Business
GigaMedia Announces Third-Quarter 2021 Financial Results
TAIPEI, Oct. 28, 2021 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its third-quarter 2021 unaudited financial results. Comments from
About this update from Gigamedia Limited
[{"type":"text","content":"TAIPEI, Oct. 28, 2021 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its third-quarter 2021 unaudited financial results.\nComments from Management\nIn the third quarter of 2021, GigaMedia reported revenues of $1.56 million, with a gross profit of $0.88 million, an operating loss of $0.84 million and a net loss of $0.73 million. Total revenues increased by 27.7% if compared to last quarter, and gross profit margin improved to 56.1% from 51.7% last quarter.\nThis third quarter saw a rebound of our revenues due to seasonality exhibited in certain of our licensed games. And the operating expenses were kept in check, resulting to a mild improvement in operating loss. \nMeanwhile, we are closing to complete the development of our fast-paced remake of legacy casual games. We believe the remake, as a sustainable business model, will contribute to our steady growth and enhanced profitability for future years.\nThird Quarter Overview\nRevenues increased by 27.7% quarter-on-quarter to approximately $1.56 million from $1.23 million last quarter. The increase was mainly due to our efforts in promoting Tales Runner, a 15-year-old licensed game, during the summer vacation. Consolidated loss from operations for the third quarter of 2021 amounted to $0.84 million, representing a reduction of loss from $1.08 million last quarter. The net asset value was around $4.67 per share.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games.\nUnaudited consolidated results of GigaMedia are summarized in the table below.\nFor the Third Quarter\nGIGAMEDIA3Q21 UNAUDITED CONSOLIDATED FINANCIAL RESULTS\n(unaudited, all figures in US$ thousands, except per share amounts)\n3Q21\n2Q21\nChange\n(%)\n3Q21\n3Q20\nChange\n(%)\nRevenues\n1,564\n1,225\n27.7%\n1,564\n2,028\n-22.9%\nGross Profit\n877\n633\n38.6%\n877\n1,196\n-26.7%\nLoss from Operations\n(842)\n(1,079)\nNM\n(842)\n(357)\nNM\nNet Loss Attributable to GigaMedia\n(728)\n(836)\nNM\n(728)\n(248)\nNM\nLoss Per Share Attributable to GigaMedia, Diluted\n(0.07)\n(0.08)\nNM\n(0.07)\n(0.02)\nNM\nEBITDA (A)\n(791)\n(911)\nNM\n(791)\n(317)\nNM\nCash, Cash ...