GigaMedia Limited (GIGM)

[beach_trades]

http://www.reimarufiles.com/2012/10/23/nickelodeon-gigamedia-funtown-announce-technical-test-spongebob-town-mmog/

http://www.spongebobtown.com/events.html

http://www.facebook.com/SpongeBobTown#!/photo.php?fbid=129916637166286&set=a.116184725206144.22288.108025609355389&type=1&theater

Cash up to 2/share

GIGM cloud is now the future

GIGM Reported a profit of $5.9 million (11 cents per diluted share) in the quarter. GigaMedia Limited had a net loss of $7.8 million or a loss 15 cents per share in the year-earlier quarter.

http://wallstcheatsheet.com/stocks/gigamedia-earnings-positive-cash-flow-for-first-time-in-10-quarters.html/

GIGM really heading towards Cloud, as evidenced by new CEO, replacing Stringer whom IMO role was to restore credibility to company and prove it was in a true turnaround and not just another China(Taiwan actually) fraud

"GigaMedia" announced today that its board of directors has elected Collin Hwang as its new chief executive officer upon the departure of John Stringer, who has resigned as an officer and a director.

Mr. Hwang was recently appointed to GigaMedia's board after serving as a consultant for the company and has been instrumental in the creation of GigaMedia's new cloud services business, which he began to develop in 2011. He brings to GigaMedia extensive experience in strategic planning and business development with international technology and investment companies and a strong history of developing solutions for corporate growth. Mr. Hwang currently serves as chairman of Datadot Technology Asia & Taiwan, a joint venture in Shanghai and Taipei with Australian-listed Datadot Technology Limited, a world-leading provider of identification technologies. He is also chairman of Taipei-based Cita Investment and Technology Development Co. Ltd., which invests in real estate, equities and business ventures across Asia, and chairman of Cita Aircargo Service Co. Ltd. in Taipei, one of the largest perishables logistics providers in SE Asia.

"Third-quarter results show that we have made strong progress this year in both financial performance and strategic positioning, and with my mission complete in turning around and reshaping a challenged company I am handing over the helm to Collin," stated John Stringer. "Collin's proven experience in developing technology businesses in Asia is a great asset for GigaMedia; he has the skills and the track record to help grow Giga and I know he will do an incredible job."

"I am honored to be appointed and excited to lead Giga forward," stated GigaMedia Chief Executive Officer Collin Hwang. "John had the courage to transform the company to respond to technology and industry shifts and I have worked hard with him this year to reinvent Giga."

"I greatly appreciate all he has done to reinvigorate and strengthen the company," stated CEO Collin Hwang. "With a solid balance sheet and improving financial performance, we are well-positioned to generate strong returns and sustained growth in shareholder value."

"The board is confident that Collin's excellent track record in technology, strategic development, and business execution makes him the right leader for GigaMedia at this time," stated GigaMedia Chairman of the Board Mo-Na Chien. "The board believes in the strength of GigaMedia's business and assets, and looks forward to working with Collin to accelerate the substantial advances GigaMedia has made operationally since John joined in January of this year."

"On behalf of the entire board, I would like to thank John for his dedicated service and many strong contributions to GigaMedia," stated Chairman Mo-Na Chien. "He has been a driving force in the turnaround of the company and we wish him the best."

Mr. Hwang's appointment as CEO is effective immediately.

http://finance.yahoo.com/news/collin-hwang-appointed-ceo-gigamedia-213000081.html

GIGM announced today that its board of directors has elected Collin Hwang as its new chief executive officer upon the departure of John Stringer, who has resigned as an officer and a director. Mr. Hwang currently serves as chairman of Datadot Technology Asia & Taiwan, a joint venture in Shanghai and Taipei with Australian-listed Datadot Technology Limited, a world-leading provider of identification technologies. He is also chairman of Taipei-based Cita Investment and Technology Development Co. Ltd., which invests in real estate, equities and business ventures across Asia, and chairman of Cita Aircargo Service Co. Ltd. in Taipei, one of the largest perishables logistics providers in SE Asia

In the third quarter, Giga generated positive cash flow for the first time in 10 quarters," stated GigaMedia Chief Financial Officer Dirk Chen. "Grow lean initiatives are generating cost savings and increased efficiencies, driving our turnaround."

"Looking ahead, we are focused on moving beyond optimization/streamlining to a new phase in our turnaround -- growth," stated CFO Dirk Chen. "To grow new Giga, we are positioning ourselves to benefit from strong market forces."

"We are transitioning our online games business to capture ongoing rapid market growth in Web games fueled by the popularity of social networks and mobile and portable computing devices in Asia," stated CFO Dirk Chen. "We are also launching GigaCloud, an important new business that will be an early mover in addressing enormous need for affordable, mobile, seamless cloud communications solutions among the millions of SMEs in Asia."

Third Quarter Highlights
Net income of $5.9 million, including gains from sales of marketable securities and investments.
Cash inflow from operations of approximately $550 thousand.
Cash, cash equivalents, restricted cash and marketable securities-current increased approximately $3.5 million sequentially to approximately $98.4 million.
Short-term debt decreased approximately $1.7 million sequentially to approximately $7.7 million.
GigaMedia unveiled GigaCloud, a new cloud computing business focused on providing SMEs in Greater China with critical communications services and IT solutions that increase flexibility, efficiency and competitiveness, with initial product launch set for late Q1 2013.
Implemented workforce reductions in FunTown to improve efficiencies.
Continued to dispose of non-core game studio interests as part of divestment plans to better manage cash and increase focus.

Balance Sheet
Total Cash (mrq): 93.03M (at 98M now)
Total Cash Per Share (mrq): 1.83 (1.95 now)
Total Debt (mrq): 9.35M
Total Debt/Equity (mrq): 6.46
Current Ratio (mrq): 3.40
Book Value Per Share (mrq): 2.89

Nickelodeon and GigaMedia FunTown Announce First Technical Test of Spongebob Town MMOG
Published on October 23, 2012 by Chad in MMO, News

Nickelodeon, one of the world’s leading entertainment brands for kids, and GigaMedia FunTown, a NASDAQ listed major provider of online entertainment in Asia, is set to launch the global first look of SpongeBob Town on October 25. SpongeBob Town is the first Massively Multiplayer Online Game (MMOG) based on Nickelodeon’s award-winning TV property, SpongeBob SquarePants.

The first beta test for SpongeBob Town runs from October 25 to 27 and game servers will be up for a limited time only, from 12:00 to 10:00 pm every day. Gamers and fans alike are encouraged to visit and “Like” the game’s Facebook page over at www.facebook.com/spongebobtown for instructions on how to get one of the 2,000 beta test accounts and to receive latest updates.

GigaMedia FunTown will release further announcements on the status of the game and players can expect more exciting developments this yearend, and in the first quarter of 2013. The game is expected to be fully launched by next year for players in China, Korea, Japan and Southeast Asia. Other markets will come soon thereafter.

Nickelodeon and GigaMedia FunTown aim to build upon the success of the highly popular SpongeBob SquarePants cartoon series and amp up the show’s fun factor by rolling out SpongeBob Town, a game that can be enjoyed by people of all ages. Combining the expertise of Nickelodeon and GigaMedia FunTown, the game will bring together dedicated gaming fans and cartoon enthusiasts, blurring the line between the two to create a fresh, new gaming community.

SpongeBob Town features the vibrant cast of SpongeBob SquarePants where gamers play as characters including SpongeBob SquarePants, Patrick Star and Squidward Tentacles. Players begin their grand underwater adventure at Bikini Bottom, home to the show’s characters. The casual game offers an expansive quest-based experience and customization elements where players can develop their characters, build farms and invite friends to visit them at their homes to show off their progress and achievements.

Mini-games are available in the town’s lobby where special rewards can be unlocked. In the item-based car racing game, Bikini Drift, players get to design their own cars and take it out to race for the best rankings underwater. SpongeBob Town presents various gameplay modes all in a single game hub with a social lobby that ties it all together to deliver a truly immersive world of fun and challenges.

The game is developed with Unity 3D engine, which has enjoyed worldwide success with other games. It supports a wide range of platforms and applications to deliver an unparalleled gaming experience in the comfort of the user’s web browser. SpongeBob Town will feature more game modes in the future, with each mode able to stand alone as a full-fledged game.