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Global Sources reports second quarter 2010 results

- Grew revenue 8% to $58.4 million, as compared to the same period a year ago -

- Posted GAAP EPS of $0.16 and Non-GAAP EPS of $0.18 -

- Expects 13% to 15% revenue growth in the second half of 2010 -

Global Sources Ltd. Logo. (PRNewsFoto/GLOBAL SOURCES) (PRNewsFoto/)

News provided by

Global Sources

Aug 19, 2010, 02:00 ET

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NEW YORK, Aug. 19 /PRNewswire-Asia/ -- Global Sources Ltd. (Nasdaq: GSOL) (http://www.globalsources.com ) reported financial results for the second quarter ended June 30, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030303/LNM011LOGO-b )

(Logo: http://photos.prnewswire.com/prnh/20030303/LNM011LOGO-b )

Global Sources' chairman and CEO, Merle A. Hinrichs, said: "Revenue grew by 8% for the second quarter, and we expect higher growth in the second half, as compared to the same respective periods a year ago. Our performance is being driven by the positive market reaction to our increasingly integrated offering of online, exhibitions and magazines, and by the continued rapid expansion of our trade show business, where we now have over 60 trade shows scheduled for 2011, up from 30 in 2009.

"We believe our shows attract the top-tier of the import buying community, since virtually all of the attendees have clearly demonstrated that they are actively looking for products and suppliers. More than 100,000 buyers attended our China Sourcing Fairs in 2009, and we expect to substantially exceed that this year, to the benefit of all of our advertisers and exhibitors. In addition, our value proposition for exhibitors is increasingly 'digital', with buyers now able to search online for exhibitors, view their products and make inquiries."

    Financial highlights -- Second quarter: 2010 compared to 2009
    -- Revenue was $58.4 million, as compared to $54.2 million.
       -- Online revenue was $22.4 million, as compared to $22.1 million.
       -- Exhibitions revenue was $27.4 million, as compared to $24.0 million.
       -- Print revenue was $7.4 million, as compared to $7.1 million.
       -- Revenue from mainland China was $43.4 million, as compared to $39.3
          million.
    -- GAAP net income, including a non-cash stock based compensation (SBC)
       expense of $1.1 million, and amortization of intangibles as it relates
       to certain equity compensation plans of $102,000, was $7.3 million, or
       $0.16 per diluted share, as compared to second quarter 2009 GAAP net
       income of $5.1 million or $0.11 per diluted share, which included a
       non-cash SBC expense of $1.7 million.
    -- Non-GAAP net income was $8.5 million, or $0.18 per diluted share, as
       compared to $6.8 million, or $0.15 per diluted share, for the second
       quarter of 2009.
    -- Adjusted EBITDA was $10.1 million, as compared to $8.0 million for the
       second quarter of 2009.
    -- Total deferred income and customer prepayments were $84.6 million as at
       June 30, 2010, as compared to $72.8 million as at June 30, 2009.

    Financial highlights -- Six Months Ended June 30: 2010 compared to 2009
    -- Revenue was $92.4 million, as compared to $89.0 million.
    -- GAAP net income was $9.8 million, or $0.21 per diluted share, as
       compared to $6.3 million, or $0.14 per diluted share.
    -- Non-GAAP net income was $11.8 million, or $0.26 per diluted share, as
       compared to $8.5 million, or $0.19 per diluted share, for the six
       months ended June 30, 2009.
    -- Adjusted EBITDA was $15.1 million, as compared to $12.2 million for the
       six months ended June 30, 2009.

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, SBC expense or credit, amortization of intangibles as it relates to certain equity compensation plans, 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. Adjusted EBITDA is defined at earnings before interest, taxes, depreciation, amortization, stock-based compensation and impairment of goodwill and intangible assets.

Global Sources' CFO, Connie Lai, said: "We expect revenue growth of 13% to 15% in the second half of 2010, as compared to the second half of 2009. However, to support our growth objectives, we are investing in marketing, technology and the expansion of our trade show business. This, along with the rising cost of doing business in China, is expected to increase operating expenses."

    Financial expectations for the second half of 2010
    -- For the second half of 2010 ending Dec. 31, 2010:
       -- Revenue is expected to be in the range of $97.0 million to $98.0
          million, representing an increase of 13% to 15%, as compared to
          $85.5 million for the second half of 2009.
       -- GAAP EPS is expected to be in the range of $0.23 to $0.25, as
          compared to $0.21 per diluted share in the second half of 2009.
          Using the stock price of $7.57 on Aug. 6, 2010, SBC and the
          amortization of intangibles as it relates to certain equity
          compensation plans are estimated to be an expense of $0.05 per
          diluted share.
       -- Non-GAAP EPS is expected to be in the range of $0.28 to $0.30, as
          compared to $0.23 per diluted share for the same period in 2009.
       -- Adjusted EBITDA is expected to be $16.0 million, as compared to
          $13.1 million in the second half of 2009.

    Recent Corporate Highlights
    -- Appointed Connie Lai as Chief Financial Officer effective Aug. 1, 2010.
    -- Announced planned launch of five China Sourcing Fairs in Miami in July
       2011, enabling Asian exporters to meet face-to-face with American,
       Canadian, and Latin American buyers.
    -- Conducted a tender offer, which commenced on June 30, 2010 and expired
       on July 28, 2010, for the purchase of 11,121,000 outstanding common
       shares of the company at a purchase price of $9.00 per share or
       $100,089,000 in total.
    -- Held 14 China Sourcing Fairs and two India Sourcing Fairs:
       -- In Dubai in June, the Electronics, Fashion Accessories, Gifts &
          Premiums, Home Products, Baby & Children's Products and Hardware &
          Building Materials shows and the India Sourcing Fair featured over
          1,310 booths.
       -- In Shanghai in June, the 1st Electronics show featured more than 460
          booths.
       -- In Hong Kong in April, the Electronics & Components and Security
          Products shows featured over 2,650 booths; while the Home Products,
          Gifts & Premiums, Baby & Children's Products, Fashion Accessories
          and Underwear & Swimwear shows featured 3,200 booths.
       -- In Hong Kong in April, the India Sourcing Fair: Home Products
          featured over 110 booths.
    -- In March, the 15th IIC-China Conference & Exhibition spring edition was
       held in Shenzhen, Shanghai and Chengdu. Exhibitors included top China
       semiconductor companies, as well as international vendors  including
       Fairchild Semiconductor, Fujitsu Microelectronics, Intel and Microsoft.
    -- Private Sourcing Events were held from April 1 through to July 22, 2010
       for more than 60 sourcing teams from very large buying organizations
       including Brookstone, Carrefour, Casino, El Corte Ingles, Primark,
       Kmart Australia, WHSmith, Staples and Target Australia. These events
       created more than 250 high quality, one-on-one selling opportunities
       for Global Sources suppliers.
    -- Renewed contracts with AsiaWorld-Expo Management to host China Sourcing
       Fairs in Hong Kong for 2013 and 2014. The renewal contracts represent a
       total gross value of approximately US$16.7 million.
    -- Generated over 192 million requests for information (RFIs) from buyers
       to suppliers through Global Sources Online during the 12 months ended
       June 30, 2010, up 137% compared to the same period last year.
    -- Increased Global Sources' independently certified community of active
       buyers to more than 967,000 at the end of the second quarter, 16.5%
       higher than the same time last year.

Conference call for Global Sources second quarter 2010 earnings

Chairman and CEO, Merle A. Hinrichs, and CFO, Connie Lai, are scheduled to conduct a conference call at 8:00 a.m. ET on August 19, 2010 (8:00 p.m. on August 19, 2010 in Hong Kong) to review these results in more detail. To participate, please call at least 10 minutes in advance to ensure all callers are placed into the call at the start time. Investors in the United States may participate by dialing (877) 941-4774, and international participants may dial (1-480) 629-9760. Investors in Hong Kong are required to provide the conference ID 4330799; are encouraged to dial into the call 10 to 15 minutes prior to the call to prevent delay in joining; and may participate by dialing (852) 3009-5027. 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 August 26, 2010. To listen to the telephone replay, dial (800) 406-7325, or dial (303) 590-3030 outside the United States, and enter pass code 4330799. For those in the Hong Kong area, the replay dial-in number is (852) 3056-2777, and the pass code is 4330799.

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 967,000 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 240 countries.

The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 4.5 million products and more than 262,000 suppliers annually through 14 online marketplaces, 13 monthly print and 16 digital magazines, over 80 sourcing research reports and 20 specialized trade shows which run 57 times a year across 9 cities.

Suppliers receive more than 192 million sales leads annually from buyers through Global Sources Online (http://www.globalsources.com ) alone.

Global Sources has been facilitating global trade for nearly 40 years. Global Sources' network covers more than 60 cities worldwide. In mainland China, Global Sources has about 2,500 team members in more than 40 locations, and a community of over 2 million registered online users and magazine readers for its 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 Follow -


                     GLOBAL SOURCES LTD. AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
   (In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

                                                   At                 At
                                                June 30,         December 31,
                                                  2010               2009
                                               (Unaudited)
    ASSETS
    Current Assets:
     Cash and cash equivalents                $   173,666        $    91,553
     Term deposits with banks                       1,519             60,357
     Available-for-sale securities                  6,476              6,423
     Accounts receivable, net                       4,054              3,438
     Receivables from sales representatives         5,795              5,607
     Inventory                                        591                600
     Prepaid expenses and other current assets     12,692             13,603
     Deferred tax assets                               98                 13
       Total Current Assets                       204,891            181,594


    Property and equipment, net                    76,854             77,815
    Goodwill                                        2,497                  -
    Intangible assets, net                          6,947              8,770
    Long term investments                             100                100
    Deferred tax assets                               421                446
    Other noncurrent assets                         2,369              1,667
       Total Assets                           $   294,079        $   270,392

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
     Accounts payable                         $    10,192        $    10,901
     Deferred income and customer prepayments      81,661             73,841
     Accrued liabilities                           14,675             11,585
     Income taxes payable                             439                435
       Total Current Liabilities                  106,967             96,762
    Deferred income and customer prepayments        2,935              2,516
    Deferred tax liability                          1,523                141
       Total Liabilities                          111,425             99,419

    Shareholders' equity:
     Common shares, US$0.01 par value;
      75,000,000 shares authorized;
      51,529,794 (2009: 51,427,642)
      shares issued and 44,654,794
      (2009: 44,552,642) outstanding                  515                514
     Additional paid in capital                   140,225            138,468
     Treasury shares, at cost -- 6,875,000
      (2009: 6,875,000) shares                    (50,000)           (50,000)
     Retained earnings                             81,208             71,369
     Accumulated other comprehensive income         3,247              2,859
       Total Company Shareholders' Equity         175,195            163,210

     Non-controlling interests                      7,459              7,763
       Total Equity                           $   182,654        $   170,973
       Total Liabilities and Equity           $   294,079        $   270,392



                     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      Six months ended
                                        June 30,                June 30,
                                    2010         2009       2010        2009
                                (Unaudited)  (Unaudited)(Unaudited) (Unaudited)
    Revenue:
      Online and other media
       services (Note 1)        $   29,786   $   29,156 $   58,100  $   58,651
      Exhibitions                   27,375       23,983     31,880      28,471
      Miscellaneous                  1,284        1,081      2,395       1,886
                                    58,445       54,220     92,375      89,008
    Operating Expenses:
      Sales (Note 2)                20,217       19,995     33,348      33,733
      Event production               9,757        8,892     10,941       9,713
      Community (Note 2)             7,127        7,892     11,464      13,089
      General and administrative
       (Note 2)                     12,429       11,323     23,391      22,918
      Online services development
       (Note 2)                      1,319        1,353      2,638       2,764
      Amortization of intangibles
       and software costs              314           38        587          80
    Total Operating Expenses        51,163       49,493     82,369      82,297
    Income from Operations           7,282        4,727     10,006       6,711
      Interest and dividend
       income                          100          348        359         413
      Foreign exchange gains
       (losses), net                   (73)          66        (12)        (27)
    Income before Income Taxes  $    7,309   $    5,141 $   10,353  $    7,097
    Income Tax Expense                (125)         (36)      (229)       (174)
    Net Income                  $    7,184   $    5,105 $   10,124  $    6,923
      Net income attributable to
       non-controlling interests        66          (13)      (285)       (634)
    Net Income Attributable to
     the Company                $    7,250   $    5,092 $    9,839  $    6,289
    Diluted net income per
     share attributable to the
     Company's shareholders     $     0.16   $     0.11 $     0.21  $     0.14
    Shares used in diluted net
     income per share
     calculations               46,090,605   45,729,535 46,113,290  45,700,362


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

                                 Three months ended       Six months ended
                                       June 30,                June 30,
                                   2010         2009        2010        2009
                                (Unaudited)  (Unaudited)(Unaudited) (Unaudited)

      Online services           $   22,393   $   22,054 $   44,174  $   44,024
      Print services                 7,393        7,102     13,926      14,627
                                $   29,786   $   29,156 $   58,100  $   58,651


      Note: 2. Non-cash compensation expenses associated with the employee and
               team member equity compensation plans and Global Sources
               Directors Share Grant Award Plan included under various
                           categories of expenses are as follows:

                                   Three months ended       Six months ended
                                        June 30,                June 30,
                                    2010        2009        2010        2009
                                (Unaudited)  (Unaudited)(Unaudited) (Unaudited)

      Sales                     $      381   $      831 $      512  $      840
      Community                        101          142        161         149
      General and administrative       568          640        923       1,076
      Online services development       74          102        154         176
                                $    1,124   $    1,715 $    1,750  $    2,241



                     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       Six months ended
                                         June 30,               June  30,
                                     2010        2009        2010        2009

    GAAP EPS                        $0.16       $0.11       $0.21       $0.14

    GAAP Net Income                $7,250      $5,092      $9,839      $6,289

    Non-cash stock based
     compensation expense
     (Note 1)                       1,124       1,715       1,750       2,241

    Amortization of
     intangibles (Note 2)             102          --         217          --

    Non-GAAP Net Income            $8,476      $6,807     $11,806      $8,530

    Non-GAAP diluted net
     income per share               $0.18       $0.15       $0.26       $0.19


    Total shares used in non-
     GAAP diluted net income
     per share calculations    46,090,605  45,729,535  46,113,290  45,700,362

    Notes:
    (1) Actual SBC is calculated based on actual share price on date of the
        awards for employees and revaluation based on the share price of the
        last day of the quarter for consultants.

    (2) Amortization of intangible assets relating to certain non-compete
        agreements.



                     GLOBAL SOURCES LTD. AND SUBSIDIARIES
                        ADJUSTED EBITDA RECONCILIATION
                         (In U.S. Dollars Thousands)

                                           Three months ended Six months ended
                                                June 30,          June 30,
                                             2010     2009     2010     2009

    US GAAP Income from operations         $7,282   $4,727    $10,006   $6,711

    Depreciation and amortization           1,723    1,587      3,357    3,207

    EBITDA                                  9,005    6,314     13,363    9,918

    Non-cash stock based compensation
     expense                                1,124    1,715      1,750    2,241

    Adjusted EBITDA                       $10,129   $8,029    $15,113  $12,159




                     GLOBAL SOURCES LTD. AND SUBSIDIARIES
                   GUIDANCE GAAP to NON-GAAP RECONCILIATION
    (In U.S. Dollars Millions, Except Number of Shares and Per Share Data)

                                             GUIDANCE            ACTUAL
                                            Six months      Six months ended
                                         ended December 31,    December 31,
                                               2010                2009
    Revenue                               $97.0 to     $98.0         $85.5

    GAAP EPS                              $0.23 to     $0.25         $0.21

    Non-cash stock based compensation
     expense (Note 1)                     $0.04        $0.04        ($0.01)

    Amortization of intangibles
     (Note 2)                             $0.01        $0.01         $0.03

    Non-GAAP diluted net income per
     share                                $0.28 to     $0.30         $0.23

    Total shares used in non-GAAP
     diluted net income
     per share calculations          37,388,141   37,388,141    45,794,197


    Notes:
    (1) Actual SBC is calculated based on actual share price on date of the
        awards for employees and revaluation based on the share price of the
        last day of the quarter for consultants.

    (2) Amortization of intangible assets relating to certain non-compete
        agreements.


    For financial matrix, please visit:
    http://www.prnasia.com/sa/attachment/2010/08/20100819226857.pdf


    Global Sources Press Contact in Asia
     Camellia So
     Tel:   +852-2555-5021
     Email: [email protected]

    Global Sources Press Contact in U.S.
     James W.W. Strachan
     Tel:   +1-480-664-8309
     Email: [email protected]

    Global Sources Investor Contact in Asia
     Suzanne Wang
     Tel:   +852-2555-4747
     Email: [email protected]

    Global Sources Investor Contact in U.S.
     Kirsten Chapman & Timothy Dien
     Lippert/Heilshorn & Associates, Inc.
     Tel:   +1-415-433-3777
     Email: [email protected]

SOURCE Global Sources

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