GigaMedia Games Business Strengthening on Restructuring
Core initiatives: Game teams as profit centers; new team incentives
TAIPEI, Taiwan, June 10, 2013
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
Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration
number: 199905474H) is a diversified provider of online games and cloud
computing services. GigaMedia's online games business develops and operates a
suite of games in Taiwan and Hong Kong, with focus on Web-based/mobile games.
The company's cloud computing business is focused on providing SMEs in Greater
China with critical communications services and IT solutions that increase
flexibility, efficiency and competitiveness. More information on GigaMedia can
be obtained from www.gigamedia.com.
The statements included above and elsewhere in this press release that are not
historical in nature are "forward-looking statements" within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. GigaMedia cautions readers that forward-looking statements are based
on the company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those contained in
such forward-looking statements. Information as to certain factors that could
cause actual results to vary can be found in GigaMedia's Annual Report on Form
20-F filed with the United States Securities and Exchange Commission in April
For further information contact:
Brad Miller, Investor Relations Director
SOURCE GigaMedia Limited
Press spacebar to pause and continue. Press esc to stop.