GigaMedia Preliminary 3Q13 Results: Revenues Up; Cost Cutting Continues

   GigaMedia Preliminary 3Q13 Results: Revenues Up; Cost Cutting Continues

PR Newswire

TAIPEI, Oct. 24, 2013

TAIPEI, Oct. 24, 2013 /PRNewswire/ --

3Q Preliminary Results

  oRevenues of approximately $3.8 million, up 4 percent Q-o-Q.
  oConsolidated 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.
  oNet 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.
  oCash flow from operations was nearly neutral with a net outflow of
    approximately $78 thousand.
  oCash 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.

About GigaMedia

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
2013.

For further information contact:

Brad Miller, Investor Relations Director
Country/City Code 8862 Tel: 2656-8016
Brad.Miller@GigaMedia.com

SOURCE GigaMedia Limited

Website: http://www.gigamedia.com