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Global Sources reports third quarter 2015 results

-- Reported third quarter revenue of $23.5 million --

-- Updates guidance for second half of 2015 --


News provided by

Global Sources

Nov 30, 2015, 01:00 ET

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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: [email protected] 

e-mail: [email protected]




Investor Contact in U.S.


Cathy Mattison


LHA


Tel: (1-415) 433-3777


e-mail: [email protected]

 

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