Gigamedia Limited (NASDAQ:GIGM)

Third Quarter 2019 Financial Results

• Revenues increased approximately by 9.0% quarter-on-quarter to $1.91 million from $1.75 million in the second quarter of this year, and by 14.8% year-over-year from $1.66 million in the same period last year.
• Gross profit increased to $1.05 million from $0.77 million in the second quarter of 2019.
• Net loss reduced considerably to $0.24 million from $0.61 million in last quarter, and from $1.08 million in the same period last year.

In the third quarter of 2019, total revenues increased by 9.0% to approximately $1.91 million, from $1.75 million last quarter. While the increase of revenues was mainly due to seasonalities exhibited in certain games for summer peak and anniversary promotions, the overall gross margin widened to 55.0%, compared to 44.0% in last quarter and 41.8% in the same quarter last year, as a result of an improved cost structure.

And we were also making progress in developing in-house offerings, among which a new casual game platform will be released to the closed and then open beta testing tracks in the next quarter.

"During past quarters in 2019, besides pursuing an internally-driven growth by developing our own offerings, we continued improving the cost structure of our licensed game operations, as well as calibrating our marketing and promotional strategies for better effectiveness," said GigaMedia CEO James Huang, "and the efforts now gradually began to bear fruits."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of October 31, 2019. 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 2018 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

"Following our strategic plan outlined in the beginning of 2019, we have steadily built up healthier operations for both our licensed and self-developed games, and have accumulated momentums for future growth," said GigaMedia CEO James Huang. "In the coming quarter, we will continue to boost productivities by improving existing products and services, introducing own offerings, along with adopting strategies of promoting customer relationships."

As for the customer platform, "while it is still at a nascent stage and we are working on creating capacity for providing more diverse products and services, it presents a great potential on saving marketing and channel costs," continued CEO James Huang. "And we consider it essential in broadening and cultivating a loyal and profitable customer base, where we can take various initiatives to promote customer values."

Meanwhile, our business strategies always include expanding through mergers and acquisitions. "We will also continue reviewing prospects that can provide synergies to our business for accelerating our growth and enhancing shareholders' value," stated CEO James Huang.

Second-Quarter 2019 Financial Results

• Consolidated revenues for the second quarter of 2019 increased by 18% quarter-on-quarter to $1.8 million from $1.5 million in last quarter, and by 5.49% year-over-year from $1.7 million the same period last year.
  
•  Net loss in the second quarter of 2019 was $0.6 million, comparable to a net loss of $0.5 million in the first quarter this year, and slightly improved from a net loss of $0.8 million in the second quarter of 2018. 

In the first half of year 2019, we continued devoting efforts to optimizing our product portfolio, building up brand strength and enhancing operational efficiency. For our business in licensed games, the successful launch of Senran Kagura: New Link in April has brought us a satisfactory amount of revenues in its introductory stage, while two underperforming games were terminated.

For in-house offerings, besides improving the existing self-developed games, we also have made progress in developing a new casual games platform, aiming to launch it in the second half of 2019. "As discussed in previous release guidance, we put emphasis on enhancing our in-house products. The direct investment into in-house product development was over $600 thousand in the first half of 2019, which was 9.5% higher than in the same period last year," said GigaMedia CEO James Huang.

We were also developing a customer platform, which will contribute to our operations in establishing relationships, saving marketing costs, and creating capacity for providing augmented products and services. "The customer platform is currently under small-scale test-run, but we believe the growing interaction of the customer platform and our wide range of diverse game offerings will generate synergistic effect for one another in the future," said CEO James Huang.

"The numbers might look similar as in prior quarters," stated CEO James Huang, "but the robustness is now exhibited in our operations, and momentums have gradually accumulated."

TAIPEI, Taiwan, June 24, 2019 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 67,829 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.5014 on June 19th and 21st, 2019. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 803,327 shares, an ownership of around 7.27% in the Company.

First-Quarter 2019 Financial Results

• Consolidated revenues for the first quarter of 2019 decreased by 8.4% quarter-on-quarter to $1.5 million, from $1.6 million in the fourth quarter of 2018, or by 31.3% year-over-year from $2.2 million in the first quarter oonsolidated gross profit decreased to $0.7 million from $0.9 million in last quarter and from $1.2 million the same quarter last year.
• Net loss of the first quarter of 2019 was a net loss of $0.5 million, approximately comparable to a loss of $0.5 million in the fourth quarter of 2018, and improved by $0.3 million when compared from the same quarter last year.

Comments from Management

In the first quarter of 2019, we continued our streamlined operations of licensed games while growing and developing our own offerings. In spite of an 8.4% decrease in revenues during this quarter, operating loss maintained at approximately $0.9 million, comparable to the previous quarter.

"The strategy we have adopted since 2018," said Giga GigaMedia CEO James Huang, "is making a difference. By trimming off or terminating underperforming products or services and selectively introducing new ones, an improved allocation of resources now delivers a more solid productivity and opens up possibilities for exploring a long-term growth path."

We prepared for in the first quarter, and launched in early the second quarter of 2019, Senran Kagura: New Link, a licensed card battle game. It is one of the popular Senran Kagura series that is developed by a subsidiary of Marvelous Inc., a Japanese game developer. By targeting a niche audience that loves the series, this game is well received. While we have just launched it and are still fine-tuning the operations, based on the initial results, we are very optimistic about its contribution to our following quarters.

Meanwhile, we were also making progress in renovating and developing our offerings, as well as building up an advanced framework for promoting customer relationships. We believe the cultivation of a loyal customer base on our own offerings will eventually further boost customer value and create revenues and profits

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of May 2, 2019. 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 2018 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

 "While we feel quite positive about the new licensed game we just launched in early April 2019," said CEO James Huang, "we believe the strategy of in-house developing own offerings and creating customer value is of vital importance for GigaMedia's future."

"At the same time, we keep seeking strategic investment targets with expertise of AI or big data," said CEO James Huang. "These technologies are changing the world with enormous potentials of enhancing efficiencies, unlocking hidden values, or even creating new businesses. With such a strategic investment, we can exploit our techniques of data analytics at exploring applications of these technologies. Such an investment also presents synergies for elevating our customer experiences and extracting value from our vast database."

Fourth-Quarter 2018 Financial Results

• Consolidated 4Q revenues decreased 2.59% quarter-over-quarter and 20.17% year-over-year. Full year revenues decreased 38.77% to $7.1 million from $11.6 million in 2017.
• Income from operations for 4Q was a loss of $1.0 million, representing a loss reduction from $1.5 million in 3Q, mainly due to a decrease in advertising expenses. Full year operating loss, if excluding impairment losses and gain on termination of agreement, was a loss of $4.6 million for 2018, representing a loss increase of $2.4 million from approximately $2.2 million for 2017.

Accordingly, in 2018 GigaMedia moved boldly forward to executing the strategy of optimizing our product portfolio by trimming off or terminating products or services that were below requirements, and introducing license game more selectively. On the other hand, we set in motion consolidating substantial resources for developing our own offerings, into which direct investment was more than $1 million during 2018.

"With the high margin of our in-house products, we are allowed latitude to act proactively for a flexible combination of marketing and promotional means to boost productivities," stated GigaMedia Limited CEO James Huang, "and for our own offerings, it is all the more essential and valuable to develop long-term customer relationships."

In 2018, we invested further to enhance CRM system, which will contribute to our operations in building up relationships, saving marketing costs, and creating capacity for providing augmented products and services. The cultivation of a loyal customer base will eventually further boost customer value and create revenues and profits.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of April 03, 2019. 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 2017 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

We believe it is critical for us to adopt the strategy of developing in-house offerings and promoting customer relationships. We expect these endeavors will begin contributing to our productivities and profitability in the second half of 2019.

"Meanwhile, we keep seeking strategic investment targets with expertise of AI or big data, in order to strengthen our business and maximize shareholders' value," said GigaMedia CEO James Huang, "Such a capacity presents synergies for us in elevating customer experiences and refining our data analytics techniques of extracting value from our vast database."

TAIPEI, Taiwan, Dec. 26, 2018 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 150,000 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.7962 on December 19th and 21st, 2018. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 700,066 shares, an ownership of around 6.33% in the Company.

Third-Quarter 2018 Financial Results

• Consolidated revenues for the third quarter of 2018 maintained at $1.7 million approximately the same as in prior quarter and decreased year-over-year from $2.3 million to $1.7 million.
• Consolidated net loss of the third quarter of 2018 was $1.1 million compared to $0.8 million in last quarter.

"In this quarter, new games have been added in our female-oriented product line to provide diversity and satisfaction, but nonetheless, it is the proven success in existing games like Yume 100 that we laid stress on enhancing and replicating," said GigaMedia Limited CEO James Huang.

"Meanwhile, we continued carrying out the plan of renovating the legacy casual games as well as re-activating our own vast customer base, and we expect favorable results to exhibit in the coming quarters," continued CEO James Huang. "To our goal of achieving a long-term balanced growth, it is very essential to re-invigorate our legacy self-developed games."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of October 31, 2018. 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 2017 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

GigaMedia CEO James Huang said: "In the following quarters, we will put more efforts on improving productivity in operating of existing games, and especially on in-house developing and revitalizing our self-developed games."

"While we continue seeking suitable strategic investment and acquisition targets to increase corporate growth and maximize shareholders' value, considering recent fluctuations in world equity market, any opportunities will be approached very cautiously. Meanwhile, we believe a profitable entertainment business of ours would certainly give us more leverage and present more possibilities of synergies when we are entering into a strategic cooperation and acquisition," stated CEO James Huang.

TAIPEI, Taiwan, Sept.18, 2018 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 69,967 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.9929 on September 13th, and 14th, 2018. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 550,066 shares, an ownership of around 4.98% in the Company.

TAIPEI, Taiwan, Aug. 17, 2018 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 111,387 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.9540 on August 14th ,15th, and 16th 2018. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 480,099 shares, an ownership of around 4.34% in the Company.

Second-Quarter 2018 Financial Results

• Consolidated revenues for the second quarter of 2018 decreased by 23.2% quarter-on-quarter to $1.7million from $2.2 million in last quarter, and by 46.8% year-over-year from $3.1 million the same period last year, as revenues from Dragon, a star last year, has declined in past months.
• Consolidated net loss (income) of the second quarter of 2018 was a net loss of $0.8 million, compared to a net loss of $0.9 million in the first quarter of 2018 and a net income of $0.9 million in the second quarter of 2017. The period variations primarily reflected the factors affecting consolidated loss from operations and non-operating income.

In the past one year, the Company has steadfastly implemented a prudent strategy in selecting, publishing and operating licensed games as well as developing its own digital entertainment services. While the second quarter saw a decrease in the Company's revenues, the components of the revenues were more robust than a year ago when the CEO James Huang was newly appointed.

"In online games, we continue to make progress in shifting our product mix, terminating products that are short-lived or nonperforming, and devoting to product line that comprises of long-lifespan games," said GigaMedia Limited CEO James Huang. "Games like Dragon indeed had brought surges in revenues in the prior quarters, but their short lifecycle made the initial investment in them highly risky when their revenues began dwindling a few months soon after launch.

"In executing the new strategic stability initiatives, we now made it essential to consider a product's long-term sustainability before investing in it," continued CEO James Huang, "In this manner, we launched in last December 'Akaseka', a romance-based game in which players assume the role of a sacred shrine maiden; and another new title 'Sengoku Night Blood' in July 2018, featuring werewolf/vampire romances in Japan Warring States period. In following quarters, we expect to launch one or two more licensed games that are with high customer stickiness. Meanwhile, we are also endeavoring to cultivate and build a stronger customer base, and to enhance the suite of our self-developed casual games, aiming for more balanced growth for GigaMedia."

"And no large amount of licensing, marketing or development expenditures is to be committed now before a product's profitability is proven. While launching a new title in the increasingly competitive game industry is more and more risky and expensive, we elect to adopt such an approach that mitigates the risks significantly," continued CEO James Huang.

"And while our business strategies always include expanding through mergers and acquisitions, the recent rapid developments in world economy certainly caution against any haste.

"Overall, we are confident that we are on the right track to deliver solid financial performance and balanced growth, starting 2018 and on," stated GigaMedia Limited CEO James Huang.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of August 1, 2018. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company's 2017 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

Digital Entertainment Business
The management team has done a magnificent work executing new strategic stability initiatives. A strong product line made up of long-lifespan games is gradually built up, and initial steps taken to create a stable and profitable business model. A new title "Sengoku Night Blood" has been successfully launched on July 5, 2018, and another female-oriented title is expected later this year.

Moreover, a series of events in this autumn are planned to celebrate the 20th anniversary of GigaMedia's casual games, and the events are expected to re-active the old customer base, bring in new members and give a boost to the revenues. Also a celebration in this autumn, for the third anniversary of GigaMedia's first female-oriented Yume100, is also under preparation.

"We forecast a solid revenue growth to begin in the following quarters, driven by the newly launched games and the promotions," said GigaMedia Limited CEO James Huang, "And effective control over the operating expenses and precision marketing and advertising will help us heading to a healthier growth path."

TAIPEI, Taiwan, June 6, 2018 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 31,901 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $3.1016 on June 4th and 5th, 2018. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 368,712 shares, an ownership of around 3.34% in the Company.

First-Quarter 2018 Financial Results

• Consolidated revenues for the first quarter of 2018 increased 6.5% quarter-on-quarter to $2.2 million from $2.0 million in the fourth quarter of 2017, but decreased by 47.9% year-over-year from $4.1 million in the first quarter of 2017.
•  Net income (loss) of the first quarter of 2018 was a net loss of $0.9 million, deteriorated by approximately$1.9 million from a net income of $1.1 million in the fourth quarter of 2017, mainly due to the reversal of income tax liabilities of $1.7 million in the fourth quarter of 2017.

In the first quarter of 2018, the digital entertainment service revenues increased 6.5% due to a new game launched in mid-December 2017, which led a growth in gross profit by 20.6% quarter-on-quarter.

Currently, there are three licensed games in pipeline waiting for release. Management is looking forward to seeing healthy growth of our new licensed games and expecting to have a long-term profitability. 

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of May 2, 2018. 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 2017 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

GigaMedia CEO James Huang stated: "We have launched one more female-oriented game 'Akaseka' in December 2017, which contributed stably. We will keep looking for more female-oriented games to enhance revenue stability healthy margin. And with smart spending on commercial advertisements to achieve high efficiency on marketing expense, improvements in revenues will accompany with operating profits of more robustness.

Management will continually search for high gross profit games to maintain a stable and increased level of profitability by introducing more quality games in the coming quarters.

To look over the past two years, the management has been clearing up assets, trying to keep more cash on hand. We are persistently and prudently searching for investment targets with high potentials to expand our business and drive higher return for our shareholders."

Fourth-Quarter 2017 Financial Results

• Consolidated 4Q revenues decreased 11.98% quarter-over-quarter and 0.49% year-over-year. Full year revenues increased 29.26% to $11.6 million compared to $9.0 million in 2016.
• Consolidated net income of the fourth quarter of 2017 was a net income of $1.1 million compared to a net loss of $2.8 million in the fourth quarter of 2016.
  

"After the efforts in recent years in cleaning up the Company's balance sheet and streamlining its operations, GigaMedia is now operating with a healthy margin, efficient marketing expenditures and disciplined overhead costs," stated GigaMedia Limited Chief Executive Officer James Huang.

The following forward-looking statements reflect GigaMedia's expectations as of March 29, 2018. 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 2016 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

GigaMedia CEO James Huang stated: "We are continually looking for high gross profit games, focusing on smart spending on commercial advertisements to achieve high efficiency on marketing expense. With these the strategies, we can see the improvements now. 

To look over the past two years, the management has been clearing up assets, trying to keep more cash on hand. We are persistently searching for investment targets with high potentials to expand our business and drive higher revenue for our shareholders."

TAIPEI, Taiwan, Dec. 21, 2017 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 44,133 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $3.0058 on December 19th and 20th, 2017. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 336,811 shares, an ownership of around 3.05% in the Company.

TAIPEI, Taiwan, Dec. 8, 2017 /PRNewswire/ -- GigaMedia Limited (GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 55,070 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.9375 on December 6, 2017. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 292,678 shares.

Third-Quarter 2017 Financial Results

• Consolidated revenues for the third quarter of 2017 decreased 26.08% quarter-on-quarter from $3.1 million to $2.3 million and slightly decreased year-over-year from $2.5 million to $2.3 million.
• (Loss) Earnings per share attributable to GigaMedia is (0.01) vs. last years same quarter of (0.20).

In the third quarter of 2017, a good progress in curbing net cash outflow can be seen in GigaMedia. As we have switched our focus to developing and cultivating long-term relationship with customers, even with no new game published in the past three quarters, stable revenue generated from the long-lifecycle games and the effort we put in to optimize the marketing cost in acquiring new users had led our game division reaching the break-even point.

Strategies of focusing on long-lifespan mobile games and executing effective resource planning and management help the Company to increase gamers' satisfaction and stickiness. At the same time, we add new contents onto our social casino game platform to boost gamers' retention and return rate.

To have reasonable margins and positive cash flow in game sector also helps GigaMedia to bring in profit to the Company and Shareholders.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of October 31, 2017. 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 2016 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

GigaMedia CEO James Huang stated: "We are working on content enrichment and platform optimization for our social casino games to maintain stable cash flow. Two to three female-oriented games are scheduled to be released in the next twelve months. This will also build a stronger revenue stream for GigaMedia.

With spend smart approach, stable revenues and improved cash flow, we are confident that we are on the right track to deliver resilient financial performance. We continue reaching out to a wide range of business targets and having full studies on them, and we will carefully select investment objects with comprehensive consideration."

TAIPEI, Taiwan, Aug. 23, 2017 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 100,000 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.94 on August 21, 2017. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 137,608 shares.

TAIPEI, Taiwan, Aug. 16, 2017 /PRNewswire/ -- GigaMedia Limited (GIGM) released an announcement dated August 15, 2017, advising a change of major shareholder. The Company made an amendment today to clarify the ownership status of its shareholder.

As the Company's announcement on the 16th of November, 2015, John-Lee Andre Koo transferred his shareholding vehicle for shares of GigaMedia Limited from Best Method Limited to Champion Allied Limited.

On the 14th of August, 2017, John-Lee Andre Koo transferred his share in Champion Allied Limited to Symporium (PTC) Ltd, in its capacity as trustee of Citadelle Trust.  John-Lee Andre Koo is the settlor of Citadelle Trust and exercises sole voting and investment power over all of the shares of GigaMedia Limited held by Syporium (PTC) Ltd, in its capacity as trustee of Citadelle Trust. The Citadelle Trust is a revocable trust and John-Lee Andre Koo is the sole beneficiary of the trust.

Mr. John-Lee Andre Koo's shareholding vehicle for shares of GigaMedia Limited remains in Champion Allied Limited and the number of shares held under his beneficial ownership has no change as well. The change of ownership status has no impact on the Company's operating results.

TAIPEI, Taiwan, Aug. 15, 2017 /PRNewswire/ -- GigaMedia Limited (GIGM) notifies that there was a change in its major shareholder (largest shareholder) on August 14, 2017 stated as follows:

On August 14, 2017, Mr. John-Lee Andre Koo transferred his shares of GigaMedia Limited in Champion Allied Limited to Symporium (PTC) Ltd, in its capacity as trustee for Citadelle Trust. John-Lee Andre Koo is the settlor of Citadelle Trust and exercises sole voting and investment power over all of the shares of GigaMedia Limited held by Syporium (PTC) Ltd, in its capacity as trustee of Citadelle Trust. The Citadelle Trust is a revocable trust and John-Lee Andre Koo is the sole beneficiary of the trust.

The number of shares held under Mr. John-Lee Andre Koo's beneficial ownership remains no change.

Second-Quarter 2017 Financial Results

• Consolidated revenues for the second quarter of 2017 decreased 24.8% quarter-on-quarter from $4.1 million to $3.1 million and increased 51.2% year-over-year from $2 million to $3.1 million.
• Net Income (Loss) Per Share Attributable to GigaMedia, Diluted $0.08 vs last years $(0.07).

"In the past years, we could see some big fluctuation in traffic for social games. In order not to make our business seems like it's on the roller coaster, we now focus on seeking licensed games which have the potentials to be long-term hits instead of the ones live shortly like a flash in the pan.

GigaMedia will launch a new game this year and we are looking forward to improving performance and delivering positive operating income from mobile games which have long lifespan." said GigaMedia Limited Chief Executive Officer James Huang.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of July 31, 2017. 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 2016 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

First-Quarter 2017 Financial Results

• Consolidated revenues for the first quarter of 2017 increased more than 100% quarter-on-quarter to $4.1 million from $2 million in the fourth quarter of 2016, and from $2.4 million in the first quarter of 2016, representing a 72% year-over-year.
• Basic and Diluted (Loss) Income from continuing operations was $(0.07) vs. last years same quarter of $(0.10).

In the first quarter of 2017, the gaming revenue reached a 103% increase which led our gross profit to grow by 133% quarter-on-quarter. Comparing with the same quarter last year, there were also 72% and 67% increases on gaming revenue and gross profit, respectively.

The new mobile game Dragon, launched in mid-December 2016, has started to show its return in this quarter and benefit the Company significantly. Dragon's total revenue in the first quarter amounted to $2.3 million. Management is glad to see the great performance of our new licensed game, and expect to see it having a long-term profitability.

Nevertheless, Management looks forward to maintaining a stable and increasing level of profitability by introducing more quality games in the coming quarters.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of May 8, 2017. 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 2016 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

Yume 100, GigaMedia's first female-oriented game, has received favorable comments since its launch and its revenue accounted for 42% of the total revenue in 2016. More and more researches indicate that females start to game more than males and there are lots of games now aiming female leads in hopes of getting into a female market demographic. This year, we will keep looking for more female-oriented games in order to explore more potential gamers, enhance revenue growth momentum while keep a healthy and steady gross margin. With the new Chief Executive Officer James Huang's specialties in investment, GigaMedia also looks forward to potential opportunities to expand the business.

Fourth-Quarter 2016 Financial Results

• Fourth quarter gross margin rate increased approximately 13% year-over-year from 42.66% to 48.14%.
• GigaMedia, Diluted was $0.25 vs last years loss of $(0.77)

"2016 was a year full of challenging competitions in the gaming industry in Taiwan. With the competitor among the world and the booming business in China, both our headquarter team and gaming sector unit worked very hard to seek suitable acquisition or partnership opportunities, and catch onto market trend of entering female niche market in order to keep up the revenue growth.

Yume 100, launched in 2015, has continued the great performance in 2016. It brought in $3.8 million during 2016 which represented 42% of the revenue from games. In December 2016, we licensed in Dragon, due to the fiscal period, we are not able to see the results right in the fourth quarter of 2016, but we are all eager to see its performance in the first quarter of 2017 and expect we will have a good start for 2017.

Apart from keeping up the revenue growth, we continued to curtail our operating cost and expense. Comparing the year 2015 and 2016, the losses from operation reduced significantly, which also helped the Company to remain in good financial health as we can see the Company's full year gross profit had increased approximately 255% from $1.4 million to $4.8 million.

Enhancing shareholder value is the most important to the Company, the management team and the Board also carefully evaluated several business opportunities to widen our revenue streams. We look forward to updating our new progress to our shareholders soon," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of April 24, 2017. 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 2015 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

As of 31 December, 2016, besides our self-developed social casino games and one PC game Tales Runner, GigaMedia has 4 licensed games online, namely Dragon, Yume 100, Shoumetsu Toshi and JJHero. Our mobile and social casino games have brought in approximately $9 million in 2016. We continue providing new events and upgrading systems for our gamers in order to create better gaming atmosphere, at the same time we aim to reach higher pay rate and ARPPU (average revenue per paying user) to support future growth for the Company.

Due to the expense on sales and marketing in the fourth quarter, the management expects to see revenue growth in the first quarter of 2017. In the coming year, the Company also expects to acquire more players and steady revenue growth through new games launches and suitable investments.

Third-Quarter 2016 Financial Results

• Consolidated 3Q revenue grew 19 percent quarter-on-quarter and 23 percent year-over-year; gross profit increased 35 percent and 338 percent comparing with Q2 2016 and Q3 2015 respectively.
• Loss from continuing operations was $(0.20) vs. last years loss of $(0.03).

"This quarter, we are pleased to announce the efforts we put in the prior quarter generated a positive return on the revenue. The online and offline events we held not only have enhanced the Company's brand visibility but also driving more leads back to the games," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

"According to research, there are more than 440 million gamers in China and about 35 percent of the users use paid services. It's a big market we can't neglect. At the same time, the qualities of Chinese games are improving nowadays. We will move step by step to get accurate predictions on the licensed games performances and also on the self-developed products, we expect to provide more quality and fun games to our gamers," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

"Currently, Japan is the second largest mobile games market in the world, behind only China. We are happy to see that there are more Japanese gaming companies reach us initiatively to discuss the opportunities of cooperation due to our hard work on operating licensed games in Taiwan and Hong Kong and this also makes us able to bring in more quality games," continued GigaMedia Limited Chief Executive Officer Collin Hwang.

"As for our social games, we plan to enrich this category by adding more slots games and strengthen the original ones, to bring more entertained and mainstream games to our gamers and also improve the entire gaming atmosphere," GigaMedia Limited Chief Executive Officer Collin Hwang continued.

"For the past two quarters, we have reviewed our cloud business carefully due to the under-performance and expected cash burn. We management team decided to do strategic transformation on resource integration to improve operations and maximize long-term development and performance," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

"We have transferred our cloud services to our business partners. All the services remain the same and cost no loss to our original customers. We intend to implant our technology and know-how into gaming business, to revolutionize gaming with a cloud streaming service. Our staff in GigaCloud Ltd. will fully support GigaMedia Limited and Funtown to do the development. We will continue bringing out the best performances. Resources will be fully utilized in the company and shared by all teams which are in line with our internal integration," GigaMedia Limited Chief Executive Officer Collin Hwang continued.

"Last but not least, we are open to acquisitions so long as it has a strategic fit. With the strong balance sheet and cash we have, we would like to use our business expertise on online gaming and marketing to seeking acquisition opportunities in the United States, China, Japan and other countries, and we consider now would be a good time to explore investment opportunities. All potential investments will be evaluated carefully and thoughtfully to maximize shareholder value," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of November 4, 2016. 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 2015 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In the fourth quarter, Gigamedia expects the following initiative will make contribution and boost revenues.

1. The integration of cloud technology and online game business.
2. New licensed mobile game which is licensed from China is scheduled to launch in the fourth quarter.
3. The Company has completed development of its self-developed social game products which will be considered to add into Company's social game platform after the internal testing process is finished.

Second-Quarter 2016 Financial Results

• Consolidated revenues for the second quarter of 2016 were $2.1 million; this compared to $2.4 million in the first quarter of 2016 and $2.7 million in the second quarter of 2015. The quarter-on-quarter revenue decrease reflected the low season of gaming business in Taiwan and Hong Kong.
• Net Income (Loss) Per Share Attributable to Diluted $(0.19) vs. last years same quarter gain of $0.12

"Second quarter is commonly the low season for gaming industry and in this quarter we put more budgets on marketing to promote our games, especially via television advertising and offline events. We expect our investment on advertisements can attract more players in the upcoming summer vacation and boost the revenue," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

"Currently there are 180,000 downloads of our new game Shoumetsu Toshi and we are happy to see this game be recommended by App Store and Google Play. Meanwhile, our teams are keen to ensure we are on the right track and modify marketing plans according to players' feedbacks," GigaMedia Limited Chief Executive Officer Collin Hwang continued.

"In order to provide the best possible gaming environment and experiences to social games players, we are working on the integration of our servers and databases in Hong Kong and Taiwan, and maintain high stability of our games. Through marketing and operational strategies, positive growth is anticipated in the coming quarter.

"In the second half year, we will continue to make progress improving our product pipeline, and to license in and out good-quality games. Besides the revenue from licensing out the game - ArcheAge, we also scheduled to launch another new game in the next half year, continue to expand our product stream," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

First-Quarter 2016 Financial Results

• Consolidated revenues for the first quarter of 2016 increased to $2.4 million from $2.3 million in the fourth quarter of 2015 and decreased from $3.2 million in the first quarter of 2015. The quarter-on-quarter increase reflected the steady growth in the Company's games business FunTown.
• Diluted $0.10 vs. last years same quarter of $0.47.

"The positive increase in revenue of our licensed game, Yume100 which began last quarter, has continued into 2016. The revenues in the fourth quarter of 2015 were 0.98 million, and for the first quarter of 2016 increased by 26 percent to $1.24 million," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "We are glad to see the steady growth, and going forward, we remain committed to keep the revenue growing up."

"In the following quarters, we will launch new licensed games from Japan, Korea and China. We expect to add new revenue streams from our licensed products," GigaMedia Limited Chief Executive Officer Collin Hwang continued.

"Meanwhile, we also persist in reviewing our operational plan of Cloud business. We plan to combine our experiences in online games and cloud business, which allow us to provide integrative services to game companies or potential entrants in gaming industry. While we restructure our cloud business, we are also looking for overseas partners for casual game business. This could help us to realize the plan of integration."

"Besides keeping the Company's online games maintain stable, and study the feasibility of the transformation of cloud business, cost saving is still undergoing to increase operations efficiency," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of May 6, 2016. 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 2015 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

The mobile gaming business has been on the track since the fourth quarter of 2015, and in this quarter, the Company continued bringing in revenue and achieved break even. The Company has met the expectation on the cost reduction and margin improvement. In the upcoming quarters, new licensed games will be published, and the Company hopes to see the same or better performances as "Yume100" by generate stable revenues and creating margin.

With regards to social casino game platform, the revenues grew 16% from $0.75 million to $0.88 million.

As for computing business, the Company is currently restructuring the business plan. The Company is eager to combine cloud and gaming business to increase the probability for success.

Fourth-Quarter 2015 Financial Results

• Consolidated revenues were $2.4 million, grew by 17.4% quarter-on-quarter primarily due to the growth of mobile gaming business with the revenues of $2.2 million in 4Q15, up from $1.7 million in 3Q15. The revenues were down by 11.4% quarter-over-quarter as the Company was restructuring its cloud computing business in 4Q15 and its contribution dwindled.
• EPS Basic and Diluted was loss of $(0.81) vs. last years gain of $0.49.

Message from Management

Fourth quarter was crucial for our company as we completed the restructuring of the organization. Both the management and the board agreed to remain the Company in good financial health. Therefore, in 2015, the Company endeavored to clean up the underperforming business and investment assets, and streamline the mobile game business.

In the fourth quarter, the operating revenues generated from the online and mobile game business were $2.2 million, and its gross profit was $1.1 million and gross margin accounted for about 50%, of which improved adequately compared with 28% of gross margin in 1Q15.

In 2015, the annual operating revenues were $10.3 million, up by 4.8% from $9.8 million of 2014. However, the Company recognized $4.3 million of impairment losses in 2015 mainly for prepaid license and royalty fees of ArcheAge as a result of an evaluation of its possible profitability upon release. The short-term borrowings decreased from $18.6 million in 2014 to $6.1 million in 2015; besides, given the market volatility, the Company disposed most of its marketable securities and realized a capital gain at the amount of approximately $20 million.

At the end of September last year, the Company launched a new mobile game namely "Yume100" licensed from Japan. With this game, the Company started to find a niche market, targeting female players in the age range of 20 to 40. Up to now, it's been six months upon its release in Taiwan and its revenue generation continues to be consistent. As of the end of 2015, the sales revenues generated by Yume100 were about $1 million. Due to the success of Yume100 launch in Taiwan, more and more well-known developers get to approach us for cooperation.

Looking forward to 2016, the Company plans to penetrate the female niche market and meanwhile, expects for collaboration with more renowned game developers aiming at publishing more popular games with good quality and good monetization. Besides, while the Company continues to look for investment opportunities, the management still remains conservative views on the global economic outlook, and carefully evaluates the investment potential.

TAIPEI, Taiwan, December 29, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that its Chief Executive Officer Collin Hwang has purchased a total of 173,523 shares of GigaMedia stock at an average price of $2.98 during the period between December 18, 2015 and December 23, 2015. The purchases were made during an open window period and in full compliance with all company and legal guidelines. Mr. Hwang's decision to purchase shares reflects his firm confidence in the company.

Mr. Collin Hwang now holds a total of 636,833 shares, an ownership of around 5.76% in the Company.

TAIPEI, Taiwan, Nov. 18, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that its Chief Executive OfficerCollin Hwang has purchased a total of 858,412 shares of GigaMedia stock at an average price of $0.58 during the period betweenNovember 9, 2015 and November 16, 2015. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Collin Hwang, CEO of the Company, stated " Due to the the rapid changes and instability in global economic condition, we had to re-evaluate our moving forward strategy. On the other hand, we keep the cash in hand and will continue to look for potential investment opportunities which could bring consistent revenue and profits to the Company. At present, our company's net cash value is aboutUS$1.2 per share and around 90% of the cash is in US dollar which is getting strong but we are able to minimize the loss on currency exchange. In addition to the aforementioned, I do believe that our company's current stock price is far more undervalued. And that's why I purchased more our company's shares on the market."

Mr. Collin Hwang now holds a total of 2,316,550 shares, an ownership of around 4.2% in the Company.  

TAIPEI, Taiwan, Nov. 10, 2015 /PRNewswire/ -- Across the Pacific Ocean, a private Docker container based platform, Tesseratic Container (TC) Engine wasannounced on Oct. 23, 2015 by GigaCloud located at Neihu Science Park in Taipei. Based on the latest Docker container standard, Tesseratic Container Engine allows developers to deploy and manage containers intuitively through the graphical user interface (GUI). Users can deploy Docker containers without a single command line. With the GUI, containers can be easily assigned into a cluster and a group of clusters can be set into a microservice just by clicking a mouse.

Through Tesseratic Container Engine, deploying a Docker container becomesextremely easy and developers can immediately enjoy the benefit of high availability, load balance and scalability naturally built on the platform. It truly provides an efficient platform-as-a-service (PaaS) for programmers to focus onservice development without disturbing infrastructure. What is even better is thatthe Tesseratic Container Engine actually packages itself as a container, so that it can be easily run on any public cloud, private cloud, hybrid cloud, OpenStack or even bare metals. It provides flexibility and high mobility for developers to build their services wherever they want. Via Tesseratic Container Engine, orchestration has never been this easy and that brings DevOps into real implementation. If agility is king, then TC Engine is the king of agility.

As the booming market of e-commerce (ECs), Internet of Things (IoTs) and Big Data all over the world, the Tesseratic research and development team seesopportunities for even greater usage of Docker container technology. "When we first revealed our product to startups and container experts in Taiwan, we saw their eyes sparkle with excitement and when it came time for Q&A, questionswere immediately asked about our product. They haven't seen any container platform that provides such an intuitive interface and is able to make the continuous delivery (CD) into practice. It's really shortened the time to market period for service providers," says Simon Lee, CEO of GigaCloud.

"Unlike other container platform providers, we consider the total control over the service without any vendor lock-in to be the most beneficial solution for enterprises and startups. Thus, Tesseratic is a private cloud based platform, once users purchase it; they can deploy it wherever they like. For both enterprises andstartups, it will be easier for them to control their overall budgets. Right now, we are looking for markets not only in Taiwan, Hong Kong and mainland China, but also the USA, since we believe our competitive price pack and service solution is definitely a better bargain for SMEs (Small and Medium Enterprises) and startups run their service in a certain scale. Meanwhile, we are open to build-up any good partnerships of those markets too," Simon Lee added.

The Tesseratic Container Engine is the first product line of Tesseratic. After all the build up, Tesseratic Hypervisor Engine and Tesseratic OpenStack will soon be revealed to the users. For more information, please visit http://www.tesseratic.com

TAIPEI, November 5, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) (the "Company"), an online games and computing services provider, today announced that its Board of Directors has authorized the Company to seek shareholder approval to effect a reverse stock split of GigaMedia's common stock. The reverse stock split is currently anticipated to be in a 1-for-5 ratio. The reverse stock split proposal will be submitted to shareholders at an Extraordinary General Meeting of GigaMedia's shareholders. An affirmative vote by shareholders will permit the Board to implement the reverse stock split.

Assuming the anticipated ratio, at the effective time of the reverse stock split, every 5 shares of issued and outstanding common stock will be converted into one share of common stock. The reverse stock split affects all of the issued and outstanding common shares, stock options and other equity awards of the Company. The reverse stock split will reduce the number of shares of common stock outstanding from approximately 55.3 million shares to approximately 11.1 million shares.

The primary purpose of the reverse stock split is to bring the Company back into compliance with the minimum bid price requirement on the Nasdaq Capital Market. In order to regain compliance, the minimum bid price per share of the Company's common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on January 11, 2016.

Additional information will be set out in the Company's proxy statement which will be delivered to shareholders during the week of November 23, 2015.

Third-Quarter 2015 Financial Results

Consolidated revenues were $ 2.0 million, dropped by 26.5% quarter-on-quarter and 18.9% quarter-over-quarter respectively mainly due to a decline of the overall business.

Diluted (Loss) income from continuing operations was $(0.01) vs. last years loss of $(0.09).

Message from Management

For the third quarter of 2015, the sales revenues were $2.0 million. The contribution made by the mobile games, the social casino games and the cloud computing business accounted for about 52.4%, 30.4% and 17.2% respectively.

In the third quarter, the Company streamlined the mobile gaming business. The Company reviewed all the existing games, halted the ones with weak monetization and repackaged the ones considered better monetization for re-launch. It is expected to see its margin improve by the end of this year.

In addition to the social casino games platform, it has started to hold the online qualifying tournaments of the World Series of Mahjong 2015. It is also a good opportunity to testify the quality and loading capacity of this in-house developed platform.

With regard to cloud computing business, for the nine months of 2015 compared with the same period of 2014, the business grew by approximately 128% and the gross loss narrowed. For the third quarter of 2015 compared with the previous quarter, although the business went down, the Company believes that the cloud computing business will outperform its last year performance.

Last but not least, due to the recent slowdown of global economy and stock market, management decided to terminate the acquisition of Strawberry Cosmetics. In consequence of the termination of the acquisition, the Company had to pay $2.0 million consideration to Strawberry Cosmetics as stated in the announcement dated October 7^th, 2015 and the $2.0 million payment will impact its 4Q 2015 financial results.

Before the market rebounds, management will remain conservative in investment. At the present stage, management will make more effort to streamline the current operations, continue to maintain a healthy financial structure and meanwhile, look for other potential investment opportunities in Asia.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of November 4, 2015. 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 2014 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

The mobile gaming business has been underperforming. In the third quarter, we continued to work on the integration of the resources of our gaming business in Taiwan and Hong Kong in order to streamline the operations. We hope to see significant effect on the cost reduction and margin improvement in the next two quarters. Besides, the Company published a new popular game "Yume100" from Japan targeting teenage girls and young single women who really indulge into fanfiction and this game has high monetization in Japan. We expect it to have the same performance in Taiwan and Hong Kong markets by bringing stable revenues and creating margin. This game has been launched for about one month in Taiwan and Hong Kong and received a huge response from the players; moreover, achieved to break even upon the launch on the market.

In addition to social casino game platform, for the next quarter it will continue to hold the online qualifying tournaments for World Series of Mahjong 2015 until the land-based finals in Macau.

TAIPEI, October 7, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM), an online games and computing services provider (the "Company" or "GigaMedia"), today announced that it has entered into a mutual termination agreement with the shareholders of Strawberry Cosmetics Holding Limited ("Strawberry Cosmetics"), a global cosmetics e-commerce company, to terminate a share purchase agreement that the parties previously entered into on June 26, 2015 for GigaMedia to acquire a 70% equity interest in Strawberry Cosmetics (the "Acquisition"). The total consideration payable by the GigaMedia for the Acquisition was approximately US$93.1 million.

Due to the recent and drastic slowdown in global economy and stock market that resulted in a change in business development strategy on the part of GigaMedia, the board of directors of GigaMedia concluded that the mutual termination of the Acquisition was in the best interests of GigaMedia stockholders. In connection with the termination, the parties have entered into a mutual termination agreement, whereby GigaMedia will pay US$2.0 million consideration to the shareholders of Strawberry Cosmetics and the parties, in turn, have agreed to release each other from any claims relating to the proposed Acquisition.

Collin Hwang, CEO of GigaMedia, commented that "While the rapid changes and instability in global economic condition have forced us to re-evaluate our moving forward strategy, GigaMedia continues to believe Strawberry Cosmetics to be well established with a proven e-commerce platform. We believe the potential synergies continue to exist between GigaMedia's expertise in information technology and Strawberry Cosmetics' excellent product portfolio and consumer reach. While GigaMedia will no longer take a majority interest in Strawberry Cosmetics, we will continue to explore possibilities of other cooperation arrangements to explore synergistic opportunities."

Second-Quarter 2015 Financial Results

• Consolidated revenues were $2.7 million, dropped by 13.7% quarter-on-quarter mainly due to the decrease of the new game releases, but increased by 10.4% quarter-over-quarter due to the growth of the cloud computing business.
• Net Income (Loss) Per Share Attributable to GigaMedia, Diluted EBITDA ^(A) was $0.02 vs. last years same quarter loss of $0.05.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as ofAugust 5, 2015. 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 2014 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In the third quarter of 2015, the Company will continue to attend the gaming events in order to promote the co-developed new games and attract overseas publishers to license them in various countries. Meanwhile, for mobile gaming operation, the Company currently seeks for cooperation with overseas online platforms in order to better the monetization of the games.

With regard to social casino game platform, the Company continues the cooperation talk with overseas operators in order to license "ClubOne" not only in China but also in South East Asia by the end of 2015.

As for cloud computing business, the Company will continue to provide customized and integrated services to the corporate customers. Management also expects it to improve its margin while the sales revenues are increasing.

TAIPEI, June 26, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) (the "Company"), an online games and computing services provider, today announced that it has entered into a share purchase agreement to acquire a 70% equity interest in Strawberry Cosmetics Holding Limited ("Strawberry Cosmetics"), a global cosmetics e-commerce company (the "Transaction"). The total consideration payable by the Company for the acquisition is approximately US$93.1 million.

Information on Strawberry Cosmetics

Strawberry Cosmetics is an established online distribution and retail platform of beauty products, which owns and operates the website "StrawberryNET.com" and the related mobile application. It has a comprehensive sales and distribution network covering the major countries worldwide, with increasing contributions from the fast growing economies in Asia. StrawberryNET.com is translated into 38 languages, and has a customer base of over 3 million customers worldwide. Strawberry Cosmetics has also established a global sourcing network of a comprehensive range of beauty products with more than 700 brands and 30,000 stock keeping units.

Consolidated sales revenues of Strawberry Cosmetics and its subsidiaries in the recent four years have been over US$200 million per annum. The revenue contribution is attributable mainly to the Oceania, United States and Europe markets. The Asian market still has considerable potential to grow. In this respect, Strawberry Cosmetics will benefit from the Company's existing marketing resources for further expanding its Asian market and will integrate the Company's technology expertise for enhancing its future product strategy.

Major Reasons for the Transaction

Diversification and exposure to e-commerce - As Strawberry Cosmetics is an established and proven e-commerce platform with existing customer base, the Company is of the view that the Transaction would help diversify the Company's overall business risks and broaden the Company's business portfolio in the Internet and technology sector, and allow the Company to tap into the fast growing beauty and cosmetics e-commerce market.

Potential synergies - The Company sees potential significant synergies with Strawberry Cosmetics from leveraging the Company's expertise in information technology, online and offline marketing, as well as its local connections in various Asian countries including China, Japan and South Korea.

The completion of the Transaction is subject to the Company's shareholders' approval at an extraordinary general meeting of shareholders to be held on August 5, 2015 and other customary conditions. The Transaction is expected to be completed in the third quarter of 2015.

TAIPEI, May 12, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) (the "Company") today announced that, on May 8, 2015, the Company has entered into a non-binding letter of intent (the "Letter of Intent") with an independent third party in relation to the Company's potential acquisition of a controlling interest in a global cosmetics e-commerce company (the "Target") (the " Potential Acquisition").

Information on the Target

The Target is an established online distribution and retail platform of beauty products, with its own website and mobile application. It has a comprehensive sales and distribution network covering the major countries worldwide, with increasing contributions from the fast growing economies in Asia. The Target has also established a global sourcing network of a comprehensive range of beauty products with more than 700 brands and 30,000 stock keeping units. The Target has an annual net turnover of over US$ 200 million.

Major Reasons for the Potential Acquisition

Diversification of the Company's existing business and exposure to the fast growing cosmetics e-commerce market. As the Target is an established and proven e-commerce platform with existing customer base, the Company is of the view that the Potential Acquisition would help diversify the Company's overall business risks and broaden the Company's business portfolio in the Internet and technology sector, and allow the Company to tap into the fast growing beauty and cosmetics e-commerce market.

Potential synergies with the Target. The Company sees potential significant synergies with the Target from leveraging the Company's expertise in information technology, online and offline marketing, as well as its local connections in various Asian countries.

The Letter of Intent does not constitute any legally binding obligations on the parties in relation to the Potential Acquisition. The Potential Acquisition is subject to satisfactory due diligence by the Company, negotiation of the definitive binding agreements, obtaining of all the necessary corporate and regulatory approvals and waivers. 

TAIPEI, May 8, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that Chief Financial Officer (CFO) Dirk Chen ("Dirk") has resigned his position from the Company for his personal reasons but remains on the Board of Directors to continue to assist the Company in strategic decision making. The resignation is effective as of May 1, 2015. Prior to GigaMedia, Dirk had served Chailease Holding Co., Ltd. for 30 years and retired. Dirk joined GigaMedia in February 2012. Together with the management team, Dirk strengthened the Company's financial foundation and ensured the Company with good corporate governance and sound financial practices.

Collin Hwang, Chief Executive Officer of the Company, stated "On behalf of the Board and the management, I would like to thank Dirk for his contributions to the Company during his tenure, and wish him well in his future endeavors."

Mr. Huang Shih-Chin, the current head of Finance Department of GigaMedia will assume CFO duties on an interim basis.

First-Quarter 2015 Financial Results

• Consolidated revenues were $3.2 million, grew by 18.9% quarter-on-quarter and 45.4% quarter-over-quarter thanks to the contribution of gaming business with the revenues of $2.7 million in 1Q15, up by 58.8% from $1.7 million in 4Q14 and 35.0% from$2.0 million in 1Q14.
• Income (loss) from continuing operations Diluted $0.09 vs. last years quarterly loss of $(0.06)

In 2014, the Company initiated the collaboration with Korean gaming studios for co-developing new games and acquired licenses of the new games from other Asian developers.

In the first quarter of 2015, the Company benefited from five mobile games released in late December 2014 and also a RPG mobile game published in February this year, and the contribution made by the mobile games accounted for about 59.0% of the total operating revenues. The contribution made by the social casino games and the cloud computing business accounted for about 27.0% and 14.0% respectively of the operating revenues. The operating revenues were US$3.2 million, grew by about 18.9% quarter-on-quarter. In addition, the Company continued to dispose partial marketable securities in the first quarter of 2015.

However, the margin and the life cycle of gaming business continue to decrease while the expenses continue to increase. The revenue of cloud computing business compared with the same period of 2014 improved significantly yet still remains big room to grow, and so does the social casino game business.

Management expects the Company's mobile gaming business to maintain stable, and its social casino game and cloud computing businesses to expand in 2015, and meanwhile, considers possible strategic investments or partnership to be an alternative as an injection of business synergies to the Company in order to support its future revenue growth.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of May 7, 2015. 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 2014 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In 2015, the Company has started to attend the overseas gaming events in order to attract worldwide publishers and expand the Company's brand exposure. In this way, management expects the co-developed games to be ready by the third quarter this year and license them to the overseas publishers.

For social casino game platform, the Company aims at increasing the marketing campaigns, including but not limited to joint-sponsor the related international tournaments or attend the events.

With regard to cloud computing business, the Company will provide more open source alternatives and integrated services to the corporate customers. Management expects it to increase its revenues and also improve its margin.

Fourth-Quarter 2015 Financial Results

• Consolidated revenues were $2.7 million, grew by 7.6% quarter-on-quarter due to the growth of cloud computing business with the revenues of $0.9 million in 4Q14, up from $0.2 million in 3Q14 as the contribution from online game business was $1.7 million, down from $2.2 million in 3Q14 (-22% quarter-on-quarter) and $2.5 million in 4Q13 (-29% quarter-over-quarter) respectively.
• Net Income (Loss) Per Share Attributable to GigaMedia, Diluted was 0.10 vs. last years same quarter loss of (0.60)

In 2014, the Company launched one social casino game, one PC-based MMO game and five RPG mobile games mainly in Taiwan, Hong Kong and Macau; meanwhile, self-developed and collaborated with Korean game studios to have its own games to publish. In addition, its cloud computing business launched an integrated cloud service in combination of business card management and virtual platform solution for Taiwanese corporate customers.

The revenues generated in 2014 were mainly attributable to the existing games and cloud computing business. Most of the games were released in late December 2014 and therefore, these new released games are expected to make a contribution on the revenues in the first quarter of 2015. Nevertheless, based on the Company's unaudited financial results, its current stock price is considered much discounted compared with its cash value per share.

Management believes that the year of 2014 was the downturn of the Company's restructuring as the cloud computing business just started to take off, the new games continued to release on the market in late December 2014 and both collaborated and in-house developed games are ready for marketing, and same as the casino game platform. Besides, compared with the third quarter of 2014, the Company's financial position continues to increase due to the gain on disposal of partial marketable securities in the fourth quarter.

Looking forward, the Company expects to expand the South East Asian market for more market presence for its online game business, and its cloud computing business plans to penetrate further the Taiwanese SME customers. As regards the casino game platform, the Company hopes to leverage on partnership with overseas operators in order to generate more earnings.

Management is confident of the prospects in 2015 and is certain that the Company will be able to benefit from the efforts made in 2014.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of April 10, 2015. 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 2014 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

For the first quarter of 2015, GigaMedia expects total revenues to increase by double-digit growth rate compared with the fourth quarter of 2014, primarily contributed by the five new games released in late December 2014 and one new game in February 2015.

Looking ahead of 2015, management expects:

1. Co-developed and self-developed games to be ready by the third quarter and hopes to license to the overseas gaming publishers;
2. New licensed mobile games to acquire more players in order to increase economic scale;
3. For cloud computing business, it is expected to enlarge its Taiwanese SME customer portfolio and also its market presence;
4. Club One, a self-developed social casino platform, to start to license to the overseas operators in April.

TAIPEI, March 12, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced attendance to the "Game Connection America 2015" event in San Francisco from March 2^nd to March 5^th. The Company is aiming at introducing new in-house developed games, while exploring overseas partners for more business opportunities to expand its international presence.

The Company had three games for its premier promotion at the event, namely "Fantasy League", "Deadtopia" and "JaeJae Guardians". The first two titles were developed in partnership with Korean game studios, whereas the latter title was developed by GigaMedia.

"Fantasy League" is a 3D RPG about collecting Creature characters and quest adventures in a 3D picture book, with a Korean styled art theme experience. Players can make use of creature's various skills, formation and class effects to form a powerful team to battle against the evil forces.

"Deadtopia" is a cross-platform FPS (first person shooting) game, powered by Unreal Engine 3 for both PC and mobile devices. Featured by various game modes and battle scenes, this game also enables the players to play in virtual reality which increases excitement and involvement. "Deadtopia" is expected to be available on the market in the second quarter of 2015.

"JaeJae Guardians" is a self-developed, tower defense casual mobile game. JaeJae, a famous Taiwanese illustrator and an IP acquired by GigaMedia, is the leading character of the game. The storyline illustrates JaeJae on an adventure to save another character while recruiting companions along her journey for support. "JaeJae Guardians" is featured by its triple row battle strategy where players now must consider enemies coming in three row lines instead of the classic simple line tactic.

All three games received enthusiastic responses from publishers and developers at the event. Publishers from different countries showed high interest in licensing the demonstrated three games. The Company will carefully evaluate and select appropriate publishers for partnership and expect all three games to be released on the market for players in the second quarter this year.

TAIPEI, February 10, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that the Company has released four Role-Playing games at the end of December 2014. One is for PC-based players and the other three are for mobile game players. For mobile games, players can play them on iOS or Android. The most popular one among the four games has attracted more than 40,000 members per month since its release. And it was even listed on top 10 of Google Play's latest popular games in Taiwan. Its pay ratio for the month of January was at about 4.4% and its ARPU (Average Rate Per User) was NTD5,000 (equivalent to about US$157). The other games' average ARPU for the month of January was about NTD1,500 (equivalent to about US$47), which was considered an adequate performance in the Taiwan mobile game market.

Before the Chinese spring festival, the Company will launch another new game which is a 3D anime-style RPG and will enable the players to enjoy both the visual and the audio effects when playing. The background of the game's contents is epic alike. Players play the role as savior of the doomsday to experience a series of adventures for saving the world. Besides, players can not only choose five hero characters at a time to forge an alliance but also invite their friends to play together in a team at the same time. The Company believes that this 3D anime-style RPG will attract more diversified players and hopefully outperform for a success. This new game will be available for both iOS and Android devices upon its official release.

In summary, the Company will have five games, including the new 3D anime-style RPG, available on the market for players in February; moreover, will continue to increase marketing for more exposure for the incoming Chinese New Year's holidays in order to acquire more players and better the revenue.

TAIPEI, January 20, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM), an online games and computing services provider, today announced that it received a Deficiency Letter for the minimum bid price requirement for continued listing, dated January 14, 2015, from the NASDAQ Stock Market LLC (the "Nasdaq Letter"). In the letter, it indicated that the Company failed to meet the minimum bid price requirement as set forth in Listing Rule 5450(a)(1). It has resulted from the fact that the bid price of the Company's common stock closed below US$1 per share for the last 30 consecutive business days.

In accordance with Nasdaq Stock Market Rule 5810 (c)(3)(A), GigaMedia has a grace period of 180 calendar days, or until July 13, 2015, to regain compliance. If at any time before July 13, 2015, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide a written notification to the Company indicating that it complies with the Minimum Bid Price Rule.

Nasdaq Letter has no immediate impact on the listing of the Company's common stock on the Nasdaq Stock Market. The Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "GIGM."

Gigamedia will monitor the bid price for its common stock between now and July 13, 2015, and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement.

This announcement is made in compliance with Nasdaq Stock Market Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

TAIPEI, December 23, 2014 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that Giga Card Cloud Service and Virtual Platform Solution launched by its GigaCloud Business are available on the market.

Card Cloud Service provides business card management by transforming physical cards into digital information. It backs up the scanned physical business cards, and the contact details are stored and managed centrally. It also consists of the functions of authority management, quick search of business card directory and remark information and CRM (Customer Relationship Management) integration. Giga Card Cloud Service allows customers to scan, remark, share, manage and search the business cards saved in the cloud anytime and anywhere through all kinds of devices and browsers, and it ensures that the contact information of business cards will not be lost or damaged even if the mobile device used by the customer is accidentally deleted. Besides, given that the employees resign, Giga Card Cloud Service can help the enterprises preserve the information of customers, which is considered an important part of the corporate assets. The contact information will also be stored on the mobile phone's address book which enables the users to call any phone number and view the address on the map.

GigaCloud's Virtual Platform Solution is to help corporate customers design and build their private clouds integrated with the company's Cloud Services. In comparison with traditional software program for corporate use, it is expensive for upgrade fees when corporate customers require for expanding the scope of application; moreover, the expenses are high for purchasing tailor-made business software. GigaCloud's "Virtual Platform Solution" facilitates corporate customers to effectively increase the utilization of their existing IT infrastructure and easily enlarge the scope of application with improved agility, reliability, scalability and cost-savings.

GigaCloud will continue to work with the software partners for providing diversified cloud services in the future.

Third-Quarter 2014 Financial Results

• Consolidated revenues for the third quarter of 2014 were $2.5 million, flat compared to $2.5 million in the second quarter of 2014 and down from $3.8 million in the third quarter of 2013.
• Net Loss Per Share was $0.09 vs. last years loss of $0.06

"In Q3, revenues were flat reflecting portfolio and business model weaknesses in our online games business," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "We have addressed these issues and expect results to improve quickly going forward."

"Our team has done a tremendous job executing new strategic growth initiatives," stated CEO Collin Hwang. "We have built a strong pipeline and also taken initial steps to create a more powerful business model."

"We now expect to launch five titles in the fourth quarter, including four mobile games and one MMO," stated CEO Collin Hwang. "And we anticipate another strong launch schedule in Q1 2015."

"In addition to building our pipeline, we have taken first steps to vertically integrate - to strengthen the company's development, distribution, and operations of games and services," stated CEO Collin Hwang. "As a result, for the first time, our games business is positioned to benefit from operating self-developed products and licensing out GigaMedia's original IP."

"A new business model is emerging that will enable us to deliver increased revenues from expanding to larger markets and higher quality revenues from self-developed products and from licensing out," stated CEO Collin Hwang. "In 4Q, we are starting operations of our new self-developed social games platform in Greater China, and in 1Q15 we plan to start licensing out another new social games platform plus two new original IP mobile games and one MMO to operators in some of Asia's largest markets."

"Complementing this, in cloud computing, we continue moving toward becoming a full-service provider, adding new products and services," stated CEO Collin Hwang. "In 4Q, our cloud business forecasts revenue growth on higher sales of IaaS services and SaaS solutions."

"In sum: retooling and improvements continue, momentum is growing," stated CEO Collin Hwang. "We believe we have reached a turning point and are confident in delivering growth and improved financial performance going forward as we execute our strategic growth plans."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of October 23, 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.

In the fourth quarter, GigaMedia expects total revenues to increase to approximately $3.0 million to $3.5 million, boosted by new game products and a small increase in cloud revenues.

Management expects the following online game initiatives to begin making contributions in the fourth quarter and represent the main revenue streams in the period:

1. New licensed mobile games -- GigaMedia has scheduled four new mobile games for launch during the fourth quarter that it has licensed from Asian developers.
2. New Web-based MMO game KingsRoad -- GigaMedia expects to launch Rumble's acclaimed next-generation browser action/role-playing game KingsRoad by December.
3. New social game platforms -- GigaMedia has completed development and testing of its first self-developed social games product, Fortune Casino, an open platform that creates a new distribution channel for gaming operators targeting Asia. The platform features a broad selection of play-for-fun social casino games. GigaMedia expects to launch the platform in Greater China by November. GigaMedia plans to begin offering operators a second self-developed solution, ClubOne, in January 2015. ClubOne is a complete, proprietary solution that will feature a broader variety of play-for-free social games from which operators may select. GigaMedia expects to begin white labeling the software to online gaming operators in early 2015.

TAIPEI, September 29, 2014 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today updated its short-term product pipeline and launch schedule for GigaMedia's online games business.

The company's online games business plans a robust launch schedule in the short term with six new games and two new social games platforms in the next four months.

"Over the next several months, we expect to benefit from our efforts to quickly build our pipeline with relatively low cost licensed mobile games and high-quality Web games," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "We also expect to begin benefiting from new self-developed products in the period, starting with a new social casino platform launched this month in Taiwan."

"Overall, we are moving to end dependence on publishing games of other companies," stated CEO Collin Hwang. "We are making good progress in building new higher-quality revenue streams and positioning our businesses to drive shareholder value."

GigaMedia has licensed five mobile games from Asian game developers and plans staggered launches of the games over the next four months. The titles include a variety of role-playing games from Korean developers, the racing game Crazy Taxi:City Rush from Sega, and Tales Runner Rush & Dash, a new mobile version of the popular online game Tales Runner. The mobile games will be released for Android and iOS devices and are free to play; players can make in-app purchases that facilitate gameplay.

In addition to the mobile game launches, GigaMedia also plans to launch near year-end the acclaimed next-generation browser action/role-playing MMO game, KingsRoad. In KingsRoad, players choose from one of three different classes -- knight, archer, and wizard -- and embark on a journey across the kingdom of Alderstone to reclaim their land from the monstrous creatures that threaten it. The game is an innovative blend of console game excitement with the simplicity, low cost and convenience of no installation required browser play.

The company also expects to benefit over the next several months from its first new self-developed gaming products. GigaMedia's pipeline of self-developed products for the period consists of gaming software platforms for social games, including social casino games, one of the fastest growing and most profitable segments of online games. GigaMedia has launched a first solution, Fortune888.com.tw, an open platform that creates a new distribution channel for gaming operators targeting Asia. The platform currently features a broad selection of play-for-free social casino games from MicroGaming, one of the world's foremost gaming software developers. GigaMedia plans to begin offering operators a complete, proprietary solution, ClubOne, in December. ClubOne will feature a broader variety of play-for-free social games from which operators may select. The solution is designed to function across PC, mobile and tablet platforms and enhance player monetization. Players can invite friends via social networking services and through personal contact lists and can also manage and promote their own club to win virtual rewards that can be converted for use on third-party properties. All games on ClubOne have been developed by GigaMedia.

Second-Quarter 2014 Financial Results

• Revenues 2.5 million down 32% from last years same quarter
• Net Loss Per Share Attributable to GigaMedia, Diluted $0.05 vs. last years $0.00.

"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."

TAIPEI, June 5, 2014 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that it has secured exclusive license rights from Rumble Entertainment, Inc. to offer and operate their acclaimed next-generation browser action/role-playing game, KingsRoad. 

Rumble is renowned for creating high-end, free-to-play games that push the boundaries of quality and technology. Rumble's games are designed to be easy to play, real-time and available across platforms. Rumble has a top-tier management and development team composed of experienced professionals from leading game companies, including Blizzard Entertainment, Inc., Electronic Arts Inc., and Bioware/Pandemic.

KingsRoad is a multiplayer action role-playing game (RPG) that delivers AAA visuals and gameplay, delivered instantly on the Web. In KingsRoad, players choose from one of three different classes -- knight, archer, and wizard -- and embark on a journey across the kingdom of Alderstone to reclaim their land from the monstrous creatures that threaten it. KingsRoad offers real-time action combat, a robust loot and skill system and towering bosses with none of the grind associated with RPGs of the past. Session-based gameplay, drop-in three player co-op, cloud-saved game data and absolutely no barriers to entry give players a truly epic action-RPG experience on both the Web and iPad.

"KingsRoad is an innovative, brilliant blend of the real flavor of console games with the simplicity and convenience of browser play," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "Split into short sequences, players can play with friends or alone whenever they have an extra 10 minutes and later pick up right where they left off."

"This is a gaming experience that hasn't been seen before," stated GigaMedia CEO Collin Hwang. "Triple-A quality, exciting MMO action, with low cost and no installation required is also a great fit with our markets."

"Our markets are rapidly transitioning from PC-based gaming to browser and mobile gaming, creating new opportunities," stated GigaMedia CEO Collin Hwang. "No one is more thoughtful about market changes and opportunities than Rumble -- we are thrilled with their game and delighted to partner with them."

"We designed KingsRoad to have a broad international appeal and GigaMedia is the ideal partner to help introduce the game to a new audience," stated Rumble Chief Executive Officer Greg Richardson. "With GigaMedia's localization and operating expertise, along with our ongoing updates and game additions, we are confident that together we've created a winning combination for gamers across Asia."

Under the terms of the agreement with Rumble, GigaMedia has exclusive rights to operate KingsRoad in Taiwan, Hong Kong, and Macau for three years.

GigaMedia expects to launch KingsRoad in Taiwan, Hong Kong and Macau in late 2014.

Fourth Quarter 2013 Financial Results

• Consolidated revenues for the fourth quarter of 2013 were $3.4 million; this compared to $3.8 million in the third quarter of 2013 and $4.8 million in the fourth quarter of 2012.
• Net Loss Per Share Attributable to GigaMedia, Diluted was 0.60 vs. 0.30 from the previous years quarter

"A year ago, GigaMedia was a struggling games business saddled with old games and outdated technology," stated GigaMedia Chief Executive Officer Collin Hwang. "During the year, we added new talent, rebuilt and refocused."

"Today much has changed - a vibrant, innovative company is emerging with new products and advanced technology," stated CEO Collin Hwang. "Our businesses are rapidly building momentum and our outlook is strong."

"In online games, we have successfully launched our first mobile game and expect to add several more this year," stated CEO Collin Hwang. "We are also preparing for the launch of two new game platforms: a new concept social mobile game platform, and a casino game platform that will feature both our products and those from future partners."

"In cloud computing, our integrated software as a service solutions are now generating revenue and we are expanding our offerings based on market feedback," stated CEO Collin Hwang. "We will soon launch new private versions of our hosted software as a service solutions and a new virtual desktop offering."

"Looking ahead, we expect strategic partnerships to support both our online games and our cloud growth plans," stated CEO Collin Hwang. "We are well positioned to benefit from market growth and are confident that our new operations will drive accelerating revenues and growing shareholder value in 2014."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of April 10, 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 2012 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

TAIPEI, March 22, 2014 /PRNewswire/ -- 

4Q Preliminary Results

• Revenues of approximately $3.4 million, down 11 percent Q-o-Q, in line with the company's guidance. The decrease reflected the end of operations in December of the game A.V.A. and a continued decline in contributions from PC-based casual games, partially offset by new contributions from the cloud computing business in the fourth quarter.
• Consolidated operating expenses of between $32 million and $33 million, including non-cash impairments of approximately $30 million consisting primarily of write-downs on goodwill and intangible assets. During the fourth quarter, GigaMedia recorded a full impairment of goodwill and intangible assets related to the company's legacy PC-based online game business acquired in 2006 to reflect continued declines in that market since that time, as well as GigaMedia's shift in focus away from its legacy PC-based online games platform. GigaMedia has restructured its online games operations and is now focused on browser/mobile and social casino games. Excluding all non-cash impairments, consolidated operating expenses were approximately $2.7 million, down from the third quarter of 2013 and representing the lowest consolidated operating expenses of the year.
• Net loss of between $30 million and $31 million, including 1) the aforementioned non-cash impairments of approximately $30 million and 2) non-operating income of $1.2 million. Excluding the non-cash impairments, net loss was approximately $500 thousand.
• Cash flow from operations was an outflow of approximately $1.8 million, an increase from cash outflow in the third quarter of $78 thousand, due primarily to the following: severance payments related to headcount reductions; annual employee bonuses; and annual audit fees.
• Cash and marketable securities-current of approximately $80.3 million, or approximately $1.58 per share, up from $74.3 million at the end of 3Q13; short-term debt of approximately $4.4 million. During the fourth quarter management took advantage of low interest rates in Taiwan to fund, in local currency, new strategic growth initiatives.

GigaMedia Limited (NASDAQ: GIGM) announced today preliminary fourth-quarter 2013 consolidated financial results.

"We made great progress in 2013 in building new businesses and strategically positioning ourselves for strong, long-term growth," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "We refocused from PC-based games to browser/mobile and social casino games and launched a new cloud computing business."

"Momentum is now building: our cloud business reported its first revenues in the fourth quarter and recently we launched our first mobile game," stated CEO Collin Hwang. "Over the next several months, both our online games and cloud businesses will be launching new products, helping to compensate for the continued decline in our legacy PC games business."

"Our growth plans are on track and we are confident they will drive accelerating revenues and increased shareholder value in 2014 and beyond," stated CEO Collin Hwang.

The financial results presented above are preliminary and subject to completion. GigaMedia's expectations with respect to these unaudited results are based on management estimates and information available at this time. As a result, these preliminary estimates may be different from the actual results that will be reflected in GigaMedia's consolidated financial statements for the fourth quarter of 2013 when they are released.

GigaMedia expects to announce its fourth-quarter 2013 financial results, together with a discussion of new business initiatives, in early April.

TAIPEI, March 5, 2014 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that it released the mobile strategy card game Three Kingdoms Partner for Android devices.

The game launch is the first of several initiatives planned for 2014 to strengthen and expand GigaMedia's online game business with new mobile/browser games and social casino games.

"This launch marks an important first step in re-aligning our game business with market growth," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "We will continue to add new mobile, browser, and social casino games this year and are confident our growth initiatives will drive strong growth in our player base and accelerating revenues in 2014."

Third Quarter 2013 Financial Results

• Consolidated revenues for the third quarter of 2013 were $3.8 million; this compared to $3.7 million in the second quarter of 2013 and$7.2 million in the third quarter of 2012.
• Diluted EPS was a loss of $(0.06) vs. last years third quarterly gain of $0.11

"Earlier this year, we formed new mobile games and social casino games teams � part of our strategic expansion initiatives in online games," stated Collin Hwang, chief executive officer of GigaMedia Limited. "We have made good progress in adding new talent to these teams and developing these new game platforms, which has strengthened our outlook for 2014."

"We also launched a new cloud computing business this year to drive further growth," stated CEO Collin Hwang. "I am very pleased to announce that we expect our first top-line contributions from the cloud business in 4Q13 and we forecast momentum to continue from exciting new growth plans for 2014."

"Overall, our 2014 financial outlook is bright with a growing pipeline of mobile and social casino games, the MMO game ArcheAge, a new and expanding cloud business, and a solid balance sheet," stated CEO Collin Hwang. "We expect our sharply lowered cost structure, growth plans and strategic M&A to drive significant growth in shareholder value in 2014 and beyond."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of November 13, 2013. 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 2012 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission asreferenced below, actual results may differ materially.

3Q Preliminary Results

• Revenues of approximately $3.8 million, up 4 percent Q-o-Q.
• Consolidated operating expenses of approximately $6.6 million, including a non-cash impairment of$3.1 million mainly related to a legacy game development project pursued by previous management. Excluding the non-cash impairment, consolidated operating expenses were approximately $3.4 million, up 6 percent Q-o-Q, due to increased research and development expenses, which more than offset a decrease in general and administrative expenses.
• Net loss of approximately $3.1 million, including 1) the aforementioned non-cash impairment of $3.1 million and 2) non-operating income of $1.3 million. Excluding the non-cash impairment, net income was approximately $30 thousand.
• Cash flow from operations was nearly neutral with a net outflow of approximately $78 thousand.
• Cash and marketable securities-current of approximately $74.3 million, or approximately $1.46 per share, up from $73.0 million at the end of 2Q13; zero debt.

GigaMedia Limited (NASDAQ: GIGM) announced today preliminary third-quarter 2013 consolidated financial results.

"In the third quarter, we made good progress in strengthening and optimizing our existing PC games business while preparing for the launch of our new mobile and browser-based games business," stated GigaMedia Limited Chief Executive Officer Collin Hwang.

"During the next several months, we will continue work on our new social casino games platform, a key part of our growth strategy," stated CEO Collin Hwang. "We will also continue reviewing several potential strategic transactions that would enable us to accelerate our growth and enhance our value."

"Overall, we are confident that we are on track to deliver improved financial performance and enhanced shareholder value in 2014," stated CEO Collin Hwang.

The financial results presented above are preliminary and subject to completion. GigaMedia's expectations with respect to these unaudited results are based on management estimates and information available at this time. As a result, these preliminary estimates may be different from the actual results that will be reflected in GigaMedia's consolidated financial statements for the third quarter of 2013 when they are released.

GigaMedia expects to announce its third-quarter 2013 financial results, together with a discussion of new business initiatives, in November

Second Quarter 2013 Financial Results

• Consolidated revenues for the second quarter of 2013 were $3.7 million; this compared to $4.2 million in the first quarter of 2013 and$7.1 million in the second quarter of 2012.
• Consolidated gross profit for the second quarter of 2013 was $1.9 million compared to $2.3 million in the first quarter of 2013 and to$3.9 million in the second quarter of 2012
• Net Loss Per Share Attributable to GigaMedia, Diluted 0.00 vs. last years 0.07.

"We are continuing to make good progress in lowering our cost structure," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "Operating expenses were a record low in Q2; we have cut our operating expenses nearly 40 percent from Q4 last year, when excluding the Q4 goodwill impairment."

"The next step in our turnaround is driving revenue growth," stated CEO Collin Hwang. "We expect to start driving growth and better performance by leveraging our strengths in social casino games and a new cutting-edge games platform that will be operating near year-end."

"We are actively reviewing several strategic transactions that would allow us to maximize our opportunities and accelerate the transformation of our games business," stated CEO Collin Hwang. "We look forward to sharing more over the next six months on the development of our new games platform and business model."

"We also expect to begin seeing revenue contributions from our new cloud business after we begin marketing in late 2013," stated CEO Collin Hwang. "In sum, while it is going to take time to correct the mistakes of the past, we are confident we are on track to delivering sustainable growth and enhanced shareholder value."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of August 22, 2013. 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 2012 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission asreferenced below, actual results may differ materially

2Q Preliminary Results

• Revenues of approximately $3.7 million - better than expected, with strong performance by A.V.A. partially offsetting a traditional summer season revenue decrease. 
• Record-low headquarters expenses; consolidated operating expenses down 10 percent Q-o-Q. 
• Net income of approximately $84 thousand - better results than forecast due to better-than-expected performance of the online games business and a non-operating gain of approximately $1.2 millionrelated to the disposal of a non-strategic investment. 
• Cash outflow of approximately $5.0 million, which included full payment of GigaMedia's short-term debt of approximately $7.5 million. 
• Cash, cash equivalents, and marketable securities-current of approximately $73.0 million, or approximately $1.44 per share; zero debt. 

GigaMedia Limited (NASDAQ: GIGM) announced today preliminary second-quarter 2013 consolidated financial results.

"We are pleased to report another quarter of solid progress in our turnaround, with our revamped online games business performing better than expected in the second quarter, traditionally a weak period for online gaming," stated GigaMedia Limited Chief Executive Officer Collin Hwang. "New quarterly performance incentives and continued cost reductions are beginning to take effect."

"With leaner operations and more focused and motivated teams, we are on track for a solid second half of 2013," stated CEO Collin Hwang. "We expect our MMOs to benefit from the traditional seasonal surge in online gaming activity in the third quarter, helping to offset weakness in casual PC-based games, and look forward to extending our platform with new self-developed Web-based/mobile social casino games in the fourth quarter."

The financial results presented above are preliminary and subject to completion. GigaMedia's expectations with respect to these unaudited results are based on management estimates and information available at this time. As a result, these preliminary estimates may be different from the actual results that will be reflected in GigaMedia's consolidated financial statements for the second quarter of 2013 when they are released.

GigaMedia expects to announce its second-quarter 2013 financial results, together with a discussion of new business initiatives, in August.

TAIPEI, Taiwan, June 10, 2013 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today positive initial results from an internal restructuring completed in May, a key part of new management's turnaround plans for its online games business.

Management's plans to strengthen the financial performance of GigaMedia's FunTown online games operations include the following: 1) a new strategic focus on casual, self-developed games; 2) an internal restructuring of operations; and 3) new strategic partnerships and acquisitions. 

The restructuring centers on the creation of new teams for each major product. Teams are organized like individual studios with complete resources, including planning, operations and technology support. Complementing this are new quarterly incentives tied to team performance.

"Strong execution of our restructuring is beginning to drive operational improvements," stated GigaMedia Chief Executive Officer Collin Hwang. "In just one month, we are already seeing a faster, more nimble FunTown."

"Our MahJong team recently developed and launched a product update in just 26 days -- a process which used to take months," stated CEO Collin Hwang. "In addition, we are currently finalizing plans for a mid-June launch of a new suite of casino games."

Following the restructuring, product teams have begun reporting as individual profit centers to GigaMedia's new chief operating officer,Ronald Ho.

"Ronald and I share a common vision of leveraging our expertise in casual games to capitalize on opportunities in Greater China and are pleased with our progress to date," stated CEO Collin Hwang. "We look forward to further optimizing operations and adding new growth initiatives this year to drive improved financial performance in our online games business."

In April 2013, GigaMedia announced the appointment of Ronald Ho as chief operating officer of its FunTown online games business; Ronald joined the team as part of the company's new strategic repositioning/growth initiatives focused on extending FunTown's online game platform with self-developed casual browser/mobile games.

• Revenues was 4,187 vs last years 8,316 a 50% decrease.
• Gross profit was 2,333 cs last years 4,672 a 50% decrease.
• Net Loss Per Share Diluted Share 0.03 vs last years .05.

"We are off to a solid start in what is going to be a pivotal year," stated GigaMedia Chief Executive Officer Collin Hwang. "We are laying the foundation for growth in our online games and cloud services businesses, building-out our product offerings and improving our platforms."

"The Web/mobile games and cloud computing sectors are both rich with opportunity in Greater China," stated CEO Collin Hwang. "Our plans to begin scaling up operations in these markets in the second half of this year are on track."

"At the same time, we continue to systematically implement restructuring and efficiency initiatives to improve our cost structure," stated CEO Collin Hwang. "In the first quarter, G&A continued to trend down; headquarters expenses were the lowest in more than 15 quarters."

"Going forward, we remain committed to delivering profitable returns to shareholders and growing GigaMedia both organically and through acquisition," stated CEO Collin Hwang. "With a healthy financial position, we are confident about our opportunities for expansion."

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of May 21, 2013. 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 2012 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission asreferenced below, actual results may differ materially

TAIPEI, Taiwan, May 21, 2013 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that its GigaCloud business has been selected by the New Taipei City government to help build-out a new government cloud services platform and drive the adoption of cloud services by local small-to-medium-enterprises (SMEs); a strategic milestone in GigaCloud's expansion into regional government sectors.

New Taipei City is home to over 200,000 SMEs, the second largest concentration in Taiwan, making it a key starting point for promoting cloud services and driving SME migration.  

The New Taipei City government cloud program targets adoption of cloud technology services by 10,000 SMEs in the next 12 months in the trading, logistics, green energy, and cultural industries to help upgrade the efficiency and competitiveness of local SMEs. NewTaipei City plans approximately ten events for SMEs in the next 12 months to promote cloud services. GigaCloud will receive subsidies during the period to help support its involvement and will manage billing and customer service for SMEs that subscribe to GigaCloud's solutions.

"The government sector in Taiwan and mainland China represents an exciting opportunity for GigaCloud as more and more agencies are both moving toward cloud-based communications and computing solutions, and promoting their use by local businesses," stated GigaMedia Limited Chief Executive Officer Collin Hwang . "GigaMedia is well-positioned to meet this growing demand with a range of cloud-based software as a service that saves costs, increases flexibility, and boosts efficiencies."

Based in Taipei, GigaCloud is a provider of integrated cloud solutions and services designed to help SMEs improve their business performance and bottom-line results. GigaCloud's offerings currently consist of communication-oriented services, including hosted PBX telephone systems and hosted Internet fax service; and value-added services, such as hosted video camera surveillance systems and hosted cloud storage.

"Our business is making rapid progress and we look forward to continuing to expand the scope, reach, and quality of our GigaCloud offerings going forward," stated GigaMedia CEO Collin Hwang .

TAIPEI, Taiwan, May 17, 2013 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) ("GigaMedia") today announced preliminary first-quarter 2013 consolidated financial results were in line with guidance and rescheduled the company's first-quarter 2013 investor call to May 21, 2013 after the market closes.

Fourth Quarter 2012 Financial Results

• Fourth quarter revenues decreased to $4.8 million from $7.2 million in the third quarter of 2012 and from $7.4 million in the same period of 2011.
• Non GAAP net loss of $0.05 vs a loss of $1.01 in prior year quarter.

"In 2012, we lowered our cost structure in our online games business FunTown, helping to offset the impact of a market decline in PC-based games on our casual games business; we also started to develop a new cloud computing business," stated GigaMedia Limited Chief Executive OfficerCollin Hwang. "Despite challenging conditions, FunTown ended the year with net income, excluding impairment and bad debt charges, of approximately$2.5 million."

"In 2013, we are taking strong steps to grow and strengthen FunTown by extending our offerings to the high-growth casual browser/mobile games market and developing our games in-house versus licensing games," stated GigaMedia CEO Collin Hwang. "We are leveraging our deep expertise in casual games and our brand and creating a new multi-platform games business that delivers improved performance with lower business risk."

"We will begin by placing existing FunTown games on game platforms in China in the first half of this year," stated GigaMedia CEOCollin Hwang. "In the second half, we look forward to new casual browser/mobile game launches on FunTown."

"In our newly launched cloud computing business, we continue to see strong opportunities for our software as a service for SMEs inGreater China, and are well positioned to expand our services to government agencies," stated GigaMedia CEO Collin Hwang. "We are building a top-caliber product and team and moving quickly in Greater China."

"Our new strategic cooperation agreement with global leader Atos strengthens our services with bank-grade security customers can trust, and will accelerate our growth by extending our market presence and helping us find new distributors and customers," stated GigaMedia CEO Collin Hwang. "We plan to continue expanding the scope, reach, and quality of our cloud offerings by leveraging additional strategic channel and technology partnerships going forward."

"Finally, we expect M&A to add synergies to our businesses and help drive our growth in 2013," stated GigaMedia CEO Collin Hwang. "In sum, we are confident of delivering enhanced shareholder value in 2013 and beyond, and look forward to updating everyone on our progress."

TAIPEI, Taiwan, April 3, 2013 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today a strategic cooperation with global technology consultant Atos to strengthen and further develop GigaCloud, GigaMedia's platform of cloud solutions for small-to-medium-enterprises (SMEs).

Under the agreement, Atos will provide customer service solutions and back-end systems integration to GigaCloud. The two companies will also work to co-develop new services for SMEs.

Based in Taipei, GigaCloud is a provider of integrated cloud solutions and services designed to help SMEs improve their business performance and bottom-line results. GigaCloud's offerings currently consist of communication-oriented services, including hosted PBX telephone systems and hosted Internet fax service; and value-added services, such as hosted video camera surveillance systems and hosted cloud storage.

Based in France, Atos is a global provider of hi-tech transactional services, consulting and technology services, systems integration and managed services. For the past twenty years, Atos has managed and integrated the contributions of all technology partners and suppliers for the Olympic Games, delivering seamless and secure technology operations and services.

"Cloud computing is driving a global revolution in the way IT services are delivered to consumers; businesses now have easy access via the Internet to tools, capacity and solutions that help enterprises go to market faster and easier with lower capex requirements and flexible running costs," stated Atos, Asia Pacific Chief Executive Officer Herbert Leung . "This is particularly beneficial to SMEs. Together with GigaCloud, we will create highly innovative and competitive services and generate new business opportunities in the SME cloud service market where strong growth is anticipated."

"Small business owners in Asia are only just starting to realize they can bypass IT departments by getting the software and systems they need as a service, and paying for cloud services with simple, more cost-effective subscriptions," stated GigaMedia Limited Chief Executive Officer Collin Hwang . "GigaCloud's solutions and services are designed to meet critical needs of SMEs and help businesses rapidly and easily migrate to the cloud in a scalable way with a pay per use model."

"We are building a top-caliber product and team and moving quickly in this emerging market; cooperation with Atos will play a key role," stated GigaMedia CEO Collin Hwang . "It will allow us to deliver bank-grade security that SMEs can trust; it will also extend our market presence, helping us find new distributors and customers."

"It's an exciting time in the IP communications industry in Asia and we look forward to working closely with Atos to capitalize on opportunities in cloud-based business solutions," stated GigaMedia CEO Collin Hwang .

Preliminary Third Quarter 2012 Results

• Revenues: Remained stable quarter-over-quarter at approximately $7.2 million, in line with the company's guidance.
• Gross margin: Increased from the second quarter to approximately 68 percent, exceeding guidance.
• Operating expenses: Decreased quarter-over-quarter to approximately $5.8 million, in line with the company's guidance.
• Loss from operations: Decreased quarter-over-quarter to approximately $909 thousand, in line with expectations.

Cash, cash equivalents, restricted cash, and marketable securities-current: Increased approximately $3.5 million sequentially as of September 30, 2012 to approximately $98.4 million; total short-term borrowings decreased approximately $1.7 million to approximately $7.7 million.

The financial results presented above are preliminary and subject to completion. GigaMedia's expectations with respect to these unaudited results are based on management estimates and information available at this time. As a result, these preliminary estimates may be different from the actual results that will be reflected in GigaMedia's consolidated financial statements for the third quarter of 2012 when they are released.

"We have made steady progress building efficiencies and adjusting our business model this year and began to benefit from cost savings in the third quarter," stated GigaMedia Chief Executive Officer John Stringer. "Complementing this, we strengthened our balance sheet, consistent with our plans for accretive M&A."

"While we are pleased with our success in turning around operational challenges, we are disappointed with our recent stock price performance," stated CEO John Stringer. "We believe our stock is undervalued; nevertheless we remain confident in growing shareholder value and see significant near-term and long-term catalysts that should drive valuation."

"We will continue to benefit from lower operating costs we've built into New Giga and are starting to see increasing user engagement as we revitalize and update our offerings with Web-based games," stated CEO John Stringer. "We are also moving quickly to capitalize on new growth opportunities in Web/mobile based games and in cloud computing and look forward to sharing more on this as we go forward."

TAIPEI, Sept. 24, 2012 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that games industry veteran Steve Tsao has joined GigaMedia as president and chief operating officer of the company's FunTown online games business.

"FunTown has great opportunities to grow and create a new business model; our MahJong is renowned in Taiwan and our ARPU from casual games is exceptional," stated FunTown President Steve Tsao. "We intend to capitalize on the value of our brand and our skill in monetizing games as we extend FunTown's platform to Web/mobile games."

"We are focused on leveraging our assets, updating our products, and increasing our efficiencies," stated FunTown President Steve Tsao. "We are also beginning to rebuild development capabilities and explore growth opportunities outside Taiwan."

"As a result, FunTown is on track for improved top and bottom lines in the third quarter compared to the second quarter of 2012," stated FunTown President Steve Tsao. "We are also optimistic of delivering sequential growth in the seasonally strong fourth quarter."

TAIPEI, Sept. 6, 2012 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today provided an update to the company's third-quarter business outlook.

GigaMedia's third-quarter business outlook is as follows:

• Net cash proceeds from sales of non-core game studio holdings are anticipated to exceed the previous expectation.
• Consolidated revenues are expected to exceed the previous estimate on increased revenues from the company's FunTown online game operations.
• Gross margin is expected to be in line with the previous estimate.
• Total operating expenses are anticipated to be in line with the previous estimate.
• Consolidated operating loss is expected to be in line with expectations and smaller than second-quarter results.

Financial results for the Second Quarter of 2012.

• Revenues for the 2Q12 is $7.1 million a -19% change from last years $8.8million.
• Gross Profit was 2Q12 is $3.85 million a-22% change from last years $4.9 Million
• Net loss per share 2Q12 is $0.07 vs. last years $0.12

"In the first half of 2012 we took strong steps to turnaround our performance and build New Giga," stated Chief Executive Officer John Stringer. "We implemented extensive workforce reductions, simplified operations to capture cost savings and increase efficiencies, and took action to end the operational drags of underperforming subsidiaries that had no clear path to profitability."

"Our focus on growing lean is working," stated CEO John Stringer. "We expect our online games business to deliver positive operating income in the third quarter of 2012, and to add approximately $5 million in cash in the period from sales of game studio holdings."

"Looking ahead, we will focus on scaling up our online games business," stated CEO John Stringer. "We will also take advantage of growth opportunities in cloud computing services for SMEs in Asia with our new business - GigaCloud."

"GigaCloud is a unique cloud offering developed in close cooperation with Taiwan's financial services powerhouse Chailease and a consortium of leading technology companies," stated CEO John Stringer. "From the beginning, GigaCloud has been designed to meet the needs of SMEs in Greater China, based on feedback Chailease received from its regional SME customers, resulting in an integrated platform of key services with a strong value proposition and significant competitive advantages."

"With GigaCloud, we will be an early mover in Asia, the world's fastest growing market for business VoIP services, offering a unique product and leveraging an initial go-to-market strategy with Chailease that will put our product in front of over 15,000 SMEs in Greater China," added CEO John Stringer.

Management is reviewing and adjusting business models and implementing new strategies to build efficiencies, improve productivity and drive improved performance. This includes reducing system and administrative and organizational complexities and reducing personnel to support productivity.

Management implemented workforce reductions in the second quarter and is continuing to simplify operations to capture cost savings.

The company expects initiatives implemented in the first half of 2012 to drive productivity and cost savings in its business beginning in the second half of 2012; this will allow increased research and development to support strategic growth plans.

Management plans to launch a new Web-based action game in the second half of 2012 in Taiwan and to conduct beta testing of its new cloud computing services in the second half of 2012, with launch expected in early 2013

TAIPEI, Aug. 20, 2012 /PRNewswire-Asia/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that as a result of continued strong execution of the company's turnaround plans by new management, the company expects positive operating income in its online games business and a stronger cash position in the third quarter of 2012.

The company's turnaround plans, driven by Chief Executive Officer John Stringer, are based on effectively managing cash, driving productivity, and executing new growth plans in online games and cloud computing.

In the first quarter of 2012, to better manage cash and improve productivity, the company merged its offices in Hong Kong and began implementation of a disposal and asset optimization program targeting non-core investments and underperforming assets.

GigaMedia has continued to make progress in these efforts.

In the second quarter of 2012, to further simplify its operations and reduce its cost structure, GigaMedia reduced personnel, closed its loss-making online game operations Jidi Joy in Shanghai, and initiated the disposal of its underperforming online game operations IAHGames in Singapore. GigaMedia also continued to sell part of its non-core game studio holdings.

In the third quarter of 2012, the company has completed the disposal of its IAHGames business unit and continues to dispose of non-core game studio holdings.

Productivity and cost savings from turnaround initiatives executed in the first half of 2012 are benefiting GigaMedia's financial performance. As a result of these actions and the timing of new game licensing revenues, management expects a quarterly sequential decrease in consolidated operating loss with positive operating income in GigaMedia's online games business in the third quarter of 2012 and an operating margin in online games of approximately 15 percent.

GigaMedia's balance sheet remains healthy. The company's current cash, cash equivalents, restricted cash, and marketable securities-current were approximately $96 million as of July 31, 2012; management expects to add to this net cash proceeds of approximately $5 million in the third quarter of 2012, primarily from sales of game studio holdings.

TAIPEI, Aug. 16, 2012 /PRNewswire-Asia/ -- GigaMedia Limited (NASDAQ: GIGM) ("GigaMedia") today announced preliminary second-quarter 2012 consolidated financial results that were in line with guidance and rescheduled the company's second-quarter 2012 investor call to August 23, 2012 to include discussion of new business initiatives.

Preliminary Results

Revenues: Decreased 14 percent quarter-over-quarter to approximately $7.1 million, in line with the company's guidance.

Gross margin, excluding IAHGames: Held steady compared to the first quarter at approximately 66 percent, as expected.

Operating expenses: Decreased quarter-over-quarter to approximately $6.4 million, exceeding guidance.

Loss from operations: Increased quarter-over-quarter to approximately $2.5 million, in line with expectations.

Cash, cash equivalents, restricted cash, and marketable securities-current: Decreased approximately $1.1 million sequentially as of June 30, 2012 to approximately $94.8 million; total short-term borrowings decreased approximately $800 thousand to approximately $9.3 million.

Second-Quarter 2012 Results Rescheduleds

In order to include discussion of new turnaround initiatives and business development, GigaMedia has rescheduled its second-quarter 2012 results. Giga will report its second-quarter 2012 financial results on Thursday, August 23, 2012 after the market closes.

First Quarter 2012 Results

• Revenues for the first quarter of 2012 increased to $8.4 million from $7.4 million in the fourth quarter of 2011 and decreased from $10.4 million in the first quarter of 2011.
• Non-GAAP basic and fully-diluted loss per share in the first quarter of 2012 were both $0.05 vs a loss of $0.02 in prior year period.

"We made good progress in the first quarter building new Giga," stated GigaMedia Chief Executive Officer John Stringer. "Operating results began to benefit from our aggressive steps to improve productivity and lower our cost base, and we are continuing to take strong action to align our expense to revenue ratios with leading game companies."

"As part of our efforts to manage cash, improve margins and create a business model with leverage, we are in the process of disposing of our subsidiary IAHGames, which we expect to further strengthen new Giga's performance," stated CEO John Stringer. "Gross margin in the first quarter excluding IAHGames was approximately 65 percent."

"Looking ahead, we will continue to execute productivity initiatives, which will have stronger impact in the second half of 2012 than the first," stated CEO John Stringer. "We will also take steps to drive our top line in the second half of 2012, including implementing new performance compensation programs linked to key KPIs and adding new games."

Second Quarter Outlook

In the second quarter of 2012, management expects consolidated revenues to decline 10-15 percent from the first quarter impacted by 1) decreased contributions from IAHGames, and 2) decreased contributions from FunTown following the Chinese New Year season in the first quarter when online gamer activity peaks. Management expects gross margin to remain steady at approximately 65 percent, excluding IAHGames. Management expects a quarter-over-quarter increase in total operating expenses in the second quarter due to expenses related to workforce reductions and the disposal of IAHGames.   

TAIPEI, April 25, 2012 /PRNewswire-Asia/ -- GigaMedia Limited (NASDAQ: GIGM) today updated its progress in executing new management's turnaround plans.

The company's turnaround plans, driven by CEO John Stringer, are based on an explicit decision-making framework with clear objectives: effectively managing cash, maintaining the company's listing on NASDAQ, and executing new strategic growth plans.

As part of efforts to better manage cash, new productivity initiatives are underway to improve margins and create a new business model with leverage.

Management is currently reducing system and administrative and organizational complexities, which is expected to lower the company's cost base. This includes reducing the number of legal entities to yield savings on audit requirements, tax filings and administrative needs; reducing the number of systems used in business units to allow for better data flow and better productivity; and reducing the company's back office structure utilizing a shared hub and spoke approach to create a less costly infrastructure.

Management is also reducing personnel to support productivity. Following a reduction in force in March at Jidi Joy in mainland China, management implemented similar steps in April at FunTown in Taiwan, reducing the team from approximately 260 to 230, and is currently reviewing operations at IAHGames.

"The company's complex organizational structure, inefficiencies and redundancies have resulted in a higher cost base than best of class standards; a big opportunity to streamline, simplify how the business operates, and improve financial performance," stated GigaMedia Limited Chief Executive Officer John Stringer.

Management anticipates its initiatives to drive productivity and cost savings in all businesses and corporate functions beginning in the second half of 2012, with a portion of the savings to be re-invested for future growth and a portion to benefit ongoing financial performance.

"Our early initiatives have focused on managing cash and growing lean – creating a new business model that is viable and scalable," stated CEO John Stringer. "We are on track and expect to complement this with new strategic growth initiatives this year to further drive operational leverage as we build new Giga."

Fourth Quarter 2011 Results

• Revenues for the fourth quarter decreased to $7.4 million from $8.9 million in the same period of 2010 and from $7.8 million in the third quarter of 2011.
• Net loss for the fourth quarter of 2011 was $51.3 million compared to a loss of $41.3 million in the fourth quarter of 2010 and a loss of $7.8 million in the third quarter of 2011.
• Core net loss for the fourth quarter of 2011 was $5.5 million, compared to a core net loss of $8.0 million in the same period last year and a core net loss of $3.8 million in the third quarter of 2011. Core basic and fully-diluted loss per share in the fourth quarter of 2011 were both $0.11 vs $0.14 in prior year.

Business unit deconsolidations resulted in sharp revenue declines in 2011," stated GigaMedia CEO John Stringer. "Unfortunately, costs and expenses were not adjusted quickly enough in response, leaving a dysfunctional business model."

"In the fourth quarter, the company's top line did not improve and the cost structure remained too high," stated CEO John Stringer. "We recorded significant write-downs in the fourth quarter reflecting continued underperformance; in short it was a difficult year."

"In 2012, new Giga began to take shape: Dirk Chen, our new CFO, and I joined the board at the start of the year, right after the addition of two new board members," stated CEO John Stringer. "Together we are making good progress implementing a turnaround plan based on an explicit decision-making framework with clear objectives: 1) effectively managing cash; 2) maintaining the company's listing on NASDAQ, and 3) executing a new vision for growth."

"We are now increasing focus on key business sectors and beginning to adjust our business model to improve our expense to revenue ratio," stated CEO John Stringer. "We look forward to updating our progress in 2012, confident in our ability to deliver improved performance by year-end."

Guidance

In the first quarter of 2012, management expects consolidated revenues to be flat to slightly up compared to the fourth quarter of 2011. Management does not anticipate bad debt expenses or write-downs in the first quarter, resulting in significant decreases in total operating expenses and net loss quarter-over-quarter.   

The letter received from NASDAQ notes that for 10 consecutive business days, from January 26, 2012 to February 8, 2012, the closing bid price of GigaMedia's ordinary shares was US$1.00 or greater and states, "Accordingly, the company has regained compliance with listing rule 5450(a)(1) and this matter is now closed."

TAIPEI, Feb. 18, 2012 /PRNewswire-Asia/ -- GigaMedia Limited (NASDAQ: GIGM) ("GigaMedia") today updated its guidance for the company's unaudited fourth-quarter 2011 consolidated financial results.

The following estimates are based on the current business outlook:

Revenues: Held steady quarter-over-quarter at approximately US$7.8 million.

Operating expenses: Remained stable compared to the third quarter of 2011 at approximately US$7.9 million before bad debt expenses; increased approximately 21 percent compared to the previous quarter to approximately US$10.1 million when including fourth-quarter bad debt expenses.

Cash, cash equivalents, restricted cash, and marketable securities-current: Increased sequentially as of December 31, 2011 to approximately US$67.0 million; total short-term borrowings remained stable at approximately US$11.8 million resulting in net cash of approximately US$55.2 million in the fourth quarter, up from approximately US$44.5 million in the third quarter. Fourth-quarter cash included proceeds from the sale of GigaMedia's interest in T2CN and from the initial sales of certain of GigaMedia's Asian studio investments, which totaled approximately US$4.7 million and US$6.3 million, respectively.

Non-cash charges: Estimated to be approximately US$50-US$60 million in the fourth quarter, contributing to a net loss for the period. The company expects to report non-cash impairment charges related to investments made under previous management, primarily consisting of charges to Everest Gaming and certain assets in GigaMedia's Asian online games business.

GigaMedia expects to announce its fourth-quarter and full-year 2011 consolidated financial results in the second half of March.

Third Quarter 2011 Results

• Third quarter revenue of 2011 held steady at $7.8 million compared to $7.8 million in the same period of 2010
• Third-quarter 2011 core net loss was $3.9 million; core basic and fully-diluted loss per share were each $0.07 vs loss of $0.17 in prior year

TAIPEI, Taiwan, Oct. 7, 2011 /PRNewswire-Asia-FirstCall/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that as part of the company's strategic restructuring and new strategic growth plans, its IAHGames operation and Blizzard Entertainment, Inc. have mutually agreed to terminate their distribution partnership under which IAHGames distributed certain Blizzard Entertainment game products in Southeast Asia.

In accordance with the agreement, IAHGames' commitments under the distribution partnership will be fully terminated after certain obligations of IAHGames have been fulfilled. 

IAHGames will redeploy its resources to increase focus on its online game operations in key markets in Southeast Asia.

Second Quarter 2011 Results

TAIPEI, May 26, 2011 /PRNewswire-Asia-FirstCall/ -- GigaMedia Limited (NASDAQ: GIGM) today announced first-quarter 2011 revenues of $10.4 million, up 17 percent quarter-over-quarter.

First-quarter 2011 core net loss was $975 thousand; core basic and fully-diluted loss per share were each $0.02. (1)

"We are making good progress in turning around our Asian online games business," stated GigaMedia Chief Executive Officer Yichin Lee. "We delivered solid top-line growth this quarter from our current game portfolio and began to more effectively control costs."

In the second quarter of 2011, in line with seasonal trends following the traditionally strong Chinese New Year holiday, management anticipates a quarterly sequential decrease in revenues. Management also expects a decrease in operating expenses resulting from ongoing cost control initiatives.   

TAIPEI, May 23, 2011 /PRNewswire-Asia-FirstCall/ -- GigaMedia Limited (NASDAQ: GIGM) announced today that its board of directors has approved a US$11 million share repurchase program of the company's common stock.

Under the terms of the approved program, GigaMedia may purchase up to US$11 million worth of its issued and outstanding shares beginning from June 1, 2011. The repurchases will be made from time to time on the open market at prevailing market prices pursuant to a Rule 10b5-1 plan. The purchases will be made subject to restrictions relating to volume, pricing and timing. The timing and extent of any purchases will depend upon market conditions, the trading price of GigaMedia's shares and other factors.

GigaMedia expects to implement this share repurchase program in a manner consistent with market conditions and the interests of the shareholders and in compliance with the company's securities trading policy and relevant Singapore and U.S. laws and regulations. GigaMedia's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly.

GigaMedia plans to fund repurchases made under this program from the company's available cash balance. GigaMedia plans to cancel all repurchased shares.

HONG KONG, March 20, 2011 /PRNewswire-Asia/ --GigaMedia Limited (Nasdaq: GIGM) announced today the appointment of Yichin Lee as its new CEO, replacing Arthur Wang who is retiring after leading GigaMedia for the last seven years.

Mr. Lee, who joined GigaMedia's board as an independent director in September 2003, has over two decades of management consulting and operational experience – a strong and deep track record of successfully guiding and building international technology businesses. He will assume the role of CEO effective immediately.

Mr. Wang will remain on the board of directors and serve as a special advisor to the new CEO.

"With Yichin as our new CEO, I retire with full confidence in GigaMedia's future. He is the complete package. He has all the skills and experience to take Giga to the next level," stated Arthur Wang. "It has been a great honor to lead Giga for the past seven years, to drive our transformation from a broken ISP to our position today as a leading online entertainment firm, with top content generation and a platform that spans across North and South Asia – plus our large equity position in the Everest poker and casino platform."

HONG KONG, Jan. 26, 2011 /PRNewswire-Asia-FirstCall/ -- GigaMedia Limited today announced that it expects renewed growth and operating profitability in 2011 as a result of enhanced operating efficiency, improved economic conditions in Europe, as well as the launch of new games on its pan-Asian game platform.