Good Performance From Giga Media

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Everest Poker a star, and new real money games planned for Japan

The Taiwan-based company that acquired Grand Virtual some time back has reported impressive quarter one results showing a growth in net income of 167 percent, and a solid performance from online poker site Everest Poker.com.

Giga Media's financial highlights in the quarter include:

Consolidated revenues up 95 percent year-over-year to $36.1 million.

Consolidated operating income grew 164 percent year-over-year to $8.7 million.

Consolidated net income climbed 167 percent year-over-year to $8.5 million.

Non-GAAP consolidated net income, which excludes non-cash share-based compensation expenses, increased 172 percent year-over-year to $8.7 million.

Cash, cash equivalents and marketable securities-current of $48.0 million.

Continued strong organic growth of Everest Poker, where revenues are up 47 percent Q-on-Q and active depositing real-money customers have increased by 53 percent.

The company reported the acquisition of T2CN - China's leading online sports game operator, strengthening its Asian online games business.

First-quarter consolidated revenues jumped 95 percent to $36.1 million, and operating income increased 164 percent to $8.7 million, both in comparison to the same period of last year, driven by continued record revenues from the group's poker software business in Continental Europe.

''GigaMedia continued to execute well in the first quarter - led again by our Everest Poker software which grew both revenue and player numbers by about 50 percent over Q4,'' said Giga Media CEO Arthur Wang. ''And in Asia, we have expanded our online entertainment platform to reach over 65 million registered users, with over 8 million active users per month.''

''We are especially excited about our upcoming launch this summer of new games and products in Asia, including our suite of real-money Japanese games,'' explained Wang. ''We are building an online entertainment platform that will span Asia and offer a top game and other entertainment experience to our players.''