GigaMedia Limited (GIGM) announced preliminary first-quarter 2013 consolidated financial results were in line with guidance and rescheduled the company's first-quarter 2013 investor call to May 21, 2013 after the market closes.
While announcing the fourth-quarter result, the company had expected consolidated revenues for the first-quarter of 2013 to decline 10-15 percent compared to the fourth quarter of 2012. The company expected gross margin to remain steady at about 56 percent. The company does not anticipate bad debt expenses or write-downs in the first quarter, which, combined with ongoing tight cost controls, is expected to result in significant decreases in total operating expenses and net loss quarter-over-quarter, with positive operating income in GigaMedia's online games business FunTown in the first quarter of 2013.
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