全国统一24小时服务热线:400-0000-889400-0000-889  / 13999887799

国际新闻

当前位置:主页 > 国际新闻 >

Global Sources reports third quarter results

发布时间:2018-12-05 09:45 作者:K8 来源:AG 点击: 字号:

Increased total revenue 11% and online revenue 19% compared to

third quarter 2007

Maintained strong balance sheet with $183.2 million in cash and securities

and no debt

Second half 2008 online revenue expected to exceed 49% of total revenue and grow 24% compared to second half 2007

NEW YORK, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- Global Sources Ltd. (Nasdaq: GSOL) ( http://www.globalsources.com ) reported financial results for the third quarter and nine months ended Sept. 30, 2008.

(Logo: /uploads/allimg/180930/20180930132021xptdko52a5b40014.jpg )

Global Sources’ chairman and CEO, Merle A. Hinrichs, said: "For 37 years, Global Sources’ management has successfully led the company through many economic disruptions and our business model enables us to effectively adapt to challenging business environments like we have today. Revenue for the quarter increased 11%, compared to the third quarter of 2007, driven by the continued success of our online business, which grew 19%. Global Sources’ resilient financial condition, successful product offerings and focused strategy have the company well positioned for continued prosperity as we look to the future.

"Now, we expect revenue growth for the fourth quarter to range between 4% and 5% over last year’s fourth quarter and GAAP EPS to range between $0.12 and $0.13. In assessing our results and future opportunities, it is important to acknowledge Global Sources is addressing a very attractive market opportunity. Mainland China is and is expected to remain the fastest growing major economy in the world, as well as the world’s largest manufacturing region and the leading exporter of consumer products to the world."

Financial highlights -- Third quarter: 2008 compared to 2007

-- Revenue was $37.6 million, up 11% from $33.8 million.

-- Online revenue was $23.5 million, up 19% from $19.7 million.

-- Exhibitions revenue was $511,000, up 13% from $454,000.

-- Print revenue was $11.9 million, down 6% from $12.6 million.

-- Revenue from mainland China was $24.3 million, up 22% from $19.9

million.

-- GAAP net income was $2.3 million, or $0.05 per diluted share, which

included a credit of $0.4 million, or $0.01 per share of non-cash,

stock-based compensation expense (SBC) based on a stock price of

$10.07 on Sept. 30, 2008. For the third quarter of 2007, GAAP net

income was $5.1 million, or $0.11 per diluted share.

-- Non-GAAP net income was $1.9 million, or $0.04 per diluted share,

compared to $6.0 million, or $0.13 per diluted share, for the third

quarter of 2007.

-- Total deferred income and customer prepayments were $99.2 million as

at Sept. 30, 2008, compared to $88.1 million as at Sept. 30, 2007.

-- Cash, cash equivalents and available-for-sale securities were $183.2

million as at Sept. 30, 2008, down 1% from $184.9 million as at Sept.

30, 2007, reflecting the recent purchase of real estate for a sum of

$47.9 million.

-- No short-term or long-term debt.

Financial highlights -- Nine months ended Sept. 30: 2008 compared to 2007

-- Revenue was $141.9 million, up 17% from $121.3 million.

-- Online revenue was $69.5 million, up 25% from $55.4 million.

-- Exhibitions revenue was $31.7 million, up 21% from $26.2 million.

-- Print revenue was $36.3 million, essentially flat from $36.4

million.

-- Revenue from mainland China was $90.4 million, up 27% from $70.9

million.

-- GAAP net income was $18.9 million, or $0.40 per diluted share,

compared to $15.9 million, or $0.34 per diluted share.

-- Non-GAAP net income was $18.4 million, or $0.39 per diluted share,

compared $21.9 million, or $0.47 per diluted share.

Global Sources’ non-GAAP metrics

Management believes non-GAAP metrics are useful measures of operations and provides GAAP to non-GAAP reconciliation tables at the end of this press release. Global Sources defines non-GAAP net income as net income excluding non-cash, stock-based compensation (SBC) expense or credit, gains or losses on acquisitions and investments, and/or impairment charges, for all historical and future references to non-GAAP metrics. Non-GAAP EPS is defined as non-GAAP net income divided by the weighted average of diluted common shares outstanding.

Global Sources’ CFO, Eddie Heng, said: "Although revenue was less than expected, we have been adjusting our spending and investment plans. As a result, our GAAP EPS of $0.05 exceeded our guidance of $0.02 to $0.03. For the fourth quarter, we expect growth to range between 4% and 5%. Regarding earnings, we plan to continue to carefully manage expenditures, and we anticipate achieving GAAP EPS between $0.12 and $0.13.

"Our balance sheet is very strong and also reflects the substantial investments that we have made over the past 2 years to grow sales representation and enhance our IT infrastructure. At Sept. 30, 2008, we had no debt and $183.2 million in cash and securities, of which 79% was in U.S. short-term treasury bonds. In addition, we have more than $74.5 million in real estate assets based on their cost at the time of purchase."

Global Sources’ chairman and CEO, Merle A. Hinrichs, further added: "We are delighted that Eddie Heng has accepted the Global Sources board of directors’ proposal that he continues to serve on the board, as a non-executive director, after he retires from his CFO role next June. As we have recently announced, we have hired David Gillan as Deputy CFO, with a view to Gillan assuming CFO responsibilities upon Eddie’s retirement."

Financial expectations for the fourth quarter and second half 2008

-- Fourth quarter 2008 ending Dec. 31, 2008:

-- Revenue is expected to be between $63.0 million and $64.0 million,

representing growth of 4% to 5% over the fourth quarter of 2007.

Based on the stock price of $7.90 on Oct. 31, 2008, SBC is

estimated to have no impact.

-- GAAP EPS is expected to be between $0.12 and $0.13, as compared to

$0.17 per diluted share in the fourth quarter of 2007. This

guidance includes an estimated impairment marking to market the

2003 Citi Umbrella Fund as of the end of October 2008. Notably,

the company had recorded gains in previous years. If the value of

the fund increases by the year end, the impairment will be adjusted.

-- Non-GAAP EPS is expected to be between $0.14 and $0.15, as compared

to $0.26 per diluted share in the fourth quarter of 2007.

-- Second half 2008 ending Dec. 31, 2008:

-- Revenue is expected to be in the range of $101 million to $101.5

million. Compared to $94.6 million for the second half of 2007,

this represents an increase of 7%. Using the stock price of $7.90

on Oct.31, 2008, combined with the third quarter credit of $0.01

per diluted share, SBC is estimated to be a credit of $0.01 per

diluted share.

-- GAAP EPS is expected to be in the range of $0.17 to $0.18, as

compared to $0.28 per diluted share in the second half of 2007.

This includes the aforementioned estimated impairment.

-- Non-GAAP EPS is expected to be in the range of $0.18 to $0.19, as

compared to $0.39 per diluted share for the same period in 2007.

Recent Corporate Highlights

-- Held the following China Sourcing Fairs in Hong Kong with a total of

7,240 booths in October and early November:

-- Electronics & Components: 2,900 booths

-- Gifts & Home Products: 3,200 booths

-- Baby & Children’s Products: 180 booths

-- Fashion Accessories: 740 booths

-- Underwear & Swimwear: 220 booths

-- Announced the scheduled launch of China Sourcing Fair: Security

Products to be held at the AsiaWorld-Expo from Oct. 12-15, 2009.

-- Held International IC-Taiwan Conference & Exhibition, featuring 130

booths.

-- Private Sourcing Events were held since July 1, 2008 for more than 50

of the world’s largest and most well known buying organizations

including Cole’s Group, Lowe’s, Woolworths UK, Samsung, NEC,

Staples, Sears, Li & Fung, RadioShack, Metro, QVC, Office Depot,

Carrefour, Tesco, Flextronics, Polo Ralph Lauren, and Markant.

-- Completed the purchase of office space for the use of our companies

and/or sales representative companies. This is comprised of 2,100

square meters in Hong Kong for $12.3 million and 6,400 square meters

of Grade-A office space in the Shenzhen International Chamber of

Commerce Tower for $35.6 million. The latter complements the

company’s 2004 purchase of 9,000 square meters in the same building

for $19.4 million and its 2007 purchase of 1,940 square meters in the

Shenzhen Excellence Times Square building for $7.2 million.

-- Achieved record lead generation, which is measured as requests for

information (RFIs) from buyers to suppliers through Global Sources

Online. There were more than 43 million RFIs during the 12 months

ended Sept. 30, 2008, up more than 86% compared to the same period

last year.

-- Increased Global Sources’ independently certified community of active

buyers to more than 753,000 at the end of the third quarter, 16%

higher than the same time last year.

-- Appointed PricewaterhouseCoopers as the independent accounting firm

for the financial year ending Dec. 31, 2008, effective Aug. 22, 2008.

Conference call for Global Sources third quarter 2008 earnings

Chairman and CEO, Merle A. Hinrichs, and Eddie Heng, CFO, are scheduled to conduct a conference call at 8:00 a.m. ET on Nov. 13, 2008 (9:00 p.m. on Nov. 13, 2008 in Hong Kong) to review these results in more detail. Investors in the United States may participate in the call by dialing (888) 212-8315, and international participants may dial (1-706) 643-0144. Investors in Hong Kong may call (852) 3011-4515. A live webcast of the conference call is scheduled to be available on Global Sources’ corporate site at http://www.investor.globalsources.com .

For those who cannot listen to the live broadcast, a webcast replay of the call is scheduled to be available on the company’s corporate site for at least 30 days. A telephone replay of the call is also scheduled to be available through Nov. 17, 2008. To listen to the telephone replay, dial (800) 642-1687, or dial (1-706) 645-9291 outside the United States, and enter pass code 67291896#. For those in the Hong Kong area, the replay dial-in number is (852) 3011-4541, and the pass code is 67291896#.

About Global Sources

Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business uses English-language media to facilitate trade from Greater China to the world. The other business segment utilizes Chinese-language media to enable companies to sell to, and within Greater China.

The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 753,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.

The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 4.3 million products and more than 196,000 suppliers annually through 14 online marketplaces, 13 monthly magazines, over 100 sourcing research reports and 9 specialized trade shows which run 27 times a year across eight cities.

Suppliers receive more than 43 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com ) alone.

Global Sources has been facilitating global trade for 37 years. Global Sources’ network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,800 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933, as amended and Section 21-E of the Securities Exchange Act of 1934, as amended. The company’s actual results could differ materially from those set forth in the forward-looking statements as a result of the risks associated with the company’s business, changes in general economic conditions, and changes in the assumptions used in making such forward-looking statements.

-- Tables to Follow --

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

At At

September 30 December 30

2008 2007

(Unaudited)

ASSETS

Current Assets:

Cash and cash equivalents $177,263 $197,825

Available-for-sale securities 5,912 --

Accounts receivable, net 6,682 6,665

Receivables from sales representatives 8,235 12,303

Inventory 1,192 1,108

Prepaid expenses and other current assets 22,045 15,333

Deferred tax assets 46 46

Total Current Assets 221,375 233,280

Property and equipment, net 82,215 35,352

Long term investments 100 100

Bonds held to maturity, at amortized cost -- 99

Deferred tax assets -- long term 202 196

Other assets 2,476 2,781

Total Assets $306,368 $271,808

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Accounts payable $7,141 $5,577

Deferred income and customers’ prepayments 92,003 78,141

Accrued liabilities 10,887 12,546

Income taxes payable 871 694

Total Current Liabilities 110,902 96,958

Deferred income and customers’ prepayments

-- long term 7,170 4,934

Deferred tax liability 239 283

Total Liabilities 118,311 102,175

Non-controlling interest 3,974 4,940

Shareholders’ equity:

Common shares, US$0.01 par value; 75,000,000

shares authorized; 46,703,058 (2007: 46,572,092)

shares issued and outstanding 467 466

Additional paid in capital 134,390 133,987

Retained earnings 47,729 28,829

Accumulated other comprehensive income 1,497 1,411

Total Shareholders’ Equity 184,083 164,693

Total Liabilities and Shareholders’

Equity $306,368 $271,808

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

Three months ended Nine months ended

September 30, September 30,

2008 2007 2008 2007

(Unaudited) (Unaudited) (Unaudited)(Unaudited)

Revenue:

Online and other media

services (Note 1) $35,350 $32,270 $105,766 $91,849

Exhibitions 511 454 31,731 26,153

Miscellaneous 1,716 1,059 4,354 3,273

$37,577 $33,783 $141,851 $121,275

Operating Expenses:

Sales (Note 2) 16,036 12,330 48,909 41,132

Event production 280 163 11,359 10,240

Community (Note 2) 5,976 5,051 21,425 17,759

General and

administrative (Note 2) 11,742 10,484 35,809 31,929

Online services

development (Note 2) 1,549 1,614 4,530 4,200

Amortization of software

costs 50 38 147 118

Total Operating Expenses 35,633 29,680 122,179 105,378

Income from Operations 1,944 4,103 19,672 15,897

Interest and dividend

income 670 1,758 2,616 4,874

Loss on investment, net -- -- -- (1,846)

Foreign exchange gains

(losses), net (24) (294) (1,319) (758)

Income before Income Taxes 2,590 5,567 20,969 18,167

Income Tax Expense (140) (89) (561) (646)

Net Income before

Non-Controlling Interest 2,450 5,478 20,408 17,521

Non-Controlling interest (175) (345) (1,508) (1,670)

Net Income $2,275 $5,133 $18,900 $15,851

Diluted net income per

share $0.05 $0.11 $0.40 $0.34

Total shares used in

diluted net income per

share calculations 47,506,782 47,090,456 47,448,286 46,910,979

Note: 1. Online and other media services consists of:

Three months ended Nine months ended

September 30, September 30,

2008 2007 2008 2007

(Unaudited) (Unaudited) (Unaudited)(Unaudited)

Online services $23,480 $19,656 $69,514 $55,418

Print services 11,870 12,614 36,252 36,431

$35,350 $32,270 $105,766 $91,849

Note: 2. Non-cash compensation expenses associated with the several

employee equity compensation plans and Directors Purchase Plan

included under various categories of expenses are as follows:

Three months ended Nine months ended

September 30, September 30,

2008 2007 2008 2007

(Unaudited) (Unaudited) (Unaudited)(Unaudited)

Sales $(582) $483 $(1,390) $1,869

Community 14 55 194 157

General administrative 136 311 536 1,956

Online services development 53 65 178 225

$(379) $914 $(482) $4,207

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ACTUAL GAAP to NON-GAAP RECONCILIATION

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

Three months ended Nine months ended

September 30, September 30,

2008 2007 2008 2007

GAAP EPS $0.05 $0.11 $0.40 $0.34

GAAP Net Income $2,275 $5,133 $18,900 $15,851

Non-cash stock based

compensation expense /

(credit) (Note 1) (379) 914 (482) 4,207

Loss on investment, net

(Note 2) -- -- -- 1,846

Non-GAAP Net Income $1,896 $6,047 $18,418 $21,904

Non-GAAP diluted net

income per share $0.04 $0.13 $0.39 $0.47

Total shares used in

non-GAAP diluted net

income per share

calculations 47,506,782 47,090,456 47,448,286 46,910,979

Notes:

(1) Non-cash stock based compensation expense / (credit).

(2) An impairment charge of approximately $2.3 million on the company’s

HC International investment, net of $0.5 million received pursuant

to indemnification obligations of the vendor under the purchase

agreement for HC International investment.

GLOBAL SOURCES LTD. AND SUBSIDIARIES

GUIDANCE GAAP to NON-GAAP RECONCILIATION

(In U.S. Dollars Million, Except Number of Shares and Per Share Data)

Actual GUIDANCE

Three months ended Three months ended

September 30, December 31,

2008 2008

Revenue $37.58 to $63.00 to $64.00

GAAP EPS $0.05 to $0.12 to $0.13

Non-cash stock based

compensation expense /

(credit) (Note 1) ($0.01) -- --

Forecast impairment on

available-for-sale

securities (Note 2) -- $0.02 $0.02

Non-GAAP diluted net income

per share $0.04 to $0.14 to $0.15

Total shares used in

non-GAAP diluted net

income per share

calculations 47,506,782 47,526,076 47,526,076

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONTINUED GUIDANCE GAAP to NON-GAAP RECONCILIATION

(In U.S. Dollars Million, Except Number of Shares and Per Share Data)

GUIDANCE

Six months ended

December 31,

2008

Revenue $101.00 to $101.50

GAAP EPS $0.17 to $0.18

Non-cash stock based compensation

expense / (credit) (Note 1) ($0.01) ($0.01)

Forecast impairment on available-

for-sale securities (Note 2) $0.02 $0.02

Non-GAAP diluted net income per

share $0.18 to $0.19

Total shares used in non-GAAP

diluted net income

per share calculations 47,467,793 47,467,793

Notes:

(1) Non-cash stock based compensation expense / (credit).

(2) Forecast impairment on available-for-sale securities.

GLOBAL SOURCES LTD. AND SUBSIDIARIES

GUIDANCE GAAP to NON-GAAP RECONCILIATION

(In U.S. Dollars Million, Except Number of Shares and Per Share Data)

GUIDANCE ACTUAL

Three months ended Three months ended

December 31, December 31,

2008 2007

Revenue $63.00 to $64.00 $60.8

GAAP EPS $0.12 to $0.13 $0.17

Non-cash stock based

compensation expense /

(credit) (Note 1) -- -- $0.07

Gain on sale of HC shares

(Note 2) -- -- ($0.05)

Impairment charge for Blue

Bamboo (Note 3) -- -- $0.07

Forecast impairment on

available-for-sale

securities (Note 4) $0.02 $0.02 --

Loss on investment, net

(Note 5) -- -- --

Non-GAAP diluted net income

per share $0.14 to $0.15 $0.26

Total shares used in non-GAAP

diluted net income

per share calculations 47,526,076 47,526,076 47,169,292

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONTINUED GUIDANCE GAAP to NON-GAAP RECONCILIATION

(In U.S. Dollars Million, Except Number of Shares and Per Share Data)

GUIDANCE ACTUAL

Year ended Year ended

December 31, December 31,

2008 2007

Revenue $205.00 to $206.00 $182.1

GAAP EPS $0.52 to $0.53 $0.51

Non-cash stock based

compensation expense /

(credit) (Note 1) ($0.01) ($0.01) $0.16

Gain on sale of HC shares

(Note 2) -- -- ($0.05)

Impairment charge for Blue

Bamboo (Note 3) -- -- $0.07

Forecast impairment on

available-for-sale

securities (Note 4) $0.02 $0.02 --

Loss on investment, net

(Note 5) -- -- $0.04

Non-GAAP diluted net income

per share $0.53 to $0.54 $0.73

Total shares used in non-GAAP

diluted net income

per share calculations 47,467,793 47,467,793 46,986,861

Notes:

(1) Non-cash stock based compensation expense / (credit).

(2) A gain of approximately $2.4 million arising from the sale of the

shares of HC International.

(3) Impairment charge of approximately $3.1 million recorded by the

company on intangible assets and goodwill pertaining to the business

acquisition of Blue Bamboo China Ventures.

(4) Forecast impairment on available-for-sale securities.

(5) An impairment charge of approximately $2.3 million on the

company’s HC International investment, net of $0.5 million received

pursuant to indemnification obligations of the vendor under the

purchase agreement for HC International investment.

For financial matrix, please visit:

http://xprnnews.xfn.info/GSOL/20081113/HKTH001.pdf

Global Sources Press Contact in Asia:

Camellia So

Tel: +852-2555-5021

Email: cso@globalsources.com

Global Sources Press Contact in U.S.:

James W.W. Strachan

Tel: +1-480-664-8309

Email: strachan@globalsources.com

Global Sources Investor Contact in Asia:

Investor Relations Department

Tel: +852-2555-4777

Email: investor@globalsources.com

Global Sources Investor Contact in U.S.:

Kirsten Chapman & Timothy Dien

Lippert/Heilshorn & Associates, Inc.

Tel: +1-415-433-3777

Email: tdien@lhai.com

本文源自: 环亚娱乐

相关文章Related Articles

如果您觉得本站还不错,就请分享给身边的好友吧


分享成功还有机会获得精美礼品哦