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REFILE-UPDATE 1-Taiwan's GigaMedia Q3 beats Street expectations

Wed Nov 14, 2007 8:21am EST

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(Corrects to fix typo in word "sell" in paragraph seven) (Recasts, adds details)

Nov 14 (Reuters) - Taiwan-based online gaming software firm GigaMedia Ltd. (GIGM.O) posted better-than-expected third-quarter results, driven by strong revenue growth in its poker software business in Europe.

Third-quarter revenue in the poker software business surged 163 percent to $22 million from the year-ago quarter, but increased only by a percent sequentially due to seasonality.

Net income for the quarter rose 49 percent to $9.7 million, or 16 cents a share, compared with $6.5 million, or 11 cents a share, in the year-ago period.

Excluding stock-based compensation expenses, net income increased 56 percent to $10.2 million, or 17 cents a share, compared with $6.6 million, or 11 cents a share, in the same quarter last year.

Revenue rose 76 percent to $43.0 million.

Analysts on average expected the company to earn 14 cents a share, including stock-based compensation expenses but excluding other items, on revenue of $42.4 million, according to Reuters Estimates.

In a statement, the company also said it remained in talks to sell its broadband Internet service provider business.

Through Tuesday, GigaMedia shares have risen almost 116 percent this year, while that of its Toronto-based rival CryptoLogic Inc (CRY.TO) (CRYP.O) have fallen by 14 percent. (Reporting by Mehul Shah in Bangalore; Editing by Jarshad Kakkrakandy)



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