NEW YORK, Nov. 30, 2015 /PRNewswire/ -- Global Sources
Ltd. (NASDAQ: GSOL) reported financial results for the third
quarter ended Sept. 30, 2015.
Global Sources' executive chairman, Merle A. Hinrich, said: "The third quarter
revenue reflects our decisions to focus on our core business of
cross border B2B trade and on our Hong
Kong trade shows. Supporting this effort, we completed the
sale of our eMedia subsidiary in the second quarter and
discontinued several overseas trade shows held in the prior year's
third quarter. Our strategy is to focus on the markets and products
that offer us the greatest opportunities for growth.
"In October, we held the world's largest electronics sourcing
show, Global Sources Electronics, in Hong Kong. Held in two phases featuring more
than 5,800 booths of the latest in electronics, we had solid
overall growth in booth sales and attendance. China is the world's largest electronics
manufacturing hub and we are excited about additional growth
opportunities. Also for our overall business, we continue to
develop unique, integrated show and online services for our
respective buyer and supplier communities."
Financial highlights -- Third quarter: 2015 compared to
2014
- Revenue from continuing operations was $23.5 million, as compared to $31.7 million.
- Online revenue was $15.9 million,
as compared to $18.7 million.
- Exhibitions revenue was $4.1
million, as compared to $9.5
million.
- Print revenue was $1.3 million,
as compared to $1.6 million.
- IFRS net loss was $4.6 million,
or $0.17 per diluted share, as
compared to IFRS net income of $1.9
million, or $0.06 per diluted
share.
- Non-IFRS net loss was $4.3
million, or $0.16 per diluted
share, as compared to Non-IFRS net income of $2.6 million, or $0.08 per diluted share, for the third quarter of
2014.
- Adjusted EBITDA was negative $1.9
million, as compared to positive adjusted EBITDA of
$7.4 million for the third quarter of
2014.
- Total deferred income and customer prepayments were
$102.5 million as at Sept. 30, 2015, as compared to $106.8 million as at Sept.
30, 2014.
Global Sources' CFO, Connie Lai,
said: "In support of our focus on our Hong Kong shows, we did not hold any overseas
export shows in the third quarter of 2015, which negatively
impacted our revenue as compared to the prior year's quarter. We
continue to maintain an efficient cost structure and our balance
sheet remains strong with no short- or long-term debt."
Financial highlights -- Nine months ended Sept. 30: 2015 compared to 2014
- Revenue from continuing operations was $109.4 million, as compared to $119.2 million.
- IFRS net income was $9.9 million,
or $0.33 per diluted share, as
compared to $9.0 million, or
$0.26 per diluted share.
- Non-IFRS net income was $5.8
million, or $0.19 per diluted
share, as compared to $12.6 million,
or $0.37 per diluted share, for the
nine months ended Sept. 30,
2014.
- Adjusted EBITDA was $15.5
million, as compared to $25.2
million for the nine months ended Sept. 30, 2014.
Updated financial expectations for the second half of 2015
under IFRS
"While our trade shows have been strong, we are reducing
guidance due to lower than expected performance from our online
business," Lai stated.
- For the second half of 2015 ending Dec.
31, 2015:
- Revenue from continuing operations is expected to be in the
range of $83.0 million to $84.0
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 $0.46 to $0.49, 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 $0.25 per diluted share for the second half of
2015.
- Non-IFRS EPS is expected to be in the range of $0.21 to $0.24, as compared to $0.36 per diluted share for the same period in
2014.
- Adjusted EBITDA from continuing operations is expected to be
between $10.8 million and $11.4
million, as compared to $15.8
million in the second half of 2014.
Recent Corporate Highlights
- Organized its series of fall shows with more than 8,000 booths
in October at Hong Kong's
AsiaWorld-Expo. Sourcing teams attending from very large buying
organizations included Amazon, Best Buy, Burberry, Samsung and
Sears. Total attendance exceeded 84,600 and included buyers from
more than 150 countries and territories.
- Held Global Sources Electronics, the world's
largest electronics sourcing show in two phases; Mobile
Electronics was the second
phase.
- Launched three new industry specialized websites: Drones
& Robotics, Machinery & Parts and Auto Parts
& Accessories.
- Completed its cash tender offer on July
31, 2015, purchasing a total of 6,666,666 shares at
$7.50 per share.
- Entered into a letter of intent on July
6, 2015, and subsequently entered into formal sale and
purchase agreements, 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. The
transaction is anticipated to close by the end of 2015.
- The 15th China International Fashion Brand
Fair -- Shenzhen
(FashionSZshow) was held in Shenzhen in July.
Conference call for Global Sources third 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 Nov. 30,
2015 (9:00 p.m. on
Nov. 30, 2015 in Hong Kong) to review these results in more
detail. Investors in the United
States may participate in the call by dialing (888)
277-7112, and non-Hong Kong
international participants may dial (1-913) 312-1442. Investors in
Hong Kong may participate by
dialing (852) 3008-0382. The conference ID is 9894503 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 Dec. 7,
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 9894503. For those in the
Hong Kong area, the replay dial-in
number is (800) 901-108, and the pass code is 9894503.
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), magazines,
apps, 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 September
30,
|
|
As at December
31,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
53,800
|
|
$
|
90,223
|
Term deposits with
banks
|
|
7,634
|
|
4,285
|
Financial assets,
available-for-sale
|
|
4,092
|
|
3,952
|
Accounts receivables,
net
|
|
939
|
|
2,269
|
Receivables from
sales representatives
|
|
9,667
|
|
7,900
|
Inventories
|
|
149
|
|
154
|
Prepaid expenses and
other current assets
|
|
24,414
|
|
17,027
|
Assets classified as
held for sale
|
|
10,821
|
|
-
|
|
|
111,516
|
|
125,810
|
Non-current
assets
|
|
|
|
|
Property and
equipment
|
|
59,996
|
|
63,519
|
Investment
properties
|
|
71,402
|
|
85,546
|
Intangible
assets
|
|
28,729
|
|
37,732
|
Long term
investment
|
|
100
|
|
100
|
Deferred income tax
assets
|
|
289
|
|
196
|
Other non-current
assets
|
|
2,511
|
|
1,108
|
|
|
163,027
|
|
188,201
|
Total
assets
|
|
$
|
274,543
|
|
$
|
314,011
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
|
11,161
|
|
$
|
9,418
|
Deferred income and
customer prepayments
|
|
95,843
|
|
84,869
|
Accrued
liabilities
|
|
15,393
|
|
19,100
|
Income tax
liabilities
|
|
3,377
|
|
3,848
|
|
|
125,774
|
|
117,235
|
Non-current
liabilities
|
|
|
|
|
Accounts payable
|
|
291
|
|
889
|
Deferred income and
customer prepayments
|
|
6,629
|
|
3,971
|
Deferred income tax
liabilities
|
|
5,069
|
|
6,842
|
|
|
11,989
|
|
11,702
|
Total
liabilities
|
|
137,763
|
|
128,937
|
|
|
|
|
|
Equity attributable
to Company's shareholders
|
|
|
|
|
Common
shares
|
|
533
|
|
529
|
Treasury
shares
|
|
(250,089)
|
|
(200,089)
|
Other
reserves
|
|
160,090
|
|
161,242
|
Retained
earnings
|
|
219,795
|
|
209,924
|
Total Company
shareholders' equity
|
|
130,329
|
|
171,606
|
Non-controlling
interests
|
|
6,451
|
|
13,468
|
Total
equity
|
|
$
|
136,780
|
|
$
|
185,074
|
Total liabilities
and equity
|
|
$
|
274,543
|
|
$
|
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
September 30,
|
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
|
Online and other media services (Note 2)
|
|
$
|
17,217
|
|
$
|
20,311
|
|
$
|
52,947
|
|
$
|
62,692
|
Exhibitions
|
|
4,054
|
|
9,512
|
|
50,225
|
|
50,784
|
Miscellaneous
|
|
2,221
|
|
1,888
|
|
6,236
|
|
5,701
|
|
|
23,492
|
|
31,711
|
|
109,408
|
|
119,177
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Sales (Note 3)
|
|
7,640
|
|
9,683
|
|
32,333
|
|
36,189
|
Event production
|
|
1,438
|
|
2,840
|
|
13,662
|
|
13,582
|
Community and content (Note 3)
|
|
4,453
|
|
5,179
|
|
14,656
|
|
15,514
|
General and administrative (Note 3 & 4)
|
|
11,320
|
|
10,397
|
|
32,072
|
|
36,401
|
Information and technology (Note 3)
|
|
3,401
|
|
3,039
|
|
9,853
|
|
9,051
|
Total Operating
Expenses
|
|
28,252
|
|
31,138
|
|
102,576
|
|
110,737
|
Profit/(loss) from
Operations
|
|
(4,760)
|
|
573
|
|
6,832
|
|
8,440
|
Interest income
|
|
123
|
|
272
|
|
689
|
|
979
|
Gain on sale of available-for-sale securities
|
|
13
|
|
1
|
|
149
|
|
11
|
Interest expenses
|
|
(12)
|
|
(47)
|
|
(71)
|
|
(139)
|
Profit/(loss)
before Income Taxes
|
|
(4,636)
|
|
799
|
|
7,599
|
|
9,291
|
Income tax
expense
|
|
(234)
|
|
(282)
|
|
(2,422)
|
|
(1,112)
|
Net Profit/(loss)
from continuing operations
|
|
$
|
(4,870)
|
|
$
|
517
|
|
$
|
5,177
|
|
$
|
8,179
|
Net Profit/(loss)
from discontinued operations, net of
income tax
(Note 5)
|
|
223
|
|
2,721
|
|
5,629
|
|
2,022
|
Net
profit/(loss)
|
|
$
|
(4,647)
|
|
$
|
3,238
|
|
$
|
10,806
|
|
$
|
10,201
|
Net (profit)/loss
attributable to non-controlling interests
from:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
23
|
|
291
|
|
(1,199)
|
|
49
|
Discontinued operations
|
|
-
|
|
(1,612)
|
|
264
|
|
(1,201)
|
Total
|
|
23
|
|
(1,321)
|
|
(935)
|
|
(1,152)
|
Net profit/(loss)
attributable to the Company's
shareholders from:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(4,847)
|
|
$
|
808
|
|
$
|
3,978
|
|
$
|
8,228
|
Discontinued operations
|
|
223
|
|
1,109
|
|
5,893
|
|
821
|
Total
|
|
$
|
(4,624)
|
|
$
|
1,917
|
|
$
|
9,871
|
|
$
|
9,049
|
Diluted net
profit/(loss) per share attributable to the
Company's shareholders from:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(0.18)
|
|
$
|
0.02
|
|
$
|
0.13
|
|
$
|
0.24
|
Discontinued operations
|
|
0.01
|
|
0.04
|
|
0.20
|
|
0.02
|
Total
|
|
$
|
(0.17)
|
|
$
|
0.06
|
|
$
|
0.33
|
|
$
|
0.26
|
Shares used in
diluted net profit/(loss) per share
calculations
|
|
27,359,011
|
|
31,487,766
|
|
30,088,869
|
|
34,166,224
|
|
|
Note: 1. Total
revenue from both the continuing operations and discontinued
operations during the three months and nine months ended September
30, 2015 and 2014 was as follows:
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
operations
|
|
$
|
23,492
|
|
$
|
31,711
|
|
$
|
109,408
|
|
$
|
119,177
|
Discontinued
operations
|
|
|
-
|
|
|
10,827
|
|
|
4,776
|
|
|
16,168
|
|
|
$
|
23,492
|
|
$
|
42,538
|
|
$
|
114,184
|
|
$
|
135,345
|
|
Note: 2. Online and
other media services consists of:
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Online
services
|
|
$
|
15,924
|
|
$
|
18,712
|
|
$
|
49,125
|
|
$
|
57,912
|
Print
service
|
|
|
1,293
|
|
|
1,599
|
|
|
3,822
|
|
|
4,780
|
|
|
$
|
17,217
|
|
$
|
20,311
|
|
$
|
52,947
|
|
$
|
62,692
|
|
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
September 30,
|
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Sales
|
|
$
|
124
|
|
$
|
140
|
|
$
|
302
|
|
$
|
286
|
Community and
content
|
|
|
24
|
|
|
27
|
|
|
65
|
|
|
(5)
|
General and
administrative
|
|
|
334
|
|
|
366
|
|
|
1,102
|
|
|
896
|
Information and
technology
|
|
|
48
|
|
|
52
|
|
|
181
|
|
|
172
|
|
|
$
|
530
|
|
$
|
585
|
|
$
|
1,650
|
|
$
|
1,349
|
|
Note: 4. General and
administrative expenses consist of:
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 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)
|
|
$
|
9,095
|
|
$
|
9,306
|
|
$
|
27,400
|
|
$
|
26,998
|
Amortization of
intangible assets
|
|
|
957
|
|
|
1,220
|
|
|
3,064
|
|
|
5,879
|
Impairment charge on
intangible assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,238
|
Foreign exchange losses
(gains)
|
|
|
1,268
|
|
|
(129)
|
|
|
1,608
|
|
|
1,286
|
|
|
$
|
11,320
|
|
$
|
10,397
|
|
$
|
32,072
|
|
$
|
36,401
|
|
Note: 5. Net Profit
from discontinued operations, net of income tax consist
of:
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Profit on sale
of subsidiary
|
|
$
|
223
|
|
$
|
-
|
|
$
|
6,382
|
|
$
|
-
|
Income tax
expense
|
|
|
-
|
|
|
-
|
|
|
(361)
|
|
|
-
|
Profit on sale
of subsidiary, net of income tax
|
|
|
223
|
|
|
-
|
|
|
6,021
|
|
|
-
|
Profit /(loss)
from discontinued operations, net of income tax
|
|
|
-
|
|
|
2,721
|
|
|
(392)
|
|
|
2,022
|
|
|
$
|
223
|
|
$
|
2,721
|
|
$
|
5,629
|
|
$
|
2,022
|
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
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
IFRS diluted net
profit/(loss) per share
|
|
$
|
(0.17)
|
|
$
|
0.06
|
|
$
|
0.33
|
|
$
|
0.26
|
|
|
|
IFRS Net
Profit/(Loss)
|
|
$
|
(4,624)
|
|
$
|
1,917
|
|
$
|
9,871
|
|
$
|
9,049
|
|
|
|
Non-cash stock based
compensation expense (Note 1)
|
|
530
|
|
585
|
|
1,650
|
|
1,349
|
|
|
|
Amortization of
intangibles (Note 2)
|
|
54
|
|
104
|
|
347
|
|
508
|
|
|
|
Impairment of
goodwill and intangibles (Note 3)
|
|
-
|
|
-
|
|
-
|
|
1,678
|
|
|
|
Profit on sale of
subsidiary (Note 4)
|
|
(223)
|
|
-
|
|
(6,021)
|
|
-
|
|
|
|
Non-IFRS Net
Profit/(Loss)
|
|
$
|
(4,263)
|
|
$
|
2,606
|
|
$
|
5,847
|
|
$
|
12,584
|
|
|
|
Non-IFRS diluted
net profit/(loss) per share
|
|
$
|
(0.16)
|
|
$
|
0.08
|
|
$
|
0.19
|
|
$
|
0.37
|
|
|
|
|
|
Total shares used in
non-IFRS diluted net profit/(loss)
|
|
|
|
|
|
|
|
|
|
per share
calculations
|
|
27,359,011
|
|
31,487,766
|
|
30,088,869
|
|
34,166,224
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
(4) Profit on sale of
subsidiary is net of related tax.
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
|
ADJUSTED EBITDA
RECONCILIATION
|
(In U.S. Dollars
Thousands)
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS profit/(loss)
from operations including discontinued operations
|
|
$
|
(4,760)
|
|
$
|
4,065
|
|
$
|
6,164
|
|
$
|
11,126
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization including discontinued operations
|
|
2,338
|
|
2,782
|
|
7,703
|
|
10,447
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
(2,422)
|
|
6,847
|
|
13,867
|
|
21,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense
|
|
530
|
|
585
|
|
1,650
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and intangibles
|
|
-
|
|
-
|
|
-
|
|
2,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
including discontinued operations
|
|
$
|
(1,892)
|
|
$
|
7,432
|
|
$
|
15,517
|
|
$
|
25,160
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$83.0
|
to
|
$84.0
|
|
$91.8
|
|
IFRS EPS
|
|
$0.46
|
to
|
$0.49
|
|
$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
|
|
(0.30)
|
|
(0.30)
|
|
-
|
|
Non-IFRS diluted
net income per share
|
|
$0.21
|
to
|
$0.24
|
|
$0.36
|
|
|
|
|
|
|
|
Total shares used in
non-IFRS diluted net income
|
|
|
|
|
|
|
per share
calculations
|
|
26,283,705
|
|
26,283,705
|
|
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/20151130/8521508133
Press
Contact
|
Investor Contact
in Asia
|
Camellia
So
|
Connie Lai
|
Tel: (852)
2555-5021
|
Tel: (852)
2555-4747
|
e-mail:
GSpress@globalsources.com
|
e-mail:
investor@globalsources.com
|
|
|
|
Investor Contact
in U.S.
|
|
Cathy
Mattison
|
|
LHA
|
|
Tel: (1-415)
433-3777
|
|
e-mail:
cmattison@lhai.com
|
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SOURCE Global Sources