GigaMedia Limited (GIGM) updated its outlook for its unaudited fourth-quarter 2011 consolidated financial results.
The Taiwan-based company said that the revenues for the period held steady quarter-over-quarter and are expected at approximately $7.8 million.
Operating expenses for the fourth quarter remained stable compared to the third quarter of 2011 at approximately $7.9 million before bad debt expenses and increased about 21 percent versus previous quarter to around $10.1 million when including fourth-quarter bad debt expenses.
Cash, cash equivalents, restricted cash, and marketable securities-current improved sequentially as of December 31, 2011 to approximately $67.0 mln, while total short-term borrowings remained stable at around $11.8 million resulting in net cash of $55.2 million in the fourth quarter, up from $44.5 million in the preceding quarter.
Fourth-quarter cash included proceeds from the sale of GigaMedia's interest in T2CN and from the initial sales of certain of GigaMedia's Asian studio investments, which totaled approximately $4.7 million and $6.3 million, respectively.
Non-cash charges for the quarter are estimated to be approximately $50 mln - $60 mln, contributing to a net loss for the period. The company anticipates to report non-cash impairment charges related to investments made under previous management, primarily consisting of charges to Everest Gaming and certain assets in GigaMedia's Asian online games business.
GigaMedia expects to announce its fourth-quarter and full-year 2011 consolidated financial results in the second half of March.
GIGM closed the Friday's regular trading session at $1.25, up $0.01.
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