-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C6awp8EbqXEND8TGPI+TjuWaBRebx4i6pYMkDbE+2ET0iSmKK+g+xL3LqlTqWmF0 bFnYx+pUDFdP+OyGPztjsQ== 0001145549-04-000726.txt : 20040607 0001145549-04-000726.hdr.sgml : 20040607 20040607080113 ACCESSION NUMBER: 0001145549-04-000726 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040603 FILED AS OF DATE: 20040607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GIGAMEDIA LTD CENTRAL INDEX KEY: 0001105101 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30540 FILM NUMBER: 04850933 BUSINESS ADDRESS: STREET 1: 57 TUNG HSING RD FOURTH FLOOR STREET 2: TAIPEI TAIWAN (886-2)8768-3020 CITY: REPUBLIC OF CHINA STATE: F5 ZIP: 00000 6-K 1 u99082e6vk.txt GIGAMEDIA LIMITED FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of June, 2004 Commission File Number: 000-30540 GIGAMEDIA LIMITED 122 TunHua North Road, 14th Floor Taipei, Taiwan (R.O.C.) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F [ x ] Form 40-F [ ] (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes [ ] No [ x ] (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- .) GIGAMEDIA LIMITED is filing under cover of Form 6-K: Contents 1. Press release announcing correction to GigaMedia Limited's first quarter 2004 consolidated operating and financial results (attached hereto as Exhibit 99.1). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GigaMedia Limited ----------------- (Registrant) Date: June 3, 2004 By: /s/ Joseph Shea - ------------------ ------------------- (Signature) Name: Joseph Shea Title: Chief Financial Officer EX-99.1 2 u99082exv99w1.txt EX-99.1 CORRECTION TO 1ST QTR 2004 FIN RESULT Exhibit 99.1 GIGAMEDIA ANNOUNCES CORRECTION TO FIRST QUARTER 2004 FINANCIAL RESULTS TAIPEI, Taiwan, June 3, 2004 - GigaMedia Limited ("GigaMedia" or the "Company") (NASDAQ: GIGM, www.giga.net.tw), a diversified provider of broadband and entertainment services, today issued a correction to the Company's balance sheet as reported in the Company's first quarter 2004 consolidated operating and financial results issued on May 25, 2004. The correction results from the elimination of a double-entry in prepaid music store rental expenses, which requires adjustments of equal amounts to the Company's current assets and current liabilities. Following this correction, under current assets the Company's prepaid expenses for the first quarter of 2004 were US$1.3 million instead of the US$4.1 million as originally reported on May 25, 2004. Under current liabilities, the Company's notes and accounts payable, accrued expenses, and other current liabilities for the first quarter of 2004 were US$16.1 million, US$3.7 million and US$3.2 million, respectively, instead of the respective amounts of US$18.5 million, US$3.9 million and US$3.3 million as previously reported. The correction does not impact total shareholders' equity. All corrections will be reflected in a Form 6-K filing to be made with the SEC. Correct and complete first quarter 2004 financial statements for the Company follow. ABOUT GIGAMEDIA GigaMedia Limited is a diversified provider of broadband and entertainment services, with headquarters in Taipei, Taiwan. The Company's online/offline business model provides the Company multiple distribution channels and the ability to meet future market demands as technology drives new media and entertainment industry change. Offline, GigaMedia operates Taiwan's two largest music store chains, Rose Records and Tachung Records, through its subsidiary G-Music. Online, the Company operates a major Taiwanese broadband ISP, providing Internet access service and broadband content with multiple delivery technologies via its Web destination http://www.gigigaga.com. GigaMedia also provides broadband services to corporate subscribers in Taiwan through its subsidiary Koos Broadband Telecom Limited. Through GigaMedia's subsidiary Grand Virtual, based in Cambridge, Massachusetts, the Company develops software for online entertainment services, including online gaming and social networking. Note that GigaMedia began to consolidate results of Grand Virtual in April 2004 and that management expects to provide results of Grand Virtual in the Company's second quarter 2004 results. Strategic investors of GigaMedia include the Koos Group, a major participant in Taiwan's manufacturing, finance, telecommunications, media, and cable industries. More information on GigaMedia can be obtained from http://ir.giga.net.tw. 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/A filed with the United States Securities and Exchange Commission in August 2003. Contact: GigaMedia Limited Brad Miller, Investor Relations Director Country/City Code 8862 Tel: 8770-7966 ext. 1107 brad.miller@gigamedia.com.tw # # # (Tables to follow) =============================================================================== GIGAMEDIA LIMITED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three months ended 3/31/2004 3/31/2003 12/31/2004 --------- ------------------- ---------- USD USD USD --------- ------------------- ---------- 33.38 34.69 33.99 --------- ------------------- ---------- Operating revenues Access revenues 5,361,538 4,432,050 5,039,954 Sales/Rental/Installation 21,325,007 21,288,283 19,082,819 Advertising revenues 482,932 438,523 468,901 Subscription revenues 66,807 119,681 74,729 ther revenues 18,253 71,363 31,947 ---------- ---------- ---------- Total operating revenues 27,254,538 26,349,899 24,698,350 ---------- ---------- ---------- Costs and expenses Operating cost 3,463,853 3,828,752 8,273,318 Cost of sales/rental/installation 18,336,300 19,042,846 16,388,116 Product development & engineering expenses 303,702 311,245 330,775 Selling and marketing expenses 3,914,314 3,727,039 3,611,477 General and administrative expenses 2,477,919 1,459,319 2,508,380 Bad debt expenses 0 8,735 146,064 Impairment loss on goodwill 0 0 746,962 ---------- ---------- ---------- Total costs and expenses 28,496,088 28,377,937 32,005,094 ---------- ---------- ---------- Gain(Loss) from Operations. (1,241,550) (2,028,037) (7,306,744) ---------- ---------- ---------- Non-operating income (expense) Interest income 57,049 106,399 101,250 Foreign exchange gain(loss)-net (621,210) (5,563) 61,362 Investment income 708,761 120,602 (1,589,959) Gain (loss) on disposal of property, plant & equipment (575) (1,113) (772,776) Interest income (expense) (72) (34,700) (117) Other non-operating income (expense) 164,774 41,933 (227,585) Non-operating income (expense) 308,726 227,558 (2,427,825) Income tax expense 0 0 141,994 Minority interest income (loss) (157,717) (355,089) (1,925,897) ---------- ---------- ---------- Net Income (Loss) (775,107) (1,445,391) (7,950,666) ---------- ---------- ---------- Net loss per common share (0.02) (0.03) (0.16) ---------- ---------- ---------- Average shares outstanding 50,154,000 50,154,000 50,154,000
GIGAMEDIA LIMITED CONSOLIDATED BALANCE SHEET (Unaudited)
Three months ended 3/31/2004 3/31/2003 12/31/2004 --------- ------------------- ---------- USD USD USD --------- ------------------- ---------- 33.025 34.745 33.97 --------- ------------------- ---------- Assets Current assets Cash and cash equivalents 12,422,287 32,773,564 35,293,911 Short-term investments 28,626,613 24,258,629 28,956,284 Accounts receivable 5,421,321 4,333,443 4,093,324 Receivables from related parties 0 0 230,805 Inventories-net 6,163,754 8,840,156 4,803,809 Prepaid expenses 1,272,477 631,740 1,367,646 Restricted cash 1,348,788 1,810,932 1,925,494 Note receivable from officer 172,506 533,429 372,390 Other current assets 1,670,495 2,602,433 665,438 ----------- ----------- ----------- Total Current Assets 57,098,240 75,784,326 77,709,102 ----------- ----------- ----------- Investment Total investment 37,180,454 16,767,182 15,259,979 Property, plant & equipment - net 15,210,658 20,405,210 15,636,009 Goodwill 0 730,731 0 Intangible assets - net 6,138,570 6,739,237 6,199,099 Total other assets 4,771,214 4,843,581 4,988,020 ----------- ----------- ----------- Total assets 120,399,138 125,270,267 119,792,210 ----------- ----------- ----------- Liabilities & shareholders' equity Short-term loans 0 0 0 Notes and accounts payable 16,082,738 13,275,604 16,787,852 Payable to related parties 0 0 407,215 Accrued compensation 1,081,550 577,564 1,418,214 Accrued expenses 3,704,766 1,518,979 3,255,365 Other current liabilities 3,178,802 1,180,042 2,241,968 ----------- ----------- ----------- Total current liabilities 24,047,856 16,552,189 24,110,616 ----------- ----------- ----------- Total other liabilities 1,979,445 1,485,801 1,797,598 Total liabilities 26,027,301 18,037,990 25,908,214 Minority interests 3,221,304 6,183,979 3,521,367 Total shareholders' equity 91,150,532 101,048,299 90,362,630 ----------- ----------- ----------- Total liabilities and shareholders' equity 120,399,138 125,270,267 119,792,210 ----------- ----------- -----------
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