Highlights of Full-Year 2007 Unaudited Results
-- Consolidated revenues rose 77 percent to a record US$166.9 million.
-- Consolidated operating income grew 73 percent to a record US$38.1
million.
-- Consolidated net income of a record US$38.9 million, up 63 percent
after deduction of a one-time after-tax disposal gain of
approximately $7.0 million in 2006. GAAP basic and fully-diluted
earnings per share were US$0.74 and US$0.65, respectively.
-- Non-GAAP net income was US$40.6 million. Non-GAAP basic and fully-
diluted earnings per share were US$0.77 and US$0.68, respectively,
which excludes non-cash share-based compensation expenses.
-- Cash, cash equivalents and marketable securities-current totaled
US$79.9 million at year end.
Highlights of Fourth-Quarter 2007 Unaudited Results
-- Fourth-quarter poker software revenues grew 21 percent from the
third quarter of 2007.
-- Consolidated revenues climbed 59 percent to US$47.7 million from
US$30.1 million in 2006 and grew by 11 percent from the previous
quarter.
-- Consolidated operating income rose 16 percent to US$9.3 million from
US$8.0 million in 2006 and declined by 7 percent quarter-over-
quarter.
-- Consolidated net income increased 8 percent to US$10.7 million from
US$9.9 million in 2006 and grew by 10 percent from the previous
quarter. GAAP basic and fully-diluted earnings per share were
US$0.20 and US$0.18, respectively.
-- Non-GAAP net income was US$11.3 million. Non-GAAP basic and fully-
diluted earnings per share were US$0.21 and US$0.19, respectively,
which excludes non-cash share-based compensation expenses.
Recent Developments
-- World Series of Poker: Everest Poker secures key multiyear
sponsorship -- strong platform for launch into U.S., pending
legalization.
-- EA SPORTS FIFA Online 2: Southeast Asian affiliate Infocomm Asia
Holdings signs with Electronic Arts -- brings hot game to more than
20 million online gamers and over 100 million soccer fans in SE
Asia.
Net income in 2007 was a record US$38.9 million, up 63 percent after
deduction of a one-time after-tax disposal gain of approximately
Fourth-quarter 2007 total revenues were
'GigaMedia had a great year - solid execution delivered record revenues,
operating income and profit while we continued to invest strongly in our core
businesses and develop new business opportunities,' stated Chief Executive
Officer
'We are looking at a great year in 2008, a combination of strong organic
growth accelerated by major deals such as the key sponsorship of the World
Series of Poker driving growth in
Consolidated Financial Results
For the Fourth Quarter
GIGAMEDIA 4Q07 CONSOLIDATED FINANCIAL RESULTS
(unaudited, 4Q07 4Q06 Change 4Q07 3Q07 Change
all figures in (%) (%)
US$ thousands,
except per share
amounts)
Revenues 47,708 30,069 59 47,708 43,021 11
Gross Profit 37,592 23,537 60 37,592 33,190 13
Operating Income 9,299 8,032 16 9,299 10,035 -7
GAAP Net Income 10,659 9,875 8 10,659 9,695 10
GAAP Net Income
Per Share, Diluted 0.18 0.17 6 0.18 0.16 9
Non-GAAP
Net Income (A) 11,329 10,044 13 11,329 10,236 11
Non-GAAP
Net Income
Per Share,
Diluted (A) 0.19 0.17 10 0.19 0.17 10
EBITDA (B) 11,725 11,695 0 11,725 11,246 4
Cash, Cash
Equivalents
and Marketable
Securities-Current 79,917 36,187 121 79,917 71,982 11
(A) Non-GAAP net income and non-GAAP net income per share exclude non-
cash share-based compensation expenses. (See, 'Use of Non-GAAP
Measures,' for more details.)
(B) EBITDA (earnings before interest, taxes, depreciation, and
amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles
('GAAP'). (See, 'Use of Non-GAAP Measures,' for more details.)
Consolidated revenues for the fourth quarter increased 59 percent to a
record
Consolidated gross profit for the fourth quarter increased 60 percent to
Consolidated operating income for the fourth quarter grew 16 percent year-
over-year to
Driving the year-over-year increase in consolidated operating income from continuing operations were increased revenues from the gaming software and Asian online games businesses, which offset declining contributions from the legacy broadband ISP business. Revenue growth was partially offset by a decrease in consolidated operating margin to 19.5 percent from 26.7 percent a year ago. The year-over-year operating margin decrease reflected margin decreases in the gaming software business and the Asian online games business due to increases in selling and marketing expenses in all core business units, growth in product development and engineering expenses in the poker and casino software business, and consolidation and integration of T2CN and increased contributions from licensed games in the Asian online games business.
The quarter-over-quarter decline in consolidated operating income reflected a decline in the company's consolidated operating margin to 19.5 percent in the fourth quarter from 23.3 percent in the previous quarter, which offset revenue growth during the fourth quarter. The sequential decline in consolidated operating margin was largely due to the increase in advertising and marketing activities in the gaming software business and reflected the beneficial impact of lower product development and engineering expenses from the termination of a licensing agreement in the Asian online games business in the third quarter of 2007. (See 'Business Unit Results,' for more details.)
Consolidated net income for the quarter increased 8 percent to
GigaMedia also reports non-GAAP financial measures, including non-GAAP consolidated operating income, non-GAAP consolidated net income, non-GAAP basic and fully-diluted earnings per share, and consolidated EBITDA. The non- GAAP measures are described below and reconciliations to the corresponding GAAP measures are included at the end of this release. (See, 'Use of Non-GAAP Measures,' for more details.)
Non-GAAP consolidated operating income, non-GAAP consolidated net income,
and non-GAAP basic and fully-diluted earnings per share all exclude non-cash
share-based compensation charges. Fourth-quarter non-cash share-based
compensation charges were
Non-GAAP consolidated operating income was
Consolidated EBITDA for the fourth quarter of 2007 held at
GigaMedia continued to maintain a robust balance sheet at year end. Cash,
cash equivalents and marketable securities-current totaled
For the Full Year 2007
GIGAMEDIA FY07 CONSOLIDATED FINANCIAL RESULTS
(all figures in US$ FY07(unaudited) FY06(audited) Change(%)
thousands, except
per share amounts)
Revenues 166,878 94,292 77
Gross Profit 131,333 70,961 85
Operating Income 38,091 21,964 73
GAAP Net Income 38,890 30,784 26
GAAP Net Income
Per Share, Diluted 0.65 0.51 27
Non-GAAP Net Income 40,646 31,094 31
Non-GAAP Net
Income Per Share, Diluted 0.68 0.51 32
EBITDA 44,255 37,958 17
Cash, Cash Equivalents
and Marketable
Securities-Current 79,917 36,187 121
Consolidated revenues for 2007 increased 77 percent to a record
Consolidated gross profit for 2007 increased 85 percent to
Consolidated operating income for 2007 grew 73 percent to a record
Consolidated net income for 2007 increased 26 percent to a record
Non-GAAP measures reported by the Company for 2007 are described below and reconciliations to the corresponding GAAP measures are included at the end of this release. (See, 'Use of Non-GAAP Measures,' for more details.)
Non-GAAP consolidated operating income was
Consolidated EBITDA for 2007 was
Business Unit Results
GigaMedia Limited conducts its online entertainment business in two
business segments. The gaming software segment develops and licenses online
poker and casino gaming software solutions and application services, primarily
targeting emerging Continental European markets. The Asian online games
segment operates a suite of play-for-fun online games, mainly targeting online
gamers in Greater
Gaming Software Business
(unaudited, in US$ FY07 FY06 4Q07 4Q06 3Q07
thousands)
Revenues 118,950 55,019 34,159 19,803 29,300
Gross Profit 102,750 47,195 29,734 16,978 25,170
Operating Income 37,703 16,772 9,818 6,006 9,533
Net Income Before
Minority Interests 37,858 16,529 10,561 5,896 9,488
Net Income 37,510 16,209 10,871 5,889 9,130
EBITDA 38,631 17,942 10,859 6,461 9,483
The gaming software business delivered outstanding performance in 2007, with strong organic growth in the company's poker software business driving record revenues and net income. Fourth-quarter results benefited from year-end seasonality, with revenues in the poker software business climbing 21 percent quarter-over-quarter and continuing to grow strongly into 2008. (See, 'Business Outlook,' for more details.)
For the Fourth Quarter
Fourth-quarter revenues in the gaming software business increased 73
percent year-over-year to
GigaMedia's revenues from the gaming software business derived from
providing poker and casino software and services to its master licensee were
Driving this performance was record revenue growth in GigaMedia's poker software business resulting from continued strong growth in real-money players on Everest Poker. Results also benefited from strong year-over-year growth in the casino software business.
Revenues in the poker software vertical were
The casino software business also continued to deliver strong
profitability. Revenues in the casino software vertical were
Fourth-quarter gross profit grew 75 percent to
Total fourth-quarter selling and marketing expenses were
Operating income grew 63 percent to
Net income rose 85 percent to
For the Full Year 2007
Total revenues for 2007 jumped 116 percent to
Everest Poker was awarded Poker Operation of the Year for 2007 by industry journal eGaming Review.
Asian Online Games Business
(unaudited, in US$ FY07 FY06 4Q07 4Q06 3Q07
thousands)
Revenues 32,764 18,691 10,074 5,252 10,028
Gross Profit 23,603 14,920 6,847 4,132 6,920
Operating Income 6,688 5,513 1,219 1,842 2,341
Net Income Before
Minority Interests 8,132 5,497 1,138 1,815 3,818
Net Income 7,199 5,497 1,298 1,815 2,592
EBITDA 9,537 7,259 2,058 2,286 3,246
The Asian online games business delivered solid performance in 2007 as GigaMedia continued to build out its leading pan-Asian platform.
During 2007, the company strengthened its position as a leader in Asia, growing its regional footprint significantly, enhancing its game portfolio by licensing expected hit titles targeting a full-range of gamers, and adding to its ability to source hot games through investments in leading game development studios. The business enters 2008 well-positioned to leverage its massive regional reach and grow profit significantly.
For the Fourth Quarter
Fourth-quarter revenues in the Asian online games business increased 92
percent to
Fourth-quarter revenues from FunTown grew 16 percent to
During the fourth quarter, GigaMedia continued to build out and integrate
its
Fourth-quarter gross profit grew 66 percent to
Total selling and marketing expenses in the fourth quarter grew 122
percent to
Operating income declined 34 percent from the same period in 2006 to
Fourth-quarter operating margin decreased to 12.1 percent from 35.1 percent in 2006 and from 23.3 percent in the previous quarter.
Net income declined by 29 percent to
EBITDA decreased 10 percent from the fourth quarter of 2006 to
For the Full Year 2007
Total revenues for 2007 jumped 75 percent to a record
Other Business -- Legacy Broadband ISP Business
(unaudited, in US$ FY07 FY06 4Q07 4Q06 3Q07
thousands)
Revenues 15,208 20,686 3,492 5,022 3,705
Gross profit 4,982 8,847 956 2,427 1,142
Operating Income (Loss) 715 4,290 (107) 1,316 24
Net Income (Loss) 1,156 13,037 40 3,221 6
EBITDA 2,834 16,757 271 4,073 401
In the fourth quarter of 2007, revenues were
Operating income decreased from
Net income in the fourth quarter of 2007 decreased from
Total revenues for 2007 declined to
Business Outlook
The following forward-looking statements reflect GigaMedia's expectations
as of
Gaming software business. GigaMedia expects continued strong revenue growth in its gaming software business in 2008 accompanied by continued strong investment to expand product offerings and strengthen the Everest brand. For the first two months of 2008, average net daily revenue was up approximately 12 percent over that achieved in the fourth quarter of 2007.
Asian online games business. The company expects revenues to climb sharply
in 2008, driven by major new game launches, strong subscriber growth, and
regional expansion of GigaMedia's pan-Asian platform, accompanied by continued
strong investment to grow the business. In
Broadband ISP business. GigaMedia has retained financial advisors to assist with potential disposal of this legacy business unit and remains in discussions with identified buyers concerning potential sale of the business.
This outlook reflects GigaMedia's current and preliminary view, which is subject to change.
Use of Non-GAAP Measures
To supplement GigaMedia's consolidated financial statements presented in accordance with GAAP, the company uses the following measures defined as non- GAAP by the SEC: EBITDA, and US GAAP operating income, net income and basic and fully-diluted earnings per share data adjusted to exclude the impact of share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
GigaMedia believes these non-GAAP financial measures provide meaningful
supplemental information regarding GigaMedia's performance by excluding
certain expenses that may not be indicative of the company's operating
performance. Effective
About the Numbers in This Release
Full-year and quarterly figures
All 2007 figures and all 2006 quarterly figures referred to in the text,
tables and attachments to this release are unaudited; all full-year 2006
amounts are audited. The financial statements from which the financial results
reported in this press release are derived have been prepared in accordance
with U.S. GAAP, and are presented in U.S. dollars.
Consolidated financial results for the third and fourth quarters of 2007
benefited from GigaMedia's investment in T2CN. GigaMedia increased its total
equity ownership of T2CN to approximately 58 percent in
Segmental results
GigaMedia's segmental financial results are based on the Company's method of internal reporting and are not necessarily in conformity with accounting principles generally accepted in the U.S. Consolidated quarterly and/or annual financial results of the Company may differ from totals of the Company's segmental financial results for the same period due to (1) the impact of certain of the Company's headquarters costs and expenses, which are not reflected in the business segment results, (2) the impact of certain non- operating subsidiaries of GigaMedia on the Company's consolidated financial results, and (3) certain inter-company eliminations.
Conference Call and Webcast
GigaMedia will hold a conference call at 8:00 p.m. Taipei/Hong Kong Time
on
About GigaMedia
GigaMedia Limited (
The statements included above and elsewhere in this press release that are
not historical in nature are 'forward-looking statements' within the meaning
of the 'safe harbor' provisions of the Private Securities Litigation Reform
Act of 1995. GigaMedia cautions readers that forward-looking statements are
based on the Company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those contained in
such forward-looking statements. Information as to certain factors that could
cause actual results to vary can be found in GigaMedia's Annual Report on Form
20-F filed with the
-- Tables to follow --
GIGAMEDIA LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
12/31/2007 9/30/2007 6/30/2007 12/31/2006
unaudited unaudited unaudited unaudited
USD USD USD USD
Operating revenues
Software licensing &
online entertainment
revenues 34,158,749 29,299,559 29,220,597 19,802,743
Online game revenues 10,073,723 10,027,562 7,191,863 5,252,477
Internet access and
service revenues 3,471,812 3,689,449 3,646,204 5,007,468
Other revenues 3,440 4,365 4,725 6,446
Total operating revenues 47,707,724 43,020,935 40,063,389 30,069,134
Operating costs
Cost of software licensing
& online entertainment
revenues 4,424,939 4,129,266 4,050,000 2,824,318
Cost of online game
revenues (includes share-
based compensation
expenses under
SFAS 123(R ) of -$11,519,
$56,592, $0, $48,446, and
$0, respectively) 3,154,691 3,137,993 1,622,142 1,112,495
Cost of Internet access
and service revenues
(includes share-based
compensation expenses
under SFAS 123(R ) of
$5,928, $892, $4,661,
$8,637, and
$19,677, respectively) 2,496,242 2,515,366 2,519,135 2,425,974
Cost of other revenues 39,592 48,548 73,920 169,212
Total operating costs 10,115,464 9,831,173 8,265,197 6,531,999
Gross profit 37,592,260 33,189,762 31,798,191 23,537,135
Operating expenses
Product development &
engineering expenses
(includes share-based
compensation expenses
under SFAS 123(R ) of
$93,848, $73,437,
$92,644, $257,721,
and $127,113,
respectively) 2,766,070 1,441,986 1,881,345 1,526,907
Selling and marketing
expenses (includes share-
based compensation
expenses
under SFAS
123(R ) of $24,962,
$67,537, $15,848,
$144,542, and
$66,831, respectively) 19,988,099 14,964,237 13,829,089 10,720,740
General and administrative
expenses (includes share-
based compensation
expenses under SFAS
123(R ) of $595,695,
$376,034, $55,379,
$1,402,652,
and $96,358,
respectively) 5,379,660 6,630,458 5,858,573 3,085,338
Bad debt expenses 158,982 118,048 138,385 171,940
Total operating expenses 28,292,811 23,154,729 21,707,392 15,504,925
Income from operations 9,299,449 10,035,033 10,090,800 8,032,210
Non-operating income
(expense)
Interest income 477,495 442,143 325,633 162,222
Foreign exchange gain
(loss) - net (201,573) (209,034) (200,552) (25,184)
Gain on sales of
marketable securities 97,661 18,428 81,817 2,100,078
Gain (loss) on disposal of
property, plant & eqpmt. (63,092) (56,044) (12,260) (15,395)
Interest expense (209,855) (184,744) (152,883) (78,260)
Equity investment income
(loss) (192,938) (204,530) (29,441) 0
Other non-operating income 445,359 1,727,000 497,621 90,092
Non-operating income 353,057 1,533,219 509,935 2,233,553
Income tax benefit
(expense) 536,476 (290,580) 336,226 (383,504)
Minority interest (income)
loss 469,992 (1,582,712) 186,855 (6,950)
Net income 10,658,974 9,694,960 10,077,653 9,875,309
Earnings per share:
Basic 0.20 0.18 0.19 0.19
Fully-diluted 0.18 0.16 0.17 0.17
Weighted average shares
outstanding:
Basic 53,603,729 53,087,556 52,773,728 51,446,715
Fully-diluted 60,558,257 59,926,553 59,963,289 59,193,335
GIGAMEDIA LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve months ended
12/31/2007 12/31/2006
unaudited audited
USD USD
Operating revenues
Software licensing & online
entertainment revenues 118,950,397 55,019,195
Online game revenues 32,763,689 18,691,438
Internet access and service revenues 15,146,509 20,537,003
Other revenues 17,071 44,326
Total operating revenues 166,877,666 94,291,962
Operating costs
Cost of software licensing & online
entertainment revenues 16,200,662 7,824,252
Cost of online game revenues
(includes share-based compensation
expenses under
SFAS 123(R ) of
-$11,519, $56,592, $0, $48,446, and
$0, respectively) 9,118,084 3,666,901
Cost of Internet access and service
revenues (includes share-based
compensation
expenses under
SFAS 123(R ) of $5,928, $892, $4,661,
$8,637,
and $19,677,
respectively) 10,002,140 11,448,584
Cost of other revenues 223,468 390,777
Total operating costs 35,544,354 23,330,514
Gross profit 131,333,312 70,961,448
Operating expenses
Product development & engineering
expenses (includes share-based
compensation
expenses under
SFAS 123(R ) of $93,848, $73,437,
$92,644, $257,721,
and
$127,113, respectively) 7,910,773 5,738,176
Selling and marketing expenses
(includes share-based compensation
expenses under SFAS 123(R ) of
$24,962, $67,537, $15,848,
$144,542, and $66,831,
respectively) 62,348,835 30,123,553
General and administrative expenses
(includes share-based compensation
expenses under SFAS 123(R ) of
$595,695, $376,034, $55,379,
$1,402,652, and $96,358,
respectively) 22,239,668 12,420,996
Bad debt expenses 743,426 714,933
Total operating expenses 93,242,702 48,997,658
Income from operations 38,090,610 21,963,790
Non-operating income (expense)
Interest income 1,440,841 722,418
Foreign exchange gain (loss) - net (674,412) (161,172)
Gain on sales of marketable
securities 204,983 2,188,818
Gain (loss) on disposal of property,
plant & eqpmt. (134,150) (36,674)
Interest expense (655,237) (582,369)
Equity investment income (loss) (369,189) 0
Other non-operating income 2,670,736 8,559,266
Non-operating income 2,483,572 10,690,287
Income tax benefit (expense) (402,723) (1,549,403)
Minority interest (income) loss (1,281,369) (320,471)
Net income 38,890,090 30,784,203
Earnings per share:
Basic 0.74 0.60
Fully-diluted 0.65 0.51
Weighted average shares outstanding:
Basic 52,875,835 50,920,834
Fully-diluted 60,022,034 61,113,711
GIGAMEDIA LIMITED
CONSOLIDATED BALANCE SHEETS
12/31/2007 9/30/2007 12/31/2006
unaudited unaudited audited
USD USD USD
Assets
Current assets
Cash and cash equivalents 68,563,199 59,402,276 22,371,582
Marketable securities - current 11,353,506 12,579,342 13,815,661
Notes and accounts receivable - - net
18,291,353 19,174,838 15,076,394
Inventories - net 177,085 249,700 122,807
Prepaid expenses 10,627,379 10,684,323 3,196,093
Restricted cash 6,247,308 3,910,581 2,697,071
Other current assets 2,669,932 5,360,865 6,896,276
Total current assets 117,929,762 111,361,925 64,175,884
Marketable securities - noncurrent 25,629,708 15,124,076 25,000,000
Property, plant & equipment - net 13,008,487 11,760,400 10,097,958
Goodwill 85,149,279 86,358,425 55,816,835
Intangible assets - net 26,060,034 24,921,992 23,067,184
Other assets 16,087,719 8,365,759 4,460,672
Total assets 283,864,989 257,892,577 182,618,533
Liabilities & shareholders' equity
Short-term loans 33,300,898 24,524,332 12,852,761
Notes and accounts payable 1,922,370 1,857,950 1,751,048
Accrued compensation 5,750,272 5,124,108 3,458,384
Accrued expenses 9,150,983 9,199,039 4,786,269
Other current liabilities 41,787,516 35,778,038 22,358,794
Total current liabilities 91,912,039 76,483,467 45,207,256
Other liabilities 1,477,789 1,501,020 1,790,374
Total liabilities 93,389,828 77,984,487 46,997,630
Minority interests 9,810,258 12,641,805 1,534,408
Shareholders' equity 180,664,903 167,266,285 134,086,495
Total liabilities & shareholders'
equity 283,864,989 257,892,577 182,618,533
GIGAMEDIA LIMITED
Reconciliations of Non-GAAP Results of Operations
Three months ended
12/31/2007 9/30/2007 12/31/2006
unaudited unaudited unaudited
USD USD USD
Income from operations
GAAP result 9,299,449 10,035,033 8,032,210
Adjustment: share-based
compensation 708,914 574,492 168,532
Non-GAAP result 10,008,363 10,609,525 8,200,742
Net income
GAAP result 10,658,974 9,694,960 9,875,309
Adjustment: share-based
compensation 669,888 541,297 168,532
Non-GAAP result 11,328,862 10,236,257 10,043,841
Basic earnings per share
GAAP result 0.20 0.18 0.19
Adjustment: share-based
compensation 0.01 0.01 0.01
Non-GAAP result 0.21 0.19 0.20
Fully-diluted earnings per share
GAAP result 0.18 0.16 0.17
Adjustment: share-based
compensation 0.01 0.01 0.00
Non-GAAP result 0.19 0.17 0.17
Reconciliation of Net Income to EBITDA
Net income 10,658,974 9,694,960 9,875,309
Depreciation 570,471 610,870 714,362
Amortization 830,934 842,158 767,033
Interest (income) expense (58,604) (166,064) (29,287)
Tax (benefit) expense (276,830) 264,330 367,622
EBITDA 11,724,945 11,246,254 11,695,039
GIGAMEDIA LIMITED
Reconciliations of Non-GAAP Results of Operations
Twelve months ended
12/31/2007 12/31/2006
unaudited unaudited
USD USD
Income from operations
GAAP result 38,090,610 21,963,790
Adjustment: share-based
compensation 1,861,998 309,979
Non-GAAP result 39,952,608 22,273,769
Net income
GAAP result 38,890,090 30,784,203
Adjustment: share-based
compensation 1,755,982 309,979
Non-GAAP result 40,646,072 31,094,182
Basic earnings per share
GAAP result 0.74 0.60
Adjustment: share-based
compensation 0.03 0.01
Non-GAAP result 0.77 0.61
Fully-diluted earnings per share
GAAP result 0.65 0.51
Adjustment: share-based
compensation 0.03 0.00
Non-GAAP result 0.68 0.51
Reconciliation of Net Income to
EBITDA
Net income 38,890,090 30,784,203
Depreciation 2,356,520 2,849,475
Amortization 3,172,969 2,871,605
Interest (income) expense (591,977) (44,321)
Tax (benefit) expense 427,498 1,497,428
EBITDA 44,255,100 37,958,390
For further information contact:
Brad Miller
Investor Relations Director
Tel: +886-2-3518-1107
Email: brad.miller@gigamedia.com.tw
SOURCE GigaMedia Limited