Everest Poker Drags GigaMedia Shares To New 52 Week Low

GigaMedia, provider of gaming software and services to the online gaming industry, has released its second and third quarter results which show a marked decrease in its revenue. The company has now seen its combined Q2 and Q3 net income, decline dramatically from $23.2 million in 2008 to a $2.3 million loss in 2009.
GigaMedia have said that Everest Poker had a big responsibility in pulling the company down to its $2.4million loss in Q3, as revenues declined in its poker and casino arm by 26%. The company has tried to stabilise this situation, and last week announced a deal with Mangas Gaming, who plan to buy out Everest in early 2010 as part of a $100 million deal, whilst GigaMedia will still maintain the option to buy back Everest Gaming in 2013 if it deems it viable. 
Taken as a whole, the results make grim reading, and this was reflected in GigaMedia’s share price, which at one stage in the past year were trading at $ 7.73, but have since fallen and hit a new 52 week low on Dec 23rd at $ 3.04.
As the troubling results were announced, GigaMedia chief executive Arthur Wang tried to downplay concerns and strike an optimistic note going forward. He commented:
“We faced tough market conditions and strong operating challenges in the second and third quarters in our gambling software and our Asian online games businesses – and did not respond as well as we should. We were successful, however, in forging a powerful strategic alliance in Europe which we believe will be very value creative – and as a side benefit, free up management time and financial firepower for our planned expansion in Asia.”

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