TAIPEI, July 29, 2014 /PRNewswire/ --
Highlights
- New mobile game revenue stream expands: Mobile games
accounted for approximately 29 percent of total game revenues in
the second quarter, up from 9 percent in the prior quarter. The
company plans to launch additional mobile games in 2014. Mobile
games represent the first of multiple new growth initiatives being
implemented in 2014.
- Results in line with expectations: Overall results were in
line with expectations, reflecting mainly (1) initial transition of
GigaMedia's online games business to browser/mobile games and
social casino games, as well as initial expansion of game
development and distribution capabilities; and (2) early-stage
development of GigaMedia's cloud computing business. The online
games business grew quarter-over-quarter, with contributions from
the company's new mobile game Three Kingdoms Partner more than
offsetting lower revenues from the MMO game Tales Runner and from
legacy PC games. GigaMedia's cloud computing business also recorded
a small quarterly sequential increase in revenues. As a result,
consolidated revenues increased to $2.5
million. Net loss was approximately $2.7 million.
- Strategic investment: In June, to support the growth of its
online games business, GigaMedia acquired 15 million shares of
Gamania Corporation (TW: 6180), representing an approximate 9.5
percent interest in the company, for approximately $18.8 million. Gamania is one of Taiwan's largest online game companies with
extensive technology, development and production capabilities and
is one of the top two operators of payment channels in Taiwan's lucrative payment service provider
market. Gamania reported revenues of approximately US$275 million for full-year
2013.
- Healthy balance sheet: Cash, restricted cash, and
marketable securities-current of approximately $71.9 million, or approximately $1.33 per share, compared to $80.3 million at the end of the first quarter of
2014. Short-term debt was $19.8
million, of which approximately $16.5
million was related to financing involved in the
aforementioned purchase of shares of Gamania.
GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited
financial results for the second quarter of 2014.
"Solid execution delivered growth in both our online games and
cloud computing businesses in the second quarter," stated GigaMedia
Chief Executive Officer Collin
Hwang. "Results for the period demonstrated our growing
business momentum."
"In online games we are continuing to make rapid progress
improving our product pipeline and have scheduled multiple product
launches in the medium term," stated CEO Collin Hwang. "We expect to launch two new
licensed mobile games in the second half of 2014 and several more
after that, including games that we are developing and plan to
license to other operators."
"In addition, in the second half of 2014 we plan launches of two
new self-developed social casino platforms that will offer unique
customization features and a broad lineup of games from some of the
world's leaders in social casino games," stated CEO Collin Hwang. "During this time, we will also be
testing our new in-house developed social mobile game
platform."
"In cloud computing, we are moving toward becoming a
full-service provider, adding new products and services and
partnering with tech leaders to leverage their large customer
bases," stated CEO Collin Hwang. "In
3Q we are bundling our virtual desktop with Hewlett-Packard and
plan to bundle with another hardware provider soon; going forward
we will also be providing new IaaS services supporting IT
infrastructure and data center development
projects."
"Finally, we continue to see potential upside from strategic
transactions," stated CEO Collin
Hwang. "To drive future growth, during the second quarter we
entered a strategic partnership with Gamania by way of a strategic
investment in the company."
"Gamania is one of Taiwan's
leading online game companies," stated CEO Collin Hwang. "Under the partnership, we will
explore synergies and strategic cooperation in regional
markets."
"In sum, we are now only beginning to see returns from our
investments and restructuring," stated CEO Collin Hwang. "Much remains to be done, but we
are confident our businesses are on track and expect growth to
continue going forward as we execute our strategic growth
plans."
2014 Strategic Initiatives Overview
Online Games
- Strategic focus - Management continues to execute its plan to
rebuild and grow the online games business. Central to this
strategy has been a sharp focus on strategic alliances and building
a strong pipeline of browser/mobile games and social casino games.
Management is now beginning to execute plans to vertically
integrate -- to strengthen the company's development,
distribution, and operations of games and services -- and to
scale up.
- Browser/Mobile games -- During the first half of 2014,
GigaMedia enhanced its game portfolio by licensing several titles.
GigaMedia successfully launched one mobile game in March 2014 and plans to launch two additional
mobile games this year licensed from third parties. GigaMedia plans
to launch the browser-based MMO KingsRoad by the fourth
quarter of 2014. Separately, initiatives are underway to create new
revenue streams from game licensing and royalties related to
intellectual property owned by GigaMedia. The company is currently
finalizing development contracts for several games that GigaMedia
plans to operate in Taiwan and
Hong Kong and license to third
parties for operation in other markets.
- Social casino games -- During the first half of 2014,
GigaMedia partnered with two leading international operators of
social casino games to offer their games on GigaMedia's new social
casino platforms. GigaMedia expects to launch its platforms in
Taiwan and China in the second half of 2014.
- Strategic partnership - In line with GigaMedia's plans to
strengthen its ability to create and deliver top quality
entertainment, build strong competitive advantages, and drive
significant long-term growth, in June GigaMedia entered a strategic
partnership with Gamania by way of a strategic investment in the
company. The partnership's objective is to create and grow business
and shareholder value by leveraging the proven skills and vast
resources of the combined teams (see "Highlights" above.)
Cloud Computing
- Strategic focus - Growth initiatives in cloud computing are
focused on strengthening distribution capabilities and expanding
GigaMedia's portfolio with innovative, differentiated solutions to
become a total solutions provider.
- New SaaS products and partnerships - GigaMedia launched a new
virtual desktop product in May -- the first product of its
kind in Taiwan, and will bundle
the product with hardware providers going forward. GigaMedia is
currently finalizing plans with a partner to launch a new service
in the third quarter of 2014 that targets technology businesses of
all sizes.
- New IaaS services -- During the first half of 2014,
GigaMedia began providing IaaS services, including the build-out of
IT infrastructure and a data center for local city transit
systems.
- New client services -- Initiatives are underway to build
new client services. Initial focus is on providing backend
cloud-based services for kiosks that help businesses manage
services such as ticketing.
Unaudited Consolidated Financial Results
GigaMedia Limited is a diversified provider of online games and
cloud computing services. GigaMedia's online games business FunTown
develops and operates a suite of games in Taiwan and Hong
Kong, with focus on browser/mobile games and social casino
games. GigaMedia's cloud computing business GigaCloud was launched
in early April 2013 and is focused on
providing small and medium-sized enterprises in Greater China with critical communications
services and IT solutions that increase flexibility, efficiency and
competitiveness.
Unaudited consolidated results of GigaMedia are summarized in
the table below.
GIGAMEDIA 2Q14
UNAUDITED CONSOLIDATED FINANCIAL RESULTS
|
(unaudited, all
figures in US$ thousands, except per share amounts)
|
2Q14
|
1Q14
|
Change
(%)
|
2Q14
|
2Q13
|
Change
(%)
|
Revenues
|
2,471
|
2,175
|
14
|
2,471
|
3,654
|
-32
|
Gross
Profit
|
819
|
1,015
|
-19
|
819
|
1,928
|
-58
|
Loss from
Operations
|
2,945
|
2,567
|
-15
|
2,945
|
1,325
|
-122
|
Net Income (Loss)
Attributable to GigaMedia
|
(2,677)
|
(3,076)
|
13
|
(2,677)
|
84
|
NM
|
Net Loss Per Share
Attributable to GigaMedia, Diluted
|
0.05
|
0.06
|
17
|
0.05
|
0.00
|
NM
|
EBITDA (A)
|
(2,448)
|
(2,806)
|
13
|
(2,448)
|
642
|
NM
|
Cash, Cash
Equivalents, Restricted Cash, and Marketable
Securities-Current
|
71,934
|
80,312
|
-10
|
71,934
|
72,960
|
-1
|
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.)
|
Consolidated revenues for the second quarter of 2014 were
$2.5 million; this compared to
$2.2 million in the first quarter of
2014 and $3.7 million in the second
quarter of 2013. The quarter-over-quarter revenue increase was due
to increased contributions from Giga's online games and cloud
computing businesses. In online games, the increase resulted from
higher contributions from the mobile game Three Kingdoms
Partner, which offset decreased contributions from the
company's MMO game Tales Runner and from legacy PC-based
casual games. In cloud computing, the quarter-over-quarter increase
reflected new IaaS services. Year-over-year results reflected the
loss of the MMO A.V.A., as well as lower contributions from
legacy PC-based online games and the MMO Tales Runner.
In online games, average monthly revenue per active paying
account was $35.36 during the second
quarter of 2014 compared to $23.95 in
the previous quarter. Peak concurrent users were approximately
10,000 in the second quarter compared to approximately 12,000 in
the first quarter of 2014.
Consolidated gross profit for the second quarter of 2014 was
$819 thousand compared to
$1.0 million in the first quarter of
2014 and to $1.9 million in the
second quarter of 2013. Second-quarter 2014 consolidated gross
profit margin was 33.1 percent compared to 46.6 percent in the
first quarter of 2014 and 52.7 percent in the second quarter of
2013.
Consolidated operating expenses for the second quarter of
2014 were $3.8 million. This compared
to $3.6 million in the first quarter
of 2014, and to $3.3 million in the
second quarter of 2013.
Consolidated product development and engineering expenses were
$228 thousand in the second quarter
of 2014 compared to $246 thousand in
the previous quarter and $319
thousand in the second quarter of 2013.
Consolidated selling and marketing expenses were $1.7 million in the second quarter of 2014
compared to $1.6 million in the
previous quarter and $1.2 million in
the second quarter of 2013.
Consolidated general and administrative expenses were
$1.9 million in the second quarter of
2014 versus $1.8 million in the
previous quarter and $1.7 million in
the second quarter of 2013. Corporate operating expenses were
approximately $900 thousand in the
second quarter of 2014, in line with $860
thousand in the first quarter of 2014.
Consolidated loss from operations for the second quarter of 2014
was $2.9 million compared to
$2.6 million in the first quarter of
2014 and to $1.3 million in the
second quarter of 2013. The quarter-over-quarter and year-over-year
variations were in line with management expectations as GigaMedia
continues to invest in, transition and grow its
businesses.
Consolidated non-operating expenses/income during the second
quarter of 2014 was income of $157
thousand compared to a loss of $208
thousand in the first quarter of 2014 and income of
$1.4 million recorded in the second
quarter of 2013.
Consolidated net income for the second quarter of 2014 was a
loss of $2.7 million compared to
$3.1 million in the previous quarter
and to income of $84 thousand in the
second quarter of 2013.
Consolidated EBITDA for the second quarter of 2014 was a loss of
$2.4 million compared to a loss of
$2.8 million in the previous quarter
and to income of $642 thousand in the
second quarter of 2013.
Financial Position
During the second quarter, GigaMedia continued to maintain a
solid balance sheet. As of June 30,
2014, GigaMedia had $71.9
million in cash, restricted cash and marketable
securities-current, or approximately $1.33 per share, compared to $80.3 million at the end of the first quarter of
2014. Cash flow from operations was an outflow of approximately
$2.0 million, a decrease from cash
outflow in the first quarter of $2.5
million, reflecting the benefit of increased contributions
from Three Kingdoms Partner in the period, which partially
offset auditor fees, promotions and game royalties. Short-term debt
was $19.8 million at the end of the
second quarter, of which approximately $16.5
million was related to financing involved in the purchase of
shares in the second quarter of leading game company Gamania.
Business Outlook
The following forward-looking statements reflect GigaMedia's
expectations as of July
29, 2014. Given potential changes in
economic conditions and consumer spending, the evolving nature of
online games, and various other risk factors, including those
discussed in the company's 2013 Annual Report
on Form 20-F filed with the U.S. Securities
and Exchange Commission as referenced below, actual
results may differ materially.
Online games business
Management expects accelerating revenue growth in its online
games business, with contributions from 1) new browser/mobile
games; and 2) new social casino games to more than offset declines
in its legacy PC games products. The company expects to launch two
new mobile games in the second half of 2014. Management plans
launches of two new social casino game platforms late in the second
half of 2014, and a new browser-based MMO game by yearend.
Management also expects to begin testing a new mobile social game
platform in the second half of 2014, with operations planned to
begin in 2015. The pace of future growth will be subject to the
timing of these growth initiatives, as well as potential new
strategic transactions, making near-term forecasts difficult.
Cloud services business
GigaMedia's cloud services business was launched in April 2013 with a cloud-based Software as a
Service (SaaS) offering of hosted phone, fax, storage, and video
security systems for SMEs. Management is now expanding the scope,
reach, and quality of its cloud offerings. A new virtual desktop
product was launched in May and additional new SaaS, IaaS, and
client services are underway. Based on results to date and the
company's strategic growth plans, management is confident the cloud
business will deliver growing revenues in 2014.
Use of Non-GAAP Measures
To supplement GigaMedia's consolidated financial statements
presented in accordance with US GAAP, the company uses the
following measure defined as non-GAAP by the SEC: EBITDA.
Management believes that EBITDA (earnings before interest, taxes,
depreciation, and amortization) is a useful supplemental measure of
performance because it excludes certain non-cash items such as
depreciation and amortization and that EBITDA is a measure of
performance used by some investors, equity analysts and others to
make informed investment decisions. EBITDA is not a recognized
earnings measure under GAAP and does not have a standardized
meaning. Non-GAAP measures such as EBITDA should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, other financial
measures prepared in accordance with GAAP. A limitation of using
EBITDA is that it does not include all items that impact the
company's net income for the period. Reconciliations to the GAAP
equivalents of the non-GAAP financial measures are provided on the
attached unaudited financial statements.
About the Numbers in This Release
Quarterly results
All quarterly results referred to in the text, tables and
attachments to this release are unaudited. The financial statements
from which the financial results reported in this press release are
derived have been prepared in accordance with U.S. GAAP, unless
otherwise noted as "non-GAAP," and are presented in U.S.
dollars.
Conference Call and Webcast
Management will hold an investor conference call and webcast on
July 29, 2014 at 8:00 p.m. Eastern Standard Time, which is 8:00
a.m. Taipei Time on July 30, 2014, to
discuss GigaMedia's second-quarter 2014 performance.
Dial-in numbers:
U.S.: +1-845-675-0437
International: +65-6723-9381
Passcode: 78455874
A replay will be available from 11:00
p.m. Eastern Standard Time on July
29, 2014 for seven days.
U.S.: +1-646-254-3697
International: +612-8199-0299
Passcode: 78455874
A link to the live and archived webcast will be available at
www.gigamedia.com .
Conference Call Format
The call will consist of brief prepared remarks, followed by
live Q&A and management responses to questions submitted via
email. Questions may be sent in advance to IR@gigamedia.com.tw
.
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business develops and operates a
suite of games in Taiwan and
Hong Kong, with focus on
browser/mobile games and social casino games. The company's cloud
computing business is focused on providing SMEs in Greater China with critical communications
services and IT solutions that increase flexibility, efficiency and
competitiveness. More information on GigaMedia can be obtained from
www.gigamedia.com .
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements regarding expected
financial performance (as described without limitation in the
"Business Outlook" section and in quotations from management in
this press release) and GigaMedia's strategic and operational
plans. These statements are based on management's current
expectations and are subject to risks and uncertainties and changes
in circumstances. There are important factors that could cause
actual results to differ materially from those anticipated in the
forward looking statements, including but not limited to, our
ability to license, develop or acquire additional online games that
are appealing to users, our ability to retain existing online game
players and attract new players, and our ability to launch online
games in a timely manner and pursuant to our anticipated schedule.
Further information on risks or other factors that could cause
results to differ is detailed in GigaMedia's Annual Report on Form
20-F filed in April 2014 and its
other filings with the United States Securities and Exchange
Commission.
(Tables to follow)
GIGAMEDIA
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
6/30/2014
|
|
3/31/2014
|
|
6/30/2013
|
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
|
USD
|
|
USD
|
|
USD
|
Operating
revenues
|
|
|
|
|
|
|
|
Asian online game and
service revenues
|
|
|
2,180,171
|
|
2,042,102
|
|
3,652,728
|
Other
revenues
|
|
|
290,627
|
|
133,204
|
|
1,351
|
|
|
|
2,470,798
|
|
2,175,306
|
|
3,654,079
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
|
|
|
|
|
|
Cost of Asian online
game and service revenues
|
|
|
1,291,889
|
|
912,002
|
|
1,667,002
|
Cost of other
revenues
|
|
|
360,349
|
|
248,772
|
|
59,569
|
|
|
|
1,652,238
|
|
1,160,774
|
|
1,726,571
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
818,560
|
|
1,014,532
|
|
1,927,508
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Product development
and engineering expenses
|
|
|
227,509
|
|
246,328
|
|
319,015
|
Selling and marketing
expenses
|
|
|
1,677,455
|
|
1,572,235
|
|
1,210,152
|
General and
administrative expenses
|
|
|
1,867,418
|
|
1,751,163
|
|
1,712,604
|
Bad debt (recoveries)
expenses
|
|
|
(8,469)
|
|
11,450
|
|
11,230
|
|
|
|
3,763,913
|
|
3,581,176
|
|
3,253,001
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(2,945,353)
|
|
(2,566,644)
|
|
(1,325,493)
|
|
|
|
|
|
|
|
|
Non-operating
income (expense)
|
|
|
|
|
|
|
|
Interest
income
|
|
|
174,559
|
|
173,830
|
|
53,326
|
Gain on sales of
marketable securities
|
|
|
162,051
|
|
241
|
|
0
|
Interest
expense
|
|
|
(68,399)
|
|
(15,580)
|
|
(13,824)
|
Foreign exchange gain
(loss) - net
|
|
|
115,438
|
|
(447,252)
|
|
(132,412)
|
Gain on disposal of
property, plant and equipment
|
|
|
0
|
|
15
|
|
5
|
(Loss) gain on equity
method investments - net
|
|
|
(244,775)
|
|
23,501
|
|
184,281
|
Gain on disposal of
investments
|
|
|
0
|
|
0
|
|
1,219,712
|
Other
|
|
|
18,402
|
|
57,428
|
|
100,258
|
|
|
|
157,276
|
|
(207,817)
|
|
1,411,346
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations before income taxes
|
|
|
(2,788,077)
|
|
(2,774,461)
|
|
85,853
|
Income tax benefit
(expense)
|
|
|
60,849
|
|
(721)
|
|
(153)
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
|
(2,727,228)
|
|
(2,775,182)
|
|
85,700
|
Loss from
discontinued operations, net of tax
|
|
|
0
|
|
0
|
|
(1,937)
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
(2,727,228)
|
|
(2,775,182)
|
|
83,763
|
Less: Net loss (gain)
attributable to noncontrolling interest
|
|
|
50,537
|
|
(300,921)
|
|
(7)
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to shareholders of GigaMedia
|
|
|
(2,676,691)
|
|
(3,076,103)
|
|
83,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share attributable to GigaMedia
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
(0.05)
|
|
(0.06)
|
|
0.00
|
Loss from
discontinued operations
|
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
(0.05)
|
|
(0.06)
|
|
0.00
|
Diluted:
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
(0.05)
|
|
(0.06)
|
|
0.00
|
Loss from
discontinued operations
|
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
(0.05)
|
|
(0.06)
|
|
0.00
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
53,901,371
|
|
51,224,134
|
|
50,719,976
|
Diluted
|
|
|
53,901,371
|
|
51,224,134
|
|
51,805,045
|
GIGAMEDIA
LIMITED
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2014
|
|
3/31/2014
|
|
6/30/2013
|
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
|
USD
|
|
USD
|
|
USD
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
40,660,576
|
|
49,667,405
|
|
55,263,459
|
Marketable securities
- current
|
|
22,348,693
|
|
29,153,315
|
|
17,697,033
|
Accounts receivable -
net
|
|
1,352,875
|
|
1,159,243
|
|
2,081,571
|
Prepaid
expenses
|
|
648,190
|
|
681,611
|
|
799,026
|
Restricted
cash
|
|
|
8,924,513
|
|
1,491,139
|
|
0
|
Other
receivables
|
|
273,032
|
|
208,249
|
|
2,407
|
Other current
assets
|
|
143,465
|
|
145,424
|
|
879,752
|
Total current
assets
|
|
74,351,344
|
|
82,506,386
|
|
76,723,248
|
|
|
|
|
|
|
|
|
Marketable securities
- noncurrent
|
|
9,214,270
|
|
10,178,480
|
|
4,241,916
|
Investments
|
|
|
25,476,917
|
|
5,279,776
|
|
5,090,643
|
Property, plant &
equipment - net
|
|
1,695,953
|
|
1,663,286
|
|
1,803,237
|
Goodwill
|
|
|
0
|
|
0
|
|
16,392,173
|
Intangible assets -
net
|
|
884,979
|
|
1,151,311
|
|
14,893,449
|
Prepaid licensing and
royalty fees
|
|
4,843,848
|
|
4,629,954
|
|
7,943,568
|
Other
assets
|
|
|
329,422
|
|
301,240
|
|
481,069
|
Total
assets
|
|
|
116,796,733
|
|
105,710,433
|
|
127,569,303
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
Accounts
payable
|
|
332,166
|
|
297,595
|
|
216,125
|
Accrued
compensation
|
|
785,562
|
|
572,948
|
|
771,419
|
Accrued
expenses
|
|
2,717,972
|
|
2,262,425
|
|
3,561,367
|
Short-term
borrowings
|
|
19,755,567
|
|
4,266,492
|
|
0
|
Other current
liabilities
|
|
6,099,614
|
|
6,082,274
|
|
6,858,350
|
Total current
liabilities
|
|
29,690,881
|
|
13,481,734
|
|
11,407,261
|
Other
liabilities
|
|
|
182,150
|
|
177,449
|
|
832,032
|
Total
liabilities
|
|
|
29,873,031
|
|
13,659,183
|
|
12,239,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GigaMedia's
shareholders' equity
|
|
86,825,311
|
|
91,904,862
|
|
115,668,461
|
|
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
98,391
|
|
146,388
|
|
(338,451)
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
86,923,702
|
|
92,051,250
|
|
115,330,010
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
116,796,733
|
|
105,710,433
|
|
127,569,303
|
GIGAMEDIA
LIMITED
|
Reconciliations of
Non-GAAP Results of Operations
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
6/30/2014
|
|
3/31/2014
|
|
6/30/2013
|
|
|
unaudited
|
|
unaudited
|
|
unaudited
|
|
|
USD
|
|
USD
|
|
USD
|
Reconciliation of
Net (Loss) Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to GigaMedia
|
|
(2,676,691)
|
|
(3,076,103)
|
|
83,756
|
Depreciation
|
|
75,599
|
|
77,689
|
|
107,110
|
Amortization
|
|
319,683
|
|
349,771
|
|
490,397
|
Interest
income
|
|
(174,362)
|
|
(173,826)
|
|
(53,666)
|
Interest
expense
|
|
68,399
|
|
15,580
|
|
13,824
|
Income tax (benefit)
expense
|
|
(60,849)
|
|
721
|
|
153
|
EBITDA
|
|
(2,448,221)
|
|
(2,806,168)
|
|
641,574
|
For further information contact:
Brad Miller, Investor Relations
Director
Tel: +886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited