GigaMedia Says Everest Poker and Cross Selling Helps Revenues Climb

GigaMedia Limited, parent company of Everest Poker, announced strong first-quarter results which were driven by continued strong growth in its poker software business in continental Europe and sharply increased contributions from its online games business in Asia.

THE FIGURES

Revenues climbed 51 percent to a record $54.6 million, and operating income rose 49 percent to a record $12.9 million, both compared to figures from first quarter 2007. Net income was a record US$12.1 million, up 43 percent year-over-year and up 13 percent sequentially over the last quarter of 2007.

Gigamedia's chief executive Arthur Wang said that the company's gaming software had generated $38.3m in revenue in Q1, up 46% from last year. Poker generated $29.7m, an increase of 11% sequentially. Everest Poker saw a 14% increase in real money players, according to Wang.

THE FUTURE: WSOP SPONSORSHIP A BIG FACTOR

In his quarterly presentation, Wang said that Everest Poker's sponsorship of the WSOP is an important factor in the coming months. "It gets beamed into over 350 million homes. It is the biggest gaming event there is."

He also emphasized that the integration of poker and casino, and cross selling for casino and poker to a future sportsbetting product will contribute to future gains.

"Sportsbetting will allow us to address the seasonality of our poker and casino products. . . We can use the summer for marketing activities around sporting events," he said.

"We start 2008 with an excellent quarter, a strong foundation from which to introduce a new line-up of top games and offerings," continued Wang.

"Our plans to launch in Japan this quarter, to add casino products to our poker client and to acquire or partner with a sports betting firm all should drive even greater momentum and make 2008 another record year."

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