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Everest parent Gigamedia reports record revenues in 2008

Everest Gaming parent company and Nasdaq-listed Gigamedia Limited has posted full-year 2008 revenue of a record $190.4 million, up 25%, net income of a record $44.4 million, up 14%, and earnings per share of $0.82 basic and $0.74 fully diluted.

Fourth-quarter 2008 revenue was $44.6 million, net income was $9.1 million, and earnings per share was $0.17 basic and $0.15 fully diluted.

GigaMedia CEO Arthur Wang reported: "In 2008 we delivered solid results despite the challenging macroeconomic environment, demonstrating the fundamental soundness of our business."

"In 2009, our Asian online games business will deliver very strong top and bottom line growth - driven by one of the best game pipelines in the region," Wang added. "Online poker and casino will face continued pressure from the tough European economy, but new marketing partnerships combined with the yields from our past investments and appropriate cost cutting will allow us to maintain our financial performance."

Company president Thomas Hui said: "We are implementing an aggressive yet appropriate cost reduction and efficiency plan to protect profitability and shareholder value. The fundamentals of online entertainment and our business remain strong and by taking action to responsibly manage our cost structure, we are positioned for accelerated growth as market conditions improve."

Source: InfoPowa News

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