GigaMedia Beats Wall Street Projections
Published: Tuesday, March 11, 2008 Online-Casinos.com
GIGA BEATS WALL STREET PROJECTIONS
Poker business a major contributor
Taiwan-based online gaming software firm GigaMedia Ltd posted fourth-quarter results that beat Wall Street expectations this week, driven by continued growth in its online poker software business in continental Europe and Internet games business in Asia.
Revenue in the core gaming software segment rose 73 percent to $34.2 million from the year-ago quarter. The company's poker software business, which rose 107 percent from the previous year, contributed about 78 percent of the gaming software segment's revenue in the quarter.
Earlier in the month, GigaMedia's Everest Poker offering secured a multi-year promotional agreement with the World Series of Poker, the world's largest land-based poker tournament (see previous Online-Casinos.com/InfoPowa report). However, financial details of the deal were not disclosed.
Fourth-quarter revenue in the Asian online games segment increased 92 percent to $10.1 million.
Net income for the quarter rose 8 percent to $10.7 million, compared with $9.9 million a year ago. Consolidated revenue increased 59 percent to $47.7 million.
The company expects revenue to climb sharply in 2008 in its Asian online games business boosted by new games launches. The company also forecast continued strong revenue growth in its gaming software business in 2008.
GigaMedia also disclosed it has retained financial advisors to assist with the disposal of its broadband Internet service provider business unit and remains in discussions with potential buyers concerning sale of the business.
An old favorite brought back under a new software brand, U.S. friendly.
Use just one account to access poker, sports book and casino gaming.
Excellent number of high-quality games and great support.
Nice sign-up and on-going bonuses with fast cash withdrawal processing.
Good selection of fun games including some new, innovative games on offer.
Huge sign-up bonus with reasonable wagering requirements and an excellent look and feel.
New players receive an insane 200% bonus up to $1000 free on both their first and second deposit.
New players offered up to $888 free in sign up bonuses, a special bonus available for blackjack players as well.
