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GigaMedia Q1 loss narrows YOY

GigaMedia Ltd. said its first-quarter normalized net income came to a loss of 3 cents per share, compared with a loss of 24 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $324,690, compared with a loss of $2.6 million in the year-earlier period.

The normalized profit margin climbed to negative 13.5% from negative 83.3% in the year-earlier period.

Total revenue decreased 23.7% year over year to $2.4 million from $3.2 million, and total operating expenses decreased 56.0% from the prior-year period to $2.9 million from $6.6 million.

Reported net income fell 77.8% year over year to $1.1 million, or 10 cents per share, from $5.0 million, or 45 cents per share.