Record Setting Q2 Results For GigaMedia

Software developer GigaMedia has reported record setting results in the second quarter of 2007. Consolidated revenue is up 88% to $40.1 million from this time last year, while operating income grew 119% to $10.1 million. The company currently holds cash, cash equivalent and marketable securities of $72.4 million.

The significant results are attributed to GigaMedia's strong market growth and further expansion in the European market, as well as the rapidly extending services in the Asian market. Deemed the next hot-spot for the Internet gambling industry, Asia has seen a surge of online gambling operators and software development companies providing services to the region.

Another factor in the high Q2 results is the majority stakes acquisition of the leading sports game operator in China, T2CN. In July of 2007, GigaMedia increased it's ownership of T2CN to 52%. This acquisition has placed the company in a prime leadership position in the Chinese market.

CEO Arthur Wang stated, "Second-quarter was another record for GigaMedia, with outstanding
performance in every business unit. More important, we expect even stronger growth in the second half and excellent momentum into 2008."

Wang continued, commenting on the company's growing presence in Asia, "We are beginning to see the early returns from our investment in our Asian online games platform. With an exciting pipeline of new games and a footprint reaching over 64 million registered users, we are very enthusiastic, very confident that we have built the foundation of a powerful business."