Online Poker Helps Gigamedia Beat Wall Street Projections

Taiwan-based online gaming software firm GigaMedia Ltd (owns and operates Everest Poker) posted fourth-quarter results that beat Wall Street expectations this week, driven by continued growth in its online poker software business in continental Europe as well as by Internet games business in Asia.

Earlier this month, GigaMedia's Everest Poker announced they had signed a key multi-year promotional agreement with the World Series of Poker (WSOP), the world's largest land-based poker.

Under the terms of the deal, Everest Poker will be the sole poker related table sponsor of the WSOP and will enjoy a prominent logo position on the "felt" on every table in the competition, as well as exclusive brand positioning on the coveted "inner-rung" of the championship table.

The alliance also includes other prominent on-site visibility at the WSOP, including hanging banners and barricade logos. Financial details of the deal were not disclosed.

Also, Everest Poker was named Poker Operation of the Year in 2007 by industry journal e-Gaming Review.

Revenue in GigaMedia's core gaming software segment rose 73 percent to $34.2 million from the year-ago quarter. The company's poker software business, which rose 107 percent from the previous year, contributed about 78 percent of the gaming software segment's revenue in the quarter.

Fourth-quarter revenue in the Asian online games segment increased 92 percent to $10.1 million.

Net income for the quarter rose 8 percent to $10.7 million, compared with $9.9 million a year ago. Consolidated revenue increased 59 percent to $47.7 million.

The company reported that they expect revenue to climb sharply in 2008, in its Asian online games business boosted by new games launches. The company also forecast continued strong revenue growth in its online poker and gaming software business in 2008.

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