NEW YORK, Aug. 5, 2015 /PRNewswire/ -- Global Sources Ltd.
(NASDAQ: GSOL) reported financial results for the second quarter
ended June 30, 2015.
Global Sources' executive chairman, Merle A. Hinrich, said: "In the second quarter,
total revenue was $68.5 million, with
our exhibition business revenue growing 42 percent year-over-year,
driven primarily by the performance of our large electronics
international trade shows held in Hong
Kong in April and the move of our SIMM machinery
shows from the first quarter of 2014 to the second quarter of 2015.
We were especially pleased with the revenue and attendance growth
for the Global Sources Electronics and Mobile
Electronics shows.
"Recently, we completed three important actions to return value
to our shareholders and to focus on our core business. First, we
completed a cash tender offer to return up to approximately
$50 million to shareholders, which
commenced on June 26, 2015 and
expired at 12:00 midnight, New York
City time, on July 27, 2015.
Second, we completed the sale of our eMedia subsidiary. And third,
following the end of the second quarter, we entered into an
agreement to sell an investment property in Shenzhen."
Financial highlights - Second quarter: 2015 compared to
2014
As a result of completing the sale of its eMedia subsidiary
during the quarter, the eMedia business has been reclassified as a
discontinued operation.
- Revenue from continuing operations was $66.0 million, as compared to $55.5 million.
- Online revenue was $16.4 million,
as compared to $19.3 million.
- Exhibitions revenue was $46.1
million, as compared to $32.4
million.
- Print revenue was $1.3 million,
as compared to $1.7 million.
- Revenue from discontinued operations was $2.5 million, as compared to $2.9 million.
- IFRS net income from continuing operations was $16.7 million, or $0.52 per diluted share, as compared to
$7.1 million, or $0.20 per diluted share.
- IFRS net loss from discontinued operations was $0.04 million, as compared to $0.1 million.
- Non-IFRS net income was $11.2
million, or $0.35 per diluted
share, as compared to $9.4 million,
or $0.27 per diluted share, for the
second quarter of 2014.
- Adjusted EBITDA was $17.4
million, as compared to $11.8
million for the second quarter of 2014.
- Total deferred income and customer prepayments were
$86.2 million as at June 30, 2015, as compared to $99.0 million as at June
30, 2014.
Financial highlights - Six months ended June 30: 2015 compared to 2014
- Revenue from continuing operations was $85.9 million, as compared to $87.5 million.
- Revenue from discontinued operations was $4.8 million, as compared to $5.3 million.
- IFRS net income from continuing operations was $14.6 million, or $0.46 per diluted share, as compared to
$7.4 million, or $0.21 per diluted share.
- IFRS net loss from discontinuing operations was $0.1 million, as compared to $0.3 million.
- Non-IFRS net income was $9.7
million, or $0.31 per diluted
share, as compared to $10.0 million,
or $0.28 per diluted share, for the
six months ended June 30, 2014.
- Adjusted EBITDA was $17.4
million, as compared to $17.7
million for the six months ended June
30, 2014.
Global Sources' CFO, Connie Lai,
stated: "Our second quarter 2015 results reflect growth of the
electronics trade shows held in April, the SIMM machinery
shows moving from the first quarter last year to the second
quarter of 2015 and the capital gain of $6.2
million recorded from the sale of our eMedia subsidiary. We
continue to maintain an efficient cost structure, while maintaining
a strong balance sheet with no short- or long-term debt."
Financial expectations for the second half of 2015 under
IFRS
"It is important to note that our second half 2015 guidance
takes into consideration the impact on revenue resulting from the
sale of our eMedia subsidiary, as well as capital gains from the
expected sale of our Shenzhen
investment property," Lai stated.
- For the second half of 2015 ending Dec.
31, 2015:
- Revenue from continuing operations is expected to be in the
range of $86.0 million to $88.0
million, as compared to $91.8
million for the second half of 2014.
- IFRS EPS from continuing operations is expected to be in the
range of $0.50 to $0.55, as compared
to $0.32 per diluted share in the
second half of 2014. SBC and the amortization of intangibles as it
relates to certain equity compensation plans and gain on sale of
investment property, net of transaction costs and related tax
expenses, are estimated to be a credit of $0.24 per diluted share for the second half of
2015.
- Non-IFRS EPS is expected to be in the range of $0.26 to $0.31, as compared to $0.36 per diluted share for the same period in
2014.
- Adjusted EBITDA from continuing operations is expected to be
between $12.0 million and $13.2
million, as compared to $15.8
million in the second half of 2014.
"For the second half of 2015, we expect the revenue mix to range
between 52% and 54% for exhibitions, 41% and 42% for online and
print, and approximately 6% for miscellaneous. This compares to a
second half 2014 revenue mix of approximately 52% for exhibitions,
44% for online and print and 4% for miscellaneous," Lai
concluded.
Recent Corporate Highlights
- Completed its cash tender offer, which commenced on
June 26, 2015 and expired at 12:00
midnight, New York City time, on
July 27, 2015, purchasing a total of
6,666,666 shares at $7.50 per
share.
- Entered into a Letter of Intent on July
6, 2015 to sell its investment property on the
50th floor of the Shenzhen International Chamber of
Commerce Tower in Shenzhen, China
for approximately $21.7 million.
Completion of the transaction is conditional upon, and subject to,
the further signing of a formal sale and purchase agreement by the
parties on or before Sept. 1, 2015,
and the buyer's full payment of the sale price on or before
Nov. 10, 2015.
- The 15th China International Fashion Brand
Fair - Shenzhen
(FashionSZshow) was held in Shenzhen in July.
- Sold its interest in eMedia Asia Limited.
- Launched five new vertically specialized websites: Fashion
Accessories & Footwear; Fashion Apparel &
Fabrics; Gifts & Premiums; Hardware; and
Home Products.
- China Sourcing Fairs were held in April 2015 at Hong
Kong's AsiaWorld-Expo. The spring shows had more than 7,600
booths. Total attendance exceeded 77,300 and included buyers from
more than 150 countries and territories.
- The Shenzhen International Machinery Manufacturing Industry
Exhibition and its related shows, known as the SIMM
machinery shows, were held on March 30-April
2, 2015.
- Launched an enhanced version of Mobile Electronics plus
three new vertically specialized websites for Consumer
Electronics, Security Products and Electronic
Components.
- Private Sourcing Events were held from April 2015 through June
2015 for more than 55 sourcing teams from very large buying
organizations including BIC Graphic, Casino, Coop, Future Group,
Hermes-OTTO International, Jula AB, Kingfisher, Panasonic, Philips,
Sodimac, The Home Depot, The Source and others.
Conference call for Global Sources second quarter 2015
earnings
Executive chairman Merle A.
Hinrich and CFO Connie Lai
are scheduled to conduct a conference call at 8:00 a.m. ET on Aug. 5,
2015 (8:00 p.m. on
Aug. 5, 2015 in Hong Kong) to review these results in more
detail. Investors in the United
States may participate in the call by dialing (888)
737-3616, and non-Hong Kong
international participants may dial (1-913) 312-1391. Investors in
Hong Kong may participate by
dialing (852) 3008-0382. The conference ID is 3671969 and
participants are encouraged to dial 10 minutes prior to the call to
prevent a delay in joining. 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 30 days. A telephone replay of the call is also
scheduled to be available through Aug. 12,
2015. To listen to the telephone replay dial (888) 203-1112
or dial (1-719) 457-0820 outside the
United States, and enter pass code 3671969. For those in the
Hong Kong area, the replay dial-in
number is (800) 901-108, and the pass code is 3671969.
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 facilitates trade between Asia and the world using English-language
media such as online marketplaces (GlobalSources.com), print and
digital magazines, private sourcing events, and trade shows.
More than 1 million international buyers, including 95 of the
world's top 100 retailers, use these services to obtain product and
company information to help them source more profitably from
overseas supply markets. These services also provide suppliers with
integrated marketing solutions to build corporate image, generate
sales leads and win orders from buyers in more than 240 countries
and territories.
Now in its fifth decade, Global Sources has been publicly listed
on the NASDAQ since 2000.
Global Sources' non-IFRS metrics
Management believes non-IFRS metrics are useful measures of
operations and provides IFRS to non-IFRS reconciliation tables at
the end of this press release. Global Sources defines non-IFRS net
income as net income excluding non-cash, SBC expense or credit,
amortization of intangibles as it relates to certain equity
compensation plans, profits or losses on acquisitions, investments
and disposal net of transaction costs and related tax expenses,
and/or impairment charges net of related taxes, for all historical
and future references to non-IFRS metrics. Non-IFRS EPS is defined
as non-IFRS net income divided by the weighted average of diluted
common shares outstanding. Adjusted EBITDA is defined as earnings
before interest, taxes, depreciation, amortization, stock-based
compensation, impairment of goodwill and intangible assets, and
profits or losses on acquisitions, investments and disposal net of
transaction costs and related tax expenses.
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 Follow -
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In U.S. Dollars
Thousands, Except Number of Shares and Per Share
Data)
|
|
|
As at June 30,
|
|
As at December 31,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
86,614
|
|
$
|
90,223
|
Term deposits with
banks
|
|
8,387
|
|
4,285
|
Financial assets,
available-for-sale
|
|
-
|
|
3,952
|
Accounts receivables,
net
|
|
879
|
|
2,269
|
Receivables from
sales representatives
|
|
11,145
|
|
7,900
|
Inventories
|
|
151
|
|
154
|
Prepaid expenses and
other current assets
|
|
29,155
|
|
17,027
|
|
|
136,331
|
|
125,810
|
Non-current
assets
|
|
|
|
|
Property and
equipment
|
|
61,799
|
|
63,519
|
Investment
properties
|
|
84,453
|
|
85,546
|
Intangible
assets
|
|
29,484
|
|
37,732
|
Long term
investment
|
|
100
|
|
100
|
Deferred income tax
assets
|
|
323
|
|
196
|
Other non-current
assets
|
|
1,920
|
|
1,108
|
|
|
178,079
|
|
188,201
|
Total
assets
|
|
$
|
314,410
|
|
$
|
314,011
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
|
7,459
|
|
$
|
9,418
|
Deferred income and
customer prepayments
|
|
81,501
|
|
84,869
|
Accrued
liabilities
|
|
17,277
|
|
19,100
|
Income tax
liabilities
|
|
3,223
|
|
3,848
|
|
|
109,460
|
|
117,235
|
Non-current
liabilities
|
|
|
|
|
Accounts payable
|
|
294
|
|
889
|
Deferred income and
customer prepayments
|
|
4,712
|
|
3,971
|
Deferred income tax
liabilities
|
|
5,407
|
|
6,842
|
|
|
10,413
|
|
11,702
|
Total
liabilities
|
|
119,873
|
|
128,937
|
|
|
|
|
|
Equity attributable
to Company's shareholders
|
|
|
|
|
Common
shares
|
|
532
|
|
529
|
Treasury
shares
|
|
(200,089)
|
|
(200,089)
|
Other
reserves
|
|
162,225
|
|
161,242
|
Retained
earnings
|
|
224,419
|
|
209,924
|
Total Company
shareholders' equity
|
|
187,087
|
|
171,606
|
Non-controlling
interests
|
|
7,450
|
|
13,468
|
Total
equity
|
|
$
|
194,537
|
|
$
|
185,074
|
Total liabilities
and equity
|
|
$
|
314,410
|
|
$
|
314,011
|
|
|
|
|
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
CONSOLIDATED
INCOME STATEMENTS
(In U.S. Dollars
Thousands, Except Number of Shares and Per Share
Data)
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online and
other media services (Note 2)
|
|
$
|
17,721
|
|
$
|
21,022
|
|
$
|
35,730
|
|
$
|
42,381
|
Exhibitions
|
|
|
46,096
|
|
|
32,412
|
|
|
46,171
|
|
|
41,272
|
Miscellaneous
|
|
|
2,137
|
|
|
2,051
|
|
|
4,015
|
|
|
3,813
|
|
|
|
65,954
|
|
|
55,485
|
|
|
85,916
|
|
|
87,466
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(Note 3)
|
|
|
18,798
|
|
|
18,270
|
|
|
24,693
|
|
|
26,506
|
Event
production
|
|
|
12,197
|
|
|
8,991
|
|
|
12,224
|
|
|
10,742
|
Community and content (Note 3)
|
|
|
6,677
|
|
|
5,919
|
|
|
10,203
|
|
|
10,335
|
General
and administrative (Note 3 & 4)
|
|
|
10,635
|
|
|
12,819
|
|
|
20,752
|
|
|
26,004
|
Information and technology (Note 3)
|
|
|
3,245
|
|
|
2,939
|
|
|
6,452
|
|
|
6,012
|
Total Operating
Expenses
|
|
|
51,552
|
|
|
48,938
|
|
|
74,324
|
|
|
79,599
|
Profit
on sale of subsidiary
|
|
|
6,159
|
|
|
-
|
|
|
6,159
|
|
|
-
|
Profit from
Operations
|
|
|
20,561
|
|
|
6,547
|
|
|
17,751
|
|
|
7,867
|
Interest
income
|
|
|
273
|
|
|
311
|
|
|
566
|
|
|
707
|
Gain on sale of available-for-sale securities
|
|
|
90
|
|
|
-
|
|
|
136
|
|
|
10
|
Interest
expenses
|
|
|
(13)
|
|
|
(45)
|
|
|
(59)
|
|
|
(92)
|
Profit before
Income Taxes
|
|
|
20,911
|
|
|
6,813
|
|
|
18,394
|
|
|
8,492
|
Income tax
expense
|
|
|
(2,684)
|
|
|
(440)
|
|
|
(2,549)
|
|
|
(830)
|
Net Profit from continuing operations
|
|
$
|
18,227
|
|
$
|
6,373
|
|
$
|
15,845
|
|
$
|
7,662
|
Net Profit/(loss)
from discontinued
operations, net of income tax
|
|
|
(187)
|
|
|
(293)
|
|
|
(392)
|
|
|
(699)
|
Net
profit
|
|
$
|
18,040
|
|
$
|
6,080
|
|
$
|
15,453
|
|
$
|
6,963
|
Net (profit)/loss
attributable to non-controlling
interests from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
(1,562)
|
|
|
712
|
|
|
(1,222)
|
|
|
(242)
|
Discontinued operations
|
|
|
144
|
|
|
195
|
|
|
264
|
|
|
411
|
Total
|
|
|
(1,418)
|
|
|
907
|
|
|
(958)
|
|
|
169
|
Net profit/(loss)
attributable to the Company's
shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
16,665
|
|
$
|
7,085
|
|
$
|
14,623
|
|
$
|
7,420
|
Discontinued operations
|
|
|
(43)
|
|
|
(98)
|
|
|
(128)
|
|
|
(288)
|
Total
|
|
$
|
16,622
|
|
$
|
6,987
|
|
$
|
14,495
|
|
$
|
7,132
|
Diluted net
profit/(loss) per share
attributable to the Company's
shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.52
|
|
$
|
0.20
|
|
$
|
0.46
|
|
$
|
0.21
|
Discontinued
operations
|
|
|
*
|
|
|
*
|
|
|
*
|
|
|
(0.01)
|
Total
|
|
$
|
0.52
|
|
$
|
0.20
|
|
$
|
0.46
|
|
$
|
0.20
|
Shares used in diluted net profit per share calculations
|
|
|
31,743,270
|
|
|
35,183,171
|
|
|
31,534,448
|
|
|
35,672,551
|
|
*
Diluted net loss per share attributable to the Company's
shareholders from discontinued operations is less than
$0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: 1. Total
revenue from both the continuing operations and discontinued
operations during the three months and six months
ended June 30, 2015 and 2014 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Continuing operations
|
|
$
|
65,954
|
|
$
|
55,485
|
|
$
|
85,916
|
|
$
|
87,466
|
Discontinued operations
|
|
|
2,535
|
|
|
2,852
|
|
|
4,776
|
|
|
5,341
|
|
|
$
|
68,489
|
|
$
|
58,337
|
|
$
|
90,692
|
|
$
|
92,807
|
|
|
|
|
|
Note: 2. Online and
other media services consists of:
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Online
services
|
|
$
|
16,440
|
|
$
|
19,293
|
|
$
|
33,201
|
|
$
|
39,200
|
Print
services
|
|
|
1,281
|
|
|
1,729
|
|
|
2,529
|
|
|
3,181
|
|
|
$
|
17,721
|
|
$
|
21,022
|
|
$
|
35,730
|
|
$
|
42,381
|
|
|
|
|
|
Note: 3. Non-cash
compensation expenses associated with the several equity
compensation plans and Global Sources Directors
Share Grant Award Plan included under various categories of
expenses are as follows:
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Sales
|
|
$
|
141
|
|
$
|
139
|
|
$
|
178
|
|
$
|
146
|
Community and
content
|
|
|
31
|
|
|
27
|
|
|
41
|
|
|
(32)
|
General and
administrative
|
|
|
404
|
|
|
347
|
|
|
768
|
|
|
530
|
Information and
technology
|
|
|
56
|
|
|
50
|
|
|
133
|
|
|
120
|
|
|
$
|
632
|
|
$
|
563
|
|
$
|
1,120
|
|
$
|
764
|
|
|
|
|
|
Note: 4. General and
administrative expenses consist of:
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
General and administrative expenses
before
amortization of intangible assets,
impairment charge on intangible
assets and foreign exchange losses
(gains)
|
|
$
|
9,627
|
|
$
|
9,395
|
|
$
|
18,305
|
|
$
|
17,692
|
Amortization of intangible
assets
|
|
|
989
|
|
|
1,354
|
|
|
2,107
|
|
|
4,659
|
Impairment
charge on intangible assets
|
|
|
-
|
|
|
2,238
|
|
|
-
|
|
|
2,238
|
Foreign exchange losses
(gains)
|
|
|
19
|
|
|
(168)
|
|
|
340
|
|
|
1,415
|
|
|
$
|
10,635
|
|
$
|
12,819
|
|
$
|
20,752
|
|
$
|
26,004
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
|
ACTUAL IFRS to
NON-IFRS RECONCILIATION
|
(In U.S. Dollars
Thousands, Except Number of Shares and Per Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS diluted net profit per share
|
|
$
|
0.52
|
|
$
|
0.20
|
|
$
|
0.46
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS Net
Profit
|
|
$
|
16,622
|
|
$
|
6,987
|
|
$
|
14,495
|
|
$
|
7,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based compensation expense (Note 1)
|
|
|
632
|
|
|
563
|
|
|
1,120
|
|
|
764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangibles (Note 2)
|
|
|
82
|
|
|
151
|
|
|
293
|
|
|
404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill and intangibles (Note 3)
|
|
|
-
|
|
|
1,678
|
|
|
-
|
|
|
1,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of
subsidiary
|
|
|
(6,159)
|
|
|
-
|
|
|
(6,159)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Net
Profit
|
|
$
|
11,177
|
|
$
|
9,379
|
|
$
|
9,749
|
|
$
|
9,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS diluted
net profit per share
|
|
$
|
0.35
|
|
$
|
0.27
|
|
$
|
0.31
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares used in non-IFRS diluted net profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per share
calculations
|
|
|
31,743,270
|
|
|
35,183,171
|
|
|
31,534,448
|
|
|
35,672,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Actual SBC is
calculated based on actual share price on date of the
awards.
|
(2) Amortization of
intangible assets relating to certain non-compete
agreements.
|
(3) Impairment of
intangibles are net of related taxes.
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
ADJUSTED EBITDA
RECONCILIATION
(In U.S. Dollars
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS profit from
operations
|
|
$
|
20,295
|
|
$
|
6,203
|
|
$
|
17,083
|
|
$
|
7,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
2,620
|
|
|
2,819
|
|
|
5,365
|
|
|
7,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
22,915
|
|
|
9,022
|
|
|
22,448
|
|
|
14,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense
|
|
|
632
|
|
|
563
|
|
|
1,120
|
|
|
764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill and intangibles
|
|
|
-
|
|
|
2,238
|
|
|
-
|
|
|
2,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of
subsidiary
|
|
|
(6,159)
|
|
|
-
|
|
|
(6,159)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
17,388
|
|
$
|
11,823
|
|
$
|
17,409
|
|
$
|
17,728
|
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
|
GUIDANCE IFRS to
NON-IFRS RECONCILIATION
|
(In U.S. Dollars
Million, Except Number of Shares and Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE
|
|
ACTUAL
|
|
|
Six
months
|
|
Six months
|
|
|
ended December
31,
|
|
ended December 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Revenue
|
|
$86.0
|
to
|
$88.0
|
|
$91.8
|
|
|
|
|
|
|
|
IFRS EPS
|
|
$0.50
|
to
|
$0.55
|
|
$0.32
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense (Note 1)
|
|
$0.04
|
|
$0.04
|
|
$0.03
|
|
|
|
|
|
|
|
Amortization of
intangibles (Note 2)
|
|
$0.01
|
|
$0.01
|
|
$0.01
|
|
|
|
|
|
|
|
Gain on sale of investment property, net of transaction costs &
related tax expenses
|
|
(0.29)
|
|
(0.29)
|
|
-
|
|
|
|
|
|
|
|
Non-IFRS diluted
net income per share
|
|
$0.26
|
to
|
$0.31
|
|
$0.36
|
|
|
|
|
|
|
|
Total shares used in
non-IFRS diluted net income
|
|
|
|
|
|
|
per
share calculations
|
|
26,331,586
|
|
26,331,586
|
|
31,490,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
(1) Actual SBC is
calculated based on actual share price on date of the
awards.
|
(2) Amortization of
intangible assets relating to certain non-compete
agreements.
|
For financial matrix, please visit:
http://photos.prnasia.com/prnk/20150805/8521505087
Press Contact in
Asia
|
Investor Contact
in Asia
|
Camellia
So
|
Connie Lai
|
Tel: (852)
2555-5021
|
Tel: (852)
2555-4747
|
e-mail:
cso@globalsources.com
|
e-mail:
investor@globalsources.com
|
|
|
Press Contact in
U.S.
|
Investor Contact
in U.S.
|
Brendon
Ouimette
|
Cathy
Mattison
|
Tel: (1-480)
664-8309
|
LHA
|
e-mail:
bouimette@globalsources.com
|
Tel: (1-415)
433-3777
|
|
e-mail:
cmattison@lhai.com
|
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SOURCE Global Sources