Business
GigaMedia Announces First-Quarter 2020 Financial Results
TAIPEI, April 30, 2020 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results. Comments from
About this update from Gigamedia Limited
[{"type":"text","content":"TAIPEI, April 30, 2020 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.\nComments from Management\nFor the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.\n\"The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,\" said GigaMedia CEO James Huang. \"While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.\"\nFirst Quarter Overview\nOperating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison. Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.\nFor the First Quarter\nGIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS\n(unaudited, in US$ thousands, except for percentages and per share amounts)\n1Q20\n4Q19\nChange\n(%)\n1Q20\n1Q19\nChange\n(%)\nRevenues\n$\n1,604\n$\n1,504\n6.6\n%\n$\n1,604\n$\n1,483\n8.2\n%\nGross Profit\n927\n1,025\n(9.6)\n%\n927\n738\n25.6\n%\nLoss from Operations\n(640)\n(399)\nNM\n(640)\n(949)\nNM\nNet Loss Attributable to GigaMedia\n(286)\n(271)\nNM\n(286)\n(532)\nNM\nLoss Per Share Attributable to GigaMedia, Diluted\n(0.03)\n(0.02)\nNM\n(0.03)\n(0.05)\nNM\nEBITDA(A)\n(536)\n(574)\nNM\n(536)\n(876)\nNM\nCash, Cash Equivalents and Restricted Cash\n57,311\n58,274\n(1.7)\n%\n57,311\n58,494\n(2.0)\n%\nNM= Not Meaningful\n(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is p...