GigaMedia Limited (NASDAQ:GIGM) traded with change of -0.35% to $2.83 with the total traded volume of 1185 shares in recent session versus to an average volume of 92.92K. The stock was up in the 5 days activity 5.97%. The one month performance of stock was high 3.27%. GIGM shares are down -6.89% for the quarter and driving a -5.02% over the course of the past year and is now -6.58% since this point in 2018. Right now GIGM beta is 1.28. The average volatility for the week and month was at 5.06% and 4.38% respectively.
GigaMedia Limited (NASDAQ:GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2017.
Fourth Quarter and Full Year Overview
Consolidated 4Q revenues decreased 11.98% quarter-over-quarter and 0.49% year-over-year. Full year revenues increased 29.26% to $11.6 million compared to $9.0 million in 2016.
Gross profit decreased 30.89% comparing to 3Q 2017, but increased 2.65% comparing to the prior year fourth quarter, to approximately $1.0 million. Full year gross profit increased by $1.7 million or 34.45% to $6.5 million. Gross margin rate for full year of 2017 was 56.04%, slightly increased from 53.87% last year.
Operating expenses in 4Q, excluding a reclassification from non-operating income of $1.7 million related to the ArcheAge transaction in 2Q 2017, slightly decreased 1.24% from prior quarter. Full year operating expenses, excluding impairment losses and the ArcheAge income, decreased by $1.3 million or 13.24% to $8.7 million from $10.0 million.
Income from operations for 4Q, excluding the reclassification from non-operating income of the $1.7 million ArcheAge income, decreased to a loss $0.7 million from a loss $0.3 million in 3Q, mainly due to lower revenues in 4Q. Full year operating loss, if excluding impairment losses and the ArcheAge income, were a loss of $2.2 million for 2017, representing a loss reduction of $3.0 million.
Consolidated general and administrative expenses in 4Q decreased by 17.31% quarter-on-quarter and by 10.89% year-over-year. Full year consolidated general and administrative expenses slightly increased by 2.07%.
Income tax benefit of $1.7 million in this quarter was related to a reversal of deferred income tax liabilities originally accrued for certain withholding obligations.
Adjusted EBITDA for the year ended December 31, 2017 was a loss of $1.1 million, compared to adjusted EBITA of $7.2 million loss in the prior year.
GigaMedia Limited Chief Executive Officer James Huang stated “After the efforts in recent years in cleaning up the Company’s balance sheet and streamlining its operations, GigaMedia is now operating with a healthy margin, efficient marketing expenditures and disciplined overhead costs”.
Shares of GigaMedia Limited have been recently spotted trading -35.22% off of the 52-week high price. On the other end, company shares have been noted 8.02% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 2.62 – 4.37. Switching over to some distances from popular moving averages, we see that the stock has been recorded -6.68% away from the 50 day moving average and -8.32% away from the 200 day moving average. Moving closer, we can see that shares have been trading 1.52% off of the 20-day moving average.