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24.03.2016 13:30
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GigaMedia Announces Fourth-Quarter and Full-Year 2015 Financial Results
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PR Newswire
TAIPEI, March 24, 2016
TAIPEI, March 24, 2016 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its fourth-quarter and full-year 2015 unaudited financial results.
Message from Management
Fourth quarter was crucial for our company as we completed the restructuring of the organization. Both the management and the board agreed to remain the Company in good financial health. Therefore, in 2015, the Company endeavored to clean up the underperforming business and investment assets, and streamline the mobile game business.
In the fourth quarter, the operating revenues generated from the online and mobile game business were $2.2 million, and its gross profit was $1.1 million and gross margin accounted for about 50%, of which improved adequately compared with 28% of gross margin in 1Q15.
In 2015, the annual operating revenues were $10.3 million, up by 4.8% from $9.8 million of 2014. However, the Company recognized $4.3 million of impairment losses in 2015 mainly for prepaid license and royalty fees of ArcheAge as a result of an evaluation of its possible profitability upon release. The short-term borrowings decreased from $18.6 million in 2014 to $6.1 million in 2015; besides, given the market volatility, the Company disposed most of its marketable securities and realized a capital gain at the amount of approximately $20 million.
At the end of September last year, the Company launched a new mobile game namely "Yume100" licensed from Japan. With this game, the Company started to find a niche market, targeting female players in the age range of 20 to 40. Up to now, it's been six months upon its release in Taiwan and its revenue generation continues to be consistent. As of the end of 2015, the sales revenues generated by Yume100 were about $1 million. Due to the success of Yume100 launch in Taiwan, more and more well-known developers get to approach us for cooperation.
Looking forward to 2016, the Company plans to penetrate the female niche market and meanwhile, expects for collaboration with more renowned game developers aiming at publishing more popular games with good quality and good monetization. Besides, while the Company continues to look for investment opportunities, the management still remains conservative views on the global economic outlook, and carefully evaluates the investment potential.
Consolidated Financial Results
GigaMedia Limited is a diversified provider of online games and cloud computing services. GigaMedia's online game business, FunTown, develops and operates a suite of games in Taiwan and Hong Kong, with focus on browser/mobile games and social casino games. GigaMedia's cloud computing business, GigaCloud, was launched in early April 2013 and is focused on providing small and medium-sized enterprises in Greater China with critical communications services and IT solutions that increase flexibility, efficiency and competitiveness.
Unaudited consolidated results of GigaMedia are summarized in the table below.
For the Fourth Quarter
| GIGAMEDIA 4Q15 UNAUDITED CONSOLIDATED FINANCIAL RESULTS | ||||||
| (unaudited, all | 4Q15 | 3Q15 | Change (%) | 4Q15 | 4Q14 | Change (%) |
| Revenues | 2,356 | 2,006 | 17.4% | 2,356 | 2,660 | -11.4% |
| Gross Profit | 1,005 | -598 | 268.1% | 1,005 | -94 | 1169.1% |
| Loss from Operations | -5,478 | -5,240 | -4.5% | -5,478 | -4,330 | -26.5% |
| Net Income | -8,903 | -301 | -2857.8% | -8,903 | 5,437 | -263.8% |
| Net Income | -0.81 | -0.03 | -2600.0% | -0.81 | 0.49 | -265.3% |
| EBITDA (A) | -8,815 | -207 | -4258.5% | -8,815 | 5,675 | -255.3% |
| Cash and | 71,436 | 74,824 | -4.5% | 71,436 | 79,980 | -10.7% |
| | | | | | | |
| (A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). (See, "Use of Non-GAAP Measures," for more details.) | ||||||
Fourth-Quarter Financial Results
- Consolidated revenues were $2.4 million, grew by 17.4% quarter-on-quarter primarily due to the growth of mobile gaming business with the revenues of $2.2 million in 4Q15, up from $1.7 million in 3Q15. The revenues were down by 11.4% quarter-over-quarter as the Company was restructuring its cloud computing business in 4Q15 and its contribution dwindled.
- Consolidated operating expenses were $6.5 million, up from $4.6 million in 3Q15 (+39.7% quarter-on-quarter) mainly resulting from the impairment losses of $3.1 million.
- Impairment losses were approximately $3.1 million recognized mainly for the prepaid license and royalty fees of ArcheAge, for which the game license agreement was signed in October 2010.
- Net loss was $8.9 million in 4Q15 mostly due to $2 million consideration paid to Strawberry Cosmetics for the termination of the proposed acquisition and the impairment losses recognized for ArcheAge and the investment of other games.
Financial Position
GigaMedia maintained its solid financial position with cash and cash equivalents, marketable securities-current and restricted cash accounted for $72.4 million as of December 31, 2015, or approximately $6.55 per share. In consideration of short-term borrowings, its net cash was estimated at $66.3 million as of December 31, 2015, or approximately $5.91 per share.
For the Full Year 2015
| (all figures in US$ | FY15 (unaudited) | FY14 (audited) | Change (%) |
| Revenues | 10,251 | 9,779 | 4.8% |
| Gross Profit | 1,362 | 1,944 | -29.9% |
| Loss from Operations | -17,935 | -13,473 | -33.1% |
| Net Loss Attributable | -2,588 | -5,155 | 49.8% |
| Net Loss Per Share | -0.23 | -0.48 | 52.1% |
| EBITDA (A) Werbung Mehr Nachrichten zur GigaMedia Aktie kostenlos abonnieren
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