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DATE: May 25 2012
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Poker.co.uk - Poker News Archive

Tuesday 23rd June 2009

Profits Drop 60 Percent For GigaMedia

Taipei-based GigaMedia Limited, the firm behind online poker site EverestPoker.com, has released its financial results for the first quarter of 2009 showing a 60 percent year-on-year drop in profits to $4.8 million. The online gaming and software firm cited the impact of the global recession alongside the weakness of the Euro against the US Dollar as its revenues also fell to $44.4 million from $51.2 million a year earlier. GigaMedia stated that it is in final stage discussions with two parties regarding a partnership or sale of its poker and casino software business but did not disclose additional details. Revenues from the firm's gaming software business fell 17 percent year-on-year to $31.7 million for the first three months of 2009 with GigaMedia stating that this segment is traditionally driven by an upturn in online gaming during the fourth quarter. In addition, revenues from its poker software division dropped 27 percent to $21.6 million reflecting the adverse economic climate in Europe and the depreciation of the Euro against the US dollar, which has increased playing costs. 'In the first quarter, our Everest software business faced greater than expected challenges from the macro-economic downturn and the weakness of the Euro, slowing our business in Europe,' said Arthur Wang, Chief Executive Officer for GigaMedia. “We have responded with a set of cost reductions and efficiencies, which will protect the financial strength of the business as well as prepare for a return to growth as a leaner, tighter organisation. 'The good news is that we believe we have hit bottom in this cyclical downturn and that the second half will see renewed strength in Europe. And in Asia we are looking at our best year ever with strong top and bottom-line growth.” 'We remain confident in the strategic position of our poker and casino software business and are excited about the new games we are launching in Asia this year,' said Thomas Hui, President and Chief Operating Officer for GigaMedia. 'Our core businesses remain healthy and well positioned to deliver strong long-term growth.'

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Source: OnlineCasinoNews

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