Market Overview

GigaMedia Announces Third-Quarter 2018 Financial Results

Share:

GigaMedia Announces Third-Quarter 2018 Financial Results

PR Newswire

TAIPEI, Taiwan, Oct. 31, 2018 /PRNewswire/ -- GigaMedia Limited (NASDAQ:GIGM) today announced its third-quarter 2018 unaudited financial results.

Comments from Management

In the third quarter of 2018, total revenues maintained at approximately $1.7 million, comparable to last quarter.

"In this quarter, new games have been added in our female-oriented product line to provide diversity and satisfaction, but nonetheless, it is the proven success in existing games like Yume 100 that we laid stress on enhancing and replicating," said GigaMedia Limited CEO James Huang.

"Meanwhile, we continued carrying out the plan of renovating the legacy casual games as well as re-activating our own vast customer base, and we expect favorable results to exhibit in the coming quarters," continued CEO James Huang. "To our goal of achieving a long-term balanced growth, it is very essential to re-invigorate our legacy self-developed games."

Third Quarter Overview

  • Revenues maintained at approximately $1.7 million, comparable to the second quarter of this year.
  • Consolidated loss from operations for the third quarter of 2018 amounted to $1.5 million, an increase in loss by 10.6% from a loss of $1.3 million last quarter.
  • The net asset value was around $5.28 per share.

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 third Quarter

GIGAMEDIA 3Q18 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

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


3Q18


2Q18


Change

(%)


3Q18


3Q17


Change

(%)

Revenues



1,662



1,659



0.18%



1,662



2,304



-27.86%

Gross Profit



694



728



-4.67%



694



1,457



-52.37%

Loss from Operations



(1,484)



(1,342)



NM



(1,484)



(315)



NM

Net Loss Attributable to GigaMedia



(1,083)



(755)



NM



(1,083)



(129)



NM

Loss Per Share Attributable to GigaMedia, Diluted



(0.10)



(0.07)



NM



(0.10)



(0.01)



NM

EBITDA (A)



(1,393)



(1,056)



NM



(1,393)



(305)



NM

Cash and Marketable Securities-Current



59,924



60,733



-1.33%



59,924



63,770



-6.03%




















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 accepted accounting principles ("GAAP"). (See, "Use of Non-GAAP Measures," for more details.) 

 

Third-Quarter Financial Results

  • Consolidated revenues for the third quarter of 2018 maintained at $1.7 million approximately the same as in prior quarter and decreased year-over-year from $2.3 million to $1.7 million. While revenues from Akaseka and the legacy casual games declined, the increases in the newly launched Sengoku, and the long-lived Yume 100 and Tales Runner made up for the decreases.
  • Consolidated gross profit decreased 4.67% quarter-on-quarter from $0.73 million to $0.70 million and decreased 52.37% year-over-year from $1.5 million to $0.7 million.
  • Consolidated operating expenses were $2.2 million in
View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com