GigaMedia Profits Soar

Published Wednesday, April 01, 2009 -

GigaMedia was incorporated in September 1999 as a company limited by shares organized under the laws of The Republic of Singapore and completed an initial public offering of its shares on NASDAQ on February 24, 2000. GigaMedia develops software for online entertainment services, including the global online gaming market. In September 2005, GigaMedia sold all of its ownership interest in the Rose Records and Tachung Records music store chains in Taiwan to sharpen their focus on online entertainment software and services. Moves in the right direction have proved to serve the company well.

Everest Gaming and parent company GigaMedia Limited have posted a full-year 2008 revenue to the tune of $190.4 million, up 25 percent, with a net income record of $44.4 million, up 14 percent, with per share profits of $0.82 basic and $0.74 fully diluted.

Arthur Wang, GigaMedia's Chief Executive Officer stated, " In 2008 we delivered solid results despite the challenging macroeconomic environment, demonstrating the fundamental soundness of our business." Mr.Wang added " In 2009, our Asian online games business will deliver very strong top and bottom line growth - driven by one of the best game pipelines in the region," "Online poker and casinos will face continued pressure from the tough European economy, but new marketing partnerships combined with the yields from our past investments and appropriate cost cutting will allow us to maintain our financial performance."

Thomas Hui, president of the company, said: " We are implementing an aggressive yet appropriate cost reduction and efficiency plan to protect profitability and shareholder value. The fundamentals of online entertainment and our business remain strong and by taking action to responsibly manage our cost structure, we are positioned for accelerated growth as market conditions improve."

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