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Monday, August 18, 2014 10:14:08 PM
$GIGM Think going to start buy for long swing again
Strategic investment: In June, to support the growth of its online games business, GigaMedia acquired 15 million shares of Gamania Corporation (TW:6180), representing an approximate 9.5 percent interest in the company, for approximately $18.8 million. Gamania is one of Taiwan's largest online game companies with extensive technology, development and production capabilities and is one of the top two operators of payment channels in Taiwan's lucrative payment service provider market. Gamania reported revenues of approximately US$275 million for full-year 2013.
•Healthy balance sheet: Cash, restricted cash, and marketable securities-current of approximately $71.9 million, or approximately $1.33 per share, compared to $80.3 million at the end of the first quarter of 2014. Short-term debt was $19.8 million, of which approximately $16.5 million was related to financing involved in the aforementioned purchase of shares of Gamania.
GigaMedia's cloud computing business also recorded a small quarterly sequential increase in revenues
In cloud computing, we are moving toward becoming a full-service provider, adding new products and services and partnering with tech leaders to leverage their large customer bases," stated CEO Collin Hwang. "In 3Q we are bundling our virtual desktop with Hewlett-Packard and plan to bundle with another hardware provider soon; going forward we will also be providing new IaaS services supporting IT infrastructure and data center development projects."
Strategic investment: In June, to support the growth of its online games business, GigaMedia acquired 15 million shares of Gamania Corporation (TW:6180), representing an approximate 9.5 percent interest in the company, for approximately $18.8 million. Gamania is one of Taiwan's largest online game companies with extensive technology, development and production capabilities and is one of the top two operators of payment channels in Taiwan's lucrative payment service provider market. Gamania reported revenues of approximately US$275 million for full-year 2013.
•Healthy balance sheet: Cash, restricted cash, and marketable securities-current of approximately $71.9 million, or approximately $1.33 per share, compared to $80.3 million at the end of the first quarter of 2014. Short-term debt was $19.8 million, of which approximately $16.5 million was related to financing involved in the aforementioned purchase of shares of Gamania.
GigaMedia's cloud computing business also recorded a small quarterly sequential increase in revenues
In cloud computing, we are moving toward becoming a full-service provider, adding new products and services and partnering with tech leaders to leverage their large customer bases," stated CEO Collin Hwang. "In 3Q we are bundling our virtual desktop with Hewlett-Packard and plan to bundle with another hardware provider soon; going forward we will also be providing new IaaS services supporting IT infrastructure and data center development projects."
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