UPDATE 1-GigaMedia Q4 adjusted loss in line; sees Q1 profit

* Q4 adj. loss $0.04/shr

* Q4 rev falls 10 pct

* Sees Q1 EPS $0.02, rev $37.1 mln

May 13 (BestGrowthStock) – Online gaming software firm GigaMedia
Ltd (GIGM.O: ) posted a quarterly loss in line with analysts’
expectations, but forecast a profit for the first quarter.

For the latest fourth quarter, GigaMedia posted a net loss
of $51.7 million, or 95 cents per share, compared with a profit
of 9.1 million, or 15 cents per share, a year ago.

Revenue fell 10 percent to $40.3 million.

Year-over-year results showed a decline in the company’s
gaming software business, which primarily targets continental
European markets, the company said in a statement.

Excluding special items, the company posted a loss of 4
cents per share.

Analysts on average had expected a loss of 4 cents a share,
excluding special items, on revenue of $36.1 million, according
to Thomson Reuters I/B/E/S.

The company forecast first-quarter earnings of 2 cents a
share, on revenue of $37.1 million.

The company also said it completed the sale of 60 percent
of its online gambling software business to France’s Mangas
Gaming, and sees a significant one-time gain in the second
quarter as a result of the deal.

In December, GigaMedia said it would sell a part of its
online gambling software business for an upfront cash payment
of $100 million and a final earn-out payment depending upon the
fair market value of the business in early 2012.

Taipei, Taiwan-based GigaMedia’s shares, which have shed 45
percent of their value over the last 52 weeks, closed at $2.49
Wednesday on Nasdaq.

Stock Market Money
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Maju

UPDATE 1-GigaMedia Q4 adjusted loss in line; sees Q1 profit