May 31st 2009 01:47 pm
Impressive 2008 results for Asia-based gaming group
Gigamedia Limited has a banner 2008 year with full-year revenues reaching a record $190.4 million which is up by an astounding 25%. Net income hit a new high of $44.4 million for 14% growth while earning per share are impressive at $0.82 (basic) and $ 0.74 (fully diluted).
Nasdaq-listed Gigamedia cheered investors with fourth quarter revenues of $44.6 million, a net income of $9.1 million in a difficult economic environment and earnings per share of $0.17 (basic) and $0.15 (when fully diluted). CEO Arthur Wang reported that these solid results indicate the correctness of their business model. He expects 2009 to be a great year also but admits they have to do some cost cutting measures to protect long-term profitability.
Company president Thomas Hui believes they can still deliver strong growth but worries that online poker and online casinos will face new pressures from an increasingly tough global economy. He thinks past investments and a fully implemented cost reduction and increased efficiency plans will help them weather the financial and economic storms besetting the region. He says the on-line gaming and entertainment industries have good fundamentals and will still grow but at a slower pace this year.
GigaMedia Limited, through its subsidiaries, is an online gaming software developer. Its gaming software products comprise Online Gaming Management and Online Gaming Modules that run on Microsoft Windows 2000/ME/XP/VISTA, and features a realistic 3-D environment, selectable background music, and local language interface.. GigaMedia Limited provides online games and services,such as MahJong and various card, chess, and table games. It operates in Taiwan, Macau, Hong Kong, Canada, and the United States. The company was founded in 1997 and is headquartered in Taipei, Taiwan.
