GigaMedia (GIGM) Preliminary Q2 Revs Miss Views

August 16, 2012 6:29 AM EDT
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GigaMedia Limited (Nasdaq: GIGM) announced preliminary second-quarter 2012 consolidated financial results that were in line with guidance and rescheduled the company's second-quarter 2012 investor call to August 23, 2012 to include discussion of new business initiatives.

Revenues: Decreased 14 percent quarter-over-quarter to approximately $7.1 million, in line with the company's guidance. The Street was looking for sales of $7.4 million.

Gross margin, excluding IAHGames: Held steady compared to the first quarter at approximately 66 percent, as expected.

Operating expenses: Decreased quarter-over-quarter to approximately $6.4 million, exceeding guidance.

Loss from operations: Increased quarter-over-quarter to approximately $2.5 million, in line with expectations.

Cash, cash equivalents, restricted cash, and marketable securities-current: Decreased approximately $1.1 million sequentially as of June 30, 2012 to approximately $94.8 million; total short-term borrowings decreased approximately $800 thousand to approximately $9.3 million.

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