Gigamedia Limited (NASDAQ:GIGM)

Second-Quarter 2017 Financial Results

• Consolidated revenues for the second quarter of 2017 decreased 24.8% quarter-on-quarter from $4.1 million to $3.1 million and increased 51.2% year-over-year from $2 million to $3.1 million.
• Consolidated net income of the second quarter of 2017 was $0.9 million compared to a loss of $0.8 million in the first quarter of 2017 and a loss of $2.1 million in the second quarter of 2016. The period variations primarily reflected the factors affecting income from operations and consolidated non-operating income.

In the second quarter, the Company went through the transition to a new CEO and the Management has been reviewing the business strategies.

"In the past years, we could see some big fluctuation in traffic for social games. In order not to make our business seems like it's on the roller coaster, we now focus on seeking licensed games which have the potentials to be long-term hits instead of the ones live shortly like a flash in the pan.

GigaMedia will launch a new game this year and we are looking forward to improving performance and delivering positive operating income from mobile games which have long lifespan." said GigaMedia Limited Chief Executive Officer James Huang.

Business Outlook

The following forward-looking statements reflect GigaMedia's expectations as of July 31, 2017. Given potential changes in economic conditions and consumer spending, the evolving nature of online games, and various other risk factors, including those discussed in the Company's 2016 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.