HONG KONG, March 11 /Xinhua-PRNewswire-FirstCall/ -- GigaMedia Limited (Nasdaq: GIGM - News) announced today its outstanding full-year 2007 results with revenues climbing 77 percent to a record $166.9 million, and operating income rising 73 percent to $38.1 million, both in comparison to 2006, driven by strong growth in its poker software business in continental Europe and its online games business in Asia.
Highlights of Full-Year 2007 Unaudited Results
-- Consolidated revenues rose 77 percent to a record US$166.9 million.
-- Consolidated operating income grew 73 percent to a record US$38.1
million.
-- Consolidated net income of a record US$38.9 million, up 63 percent
after deduction of a one-time after-tax disposal gain of
approximately $7.0 million in 2006. GAAP basic and fully-diluted
earnings per share were US$0.74 and US$0.65, respectively.
-- Non-GAAP net income was US$40.6 million. Non-GAAP basic and fully-
diluted earnings per share were US$0.77 and US$0.68, respectively,
which excludes non-cash share-based compensation expenses.
-- Cash, cash equivalents and marketable securities-current totaled
US$79.9 million at year end.
Highlights of Fourth-Quarter 2007 Unaudited Results
-- Fourth-quarter poker software revenues grew 21 percent from the
third quarter of 2007.
-- Consolidated revenues climbed 59 percent to US$47.7 million from
US$30.1 million in 2006 and grew by 11 percent from the previous
quarter.
-- Consolidated operating income rose 16 percent to US$9.3 million from
US$8.0 million in 2006 and declined by 7 percent quarter-over-
quarter.
-- Consolidated net income increased 8 percent to US$10.7 million from
US$9.9 million in 2006 and grew by 10 percent from the previous
quarter. GAAP basic and fully-diluted earnings per share were
US$0.20 and US$0.18, respectively.
-- Non-GAAP net income was US$11.3 million. Non-GAAP basic and fully-
diluted earnings per share were US$0.21 and US$0.19, respectively,
which excludes non-cash share-based compensation expenses.
Recent Developments
-- World Series of Poker: Everest Poker secures key multiyear
sponsorship -- strong platform for launch into U.S., pending
legalization.
-- EA SPORTS FIFA Online 2: Southeast Asian affiliate Infocomm Asia
Holdings signs with Electronic Arts -- brings hot game to more than
20 million online gamers and over 100 million soccer fans in SE
Asia.
Net income in 2007 was a record US$38.9 million, up 63 percent after deduction of a one-time after-tax disposal gain of approximately $7.0 million in 2006. Full-year 2007 non-GAAP basic and diluted earnings per share were $0.77 and $0.68, respectively, which exclude non-cash share-based compensation expenses.
Fourth-quarter 2007 total revenues were $47.7 million and net income was $10.7 million, up 11 and 10 percent, respectively, from the third quarter of 2007. Fourth-quarter non-GAAP basic and diluted earnings per share were $0.21 and $0.19, respectively.
"GigaMedia had a great year - solid execution delivered record revenues, operating income and profit while we continued to invest strongly in our core businesses and develop new business opportunities," stated Chief Executive Officer Arthur Wang. "We made excellent progress building a powerful online entertainment brand in Europe and an enormous pan-Asian online game platform, and closed out the year with strong momentum driving an even stronger 2008."
"We are looking at a great year in 2008, a combination of strong organic growth accelerated by major deals such as the key sponsorship of the World Series of Poker driving growth in Europe," stated CEO Arthur Wang. "And in Asia, we have the honor to partner with the very best like Electronic Arts to bring top online games to our pan-Asian online entertainment platform."
Heerlijk toch, wordt een mooie dag !
Jay, ALL IN