by $0.2 million or 6.5% in quarter-on-quarter comparison, mainly due to a new game launched in December 2017.
  • Total assets amounted to $65.6 million,decreased from $66.4 million at the end of the last quarter, mainly due to the net loss incurred in this quarter.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q18 UNAUDITED CONSOLIDATED FINANCIAL RESULTS


(unaudited, all figures in US$ thousands, except per share
amounts)


1Q18


4Q17



Change

(%)


1Q18


1Q17


Change

(%)

Revenues



2,160



2,028



6.5%


2,160



4,147



(47.9)%

Gross Profit



1,214



1,007



20.6%


1,214



2,282



(46.8)%

Income (Loss) from Operations



(975)



988



NM


(975)



(429)


NM

Net Income (Loss) Attributable to GigaMedia



(853)



1,070


NM


(853)



(760)


NM

Net Income (Loss) Per Share Attributable to
      GigaMedia, Diluted



(0.08)



0.10


NM


(0.08)



(0.07)


NM

EBITDA (A)



(1,104)



(785)


NM


(1,104)



(821)


NM

Cash and Marketable Securities-Current



62,111



63,670



(2.4)%


62,111



65,354



(5.0)%

NM= Not Meaningful




































(A)       EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally acce

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