GigaMedia Earnings: Positive Cash Flow for First Time in 10 Quarters
GigaMedia Limited (NASDAQ:GIGM) reported its results for the third quarter. GigaMedia is a provider of gaming software and services to the online gaming industry, and an operator of online games in Greater China, including the PRC, Taiwan, Hong Kong and Macau.
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GigaMedia Limited Earnings Cheat Sheet
Results: Reported a profit of $5.9 million (11 cents per diluted share) in the quarter. GigaMedia Limited had a net loss of $7.8 million or a loss 15 cents per share in the year-earlier quarter.
Revenue: Fell 7.6% to $7.2 million from the year-earlier quarter.
Quoting Management: “In the third quarter, Giga generated positive cash flow for the first time in 10 quarters,” stated GigaMedia Chief Financial Officer Dirk Chen. “Grow lean initiatives are generating cost savings and increased efficiencies, driving our turnaround.” “Looking ahead, we are focused on moving beyond optimization/streamlining to a new phase in our turnaround — growth,” stated CFO Dirk Chen. “To grow new Giga, we are positioning ourselves to benefit from strong market forces.” “We are transitioning our online games business to capture ongoing rapid market growth in Web games fueled by the popularity of social networks and mobile and portable computing devices in Asia,” stated CFO Dirk Chen. “We are also launching GigaCloud, an important new business that will be an early mover in addressing enormous need for affordable, mobile, seamless cloud communications solutions among the millions of SMEs in Asia.”
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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