SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

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Global Sources reports second quarter 2014 results

-- Reported second quarter revenue of $58.3 million --

NEW YORK, Aug. 14, 2014 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) reported financial results for the second quarter ended June 30, 2014.

Global Sources Logo

Global Sources' executive chairman, Merle A. Hinrich, said: "In the second quarter, our export trade shows in Hong Kong performed very well and featured our largest-ever electronics series, including the inaugural Mobile Electronics show. Our fully integrated offering of online marketplaces and trade shows provides a broad multi-channel platform for cross border B2B trade. We are encouraged by the strength of our exhibition business as we continue to specialize and address the markets we believe offer the greatest opportunity for growth."

Financial highlights -- Second quarter: 2014 compared to 2013

  • Revenue was $58.3 million, as compared to $61.4 million.
    • Online revenue was $20.8 million, as compared to $22.7 million.
    • Exhibitions revenue was $32.4 million, as compared to $33.3 million.
    • Print revenue was $3.0 million, as compared to $3.5 million.
  • IFRS net income was $7.0 million, or $0.20 per diluted share, as compared to second quarter 2013 IFRS net income of $16.8 million, or $0.46 per diluted share.
  • Non-IFRS net income was $9.4 million, or $0.27 per diluted share, as compared to $11.4 million, or $0.32 per diluted share, for the second quarter of 2013. 
  • Adjusted EBITDA was $11.8 million, as compared to $13.2 million for the second quarter of 2013.
  • Total deferred income and customer prepayments were $99.0 million as at June 30, 2014, as compared to $100.1 million as at June 30, 2013.

Financial highlights -- Six Months Ended June 30: 2014 compared to 2013

  • Revenue was $92.8 million, as compared to $92.7 million.
  • IFRS net income was $7.1 million, or $0.20 per diluted share, as compared to $22.4 million, or $0.62 per diluted share. 
  • Non-IFRS net income was $10.0 million, or $0.28 per diluted share, as compared to $13.2 million, or $0.37 per diluted share, for the six months ended June 30, 2013. 
  • Adjusted EBITDA was $17.7 million, as compared to $16.3 million for the six months ended June 30, 2013.   

Global Sources' CFO, Connie Lai, stated: "While our second quarter 2014 results reflect the strong performance of our electronics shows in Hong Kong, exhibition revenues were negatively impacted by the slower performance of our shows outside of Hong Kong. We also recorded a write down of approximately $1.7 million in consideration of impairment charges net of related taxes related to the China International Fashion Brand Fair -- Shenzhen (FashionSZshow). In addition, we successfully completed a cash tender offer that resulted in a cash outflow of $50.0 million. We continue to maintain a strong balance sheet with no short- or long-term debt."

Financial expectations for the second half of 2014 under IFRS

  • For the second half of 2014 ending Dec. 31, 2014:
    • Revenue is expected to be in the range of $102.0 million to $104.0 million, as compared to $104.8 million for the second half of 2013.
    • IFRS EPS is expected to be in the range of $0.13 to $0.17, as compared to $0.29 per diluted share in the second half of 2013. 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 for the second half of 2014.
    • Non-IFRS EPS is expected to be in the range of $0.18 to $0.22, as compared to $0.47 per diluted share for the same period in 2013. 
    • Adjusted EBITDA is expected to be between $13.0 million and $14.2 million, as compared to $24.1 million in the second half of 2013.

"For the second half of 2014, we expect the revenue mix to range between 36% and 37% for online, 53% and 54% for exhibitions, 5% and 6% for print, and approximately 3% for miscellaneous. This compares to a second half 2013 revenue mix of approximately 42% for online, 49% for exhibitions, 6% for print and 3% for miscellaneous," Lai concluded.

Recent Corporate Highlights   

  • The 14th China International Fashion Brand Fair -- Shenzhen (FashionSZshow), the largest and most influential fashion exhibition in southern China, was held in Shenzhen in July.
  • Completed its cash tender offer on June 6, 2014, purchasing a total of 5 million shares at $10.00 per share.
  • Held China Sourcing Fairs April 12-15 and April 27-30 at AsiaWorld-Expo in Hong Kong featuring more than 6,800 booths. Total attendance exceeded 66,000 and included buyers from 163 countries and territories.
    • Launched the inaugural Mobile Electronics show during the Electronics & Components series.
  • Private Sourcing Events were held from April through the end of July for 116 sourcing teams from very large buying organizations including AB InBev, Auchan, Coop Global Sourcing, Luxottica, Jockey, Kmart Australia, Monster Cable, Philips, etc. These events created more than 570 high-quality, one-on-one selling opportunities for Global Sources suppliers.

Conference call for Global Sources second quarter 2014 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. 14, 2014 (8:00 p.m. on Aug. 14, 2014 in Hong Kong) to review these results in more detail. Investors in the United States may participate in the call by dialing (888) 438-5525, and non-Hong Kong international participants may dial (1-719) 325-2469. Investors in Hong Kong may participate by dialing (852) 3008-0380. The conference ID is 7673309 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. 21, 2014. To listen to the telephone replay dial (888) 203-1112 or dial (1-719) 457-0820 outside the United States, and enter pass code 7673309. For those in the Hong Kong area, the replay dial-in number is (800) 901-108 and the pass code is 7673309.

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, sourcing research reports, 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.

Global Sources' other businesses provide Chinese-language media to companies selling to and within Greater China. These services include online web sites, print and digital magazines, seminars and trade shows. In mainland China, Global Sources has a network of more than 30 office locations and a community of more than 5 million registered online users and magazine readers of its Chinese-language media.

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 and investments 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 and investments 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,



2014


2013



(Unaudited)



ASSETS







Current assets







Cash and cash equivalents


$

87,026


$

137,359

Term deposits with banks



4,100



106

Financial assets, available-for-sale



1,377



6,367

Accounts receivables, net



2,781



3,122

Receivables from sales representatives



8,579



10,630

Inventories



293



266

Prepaid expenses and other current assets



18,271



18,544




122,427



176,394

Non-current assets







Property and equipment



63,882



49,701

Investment properties



86,639



89,615

Intangible assets



38,546



21,423

Long term investment



100



100

Deferred income tax assets



38



98

Other non-current assets



1,592



1,766




190,797



162,703

Total assets


$

313,224


$

339,097








LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities







Accounts payable


$

9,937


$

8,779

Deferred income and customer prepayments



93,540



84,704

Accrued liabilities



19,467



19,166

Income tax liabilities



4,221



2,635




127,165



115,284

Non-current liabilities







Accounts payable



864



-

Deferred income and customer prepayments



5,467



5,660

Deferred income tax liabilities



6,389



4,591




12,720



10,251

Total liabilities



139,885



125,535








Equity attributable to Company's shareholders







Common shares



528



525

Treasury shares



(200,089)



(150,089)

Other reserves



160,521



161,950

Retained earnings



198,726



191,594

Total Company shareholders' equity



159,686



203,980

Non-controlling interests



13,653



9,582

Total equity


$

173,339


$

213,562

Total liabilities and equity


$

313,224


$

339,097








 


 


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,



2014


2013


2014


2013



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Revenue:













    Online and other media services (Note 1)


$

23,864


$

26,217


$

47,706


$

54,176

    Exhibitions



32,412



33,274



41,272



34,775

    Miscellaneous



2,061



1,948



3,829



3,740




58,337



61,439



92,807



92,691

Operating Expenses:













    Sales (Note 2)



19,244



19,272



28,290



30,265

    Event production



9,015



10,254



10,819



10,650

    Community and content (Note 2)



6,955



7,547



12,398



13,732

    General and administrative (Note 2 & 3)



13,825



13,364



27,953



23,156

    Information and technology (Note 2)



3,095



3,161



6,286



6,475

Total Operating Expenses



52,134



53,598



85,746



84,278

    Profit on sale of property



-



10,953



-



15,410

Profit from Operations



6,203



18,794



7,061



23,823

    Interest income



333



347



750



621

    Gain on sale of available-for-sale securities



-



-



10



-

    Interest expenses



(45)



-



(92)



-

Profit before Income Taxes                                                   



6,491



19,141



7,729



24,444

Income tax expense



(411)



(2,643)



(766)



(2,669)

Net Profit


$

6,080


$

16,498


$

6,963


$

21,775

Net (profit) / loss attributable to non-controlling interests         



907



276



169



620

Net profit attributable to the Company's 
    shareholders


$

6,987


$

16,774


$

7,132


$

22,395

Diluted net profit per share attributable to the
    Company's shareholders


$

0.20


$

0.46


$

0.20


$

0.62

Shares used in diluted net profit per share 
    calculations



35,183,171



36,200,567



35,672,551



36,048,346













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















Three months ended June 30,


Six months ended June 30,



2014


2013


2014


2013



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Online services


$

20,844


$

22,689


$

42,096


$

47,664

Print services



3,020



3,528



5,610



6,512



$

23,864


$

26,217


$

47,706


$

54,176














Note: 2. 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,



2014


2013


2014


2013



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

    Sales


$

139


$

159


$

146


$

227

    Community and content



27



25



(32)



(16)

    General and administrative



347



374



530



603

    Information and technology



50



54



120



139



$

563


$

612


$

764


$

953














Note: 3. General and administrative expenses consist of:
















Three months ended June 30,


Six months ended June 30,



2014


2013


2014


2013



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)














    General and administrative expenses before
      amortization of intangible assets, impairment
      charge on intangible assets and foreign
      exchange losses (gains)


$

10,241


$

10,818


$

19,267


$

19,590

    Amortization of intangible assets



1,510



694



4,971



1,470

    Impairment charge on intangible assets



2,238



2,531



2,238



2,531

    Foreign exchange losses (gains)



(164)



(679)



1,477



(435)



$

13,825


$

13,364


$

27,953


$

23,156

 

 

 

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,



2014


2013


2014


2013














IFRS EPS


$

0.20


$

0.46


$

0.20


$

0.62














IFRS Net Profit


$

6,987


$

16,774


$

7,132


$

22,395














Non-cash stock based compensation expense (Note 1)



563



612



764



953














Amortization of intangibles (Note 2)



151



172



404



426














Impairment of goodwill and intangibles (Note 3)



1,678



2,531



1,678



2,531














Profit on sale of property, net of transaction costs & related tax expenses



-



(8,667)



-



(13,124)














Non-IFRS Net Profit


$

9,379


$

11,422


$

9,978


$

13,181














Non-IFRS diluted net profit per share


$

0.27


$

0.32


$

0.28


$

0.37



























Total shares used in non-IFRS diluted net profit 
  per share calculations



35,183,171



36,200,567



35,672,551



36,048,346














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,



2014


2013


2014


2013














IFRS profit from operations


$

6,203


$

18,794


$

7,061


$

23,823














Depreciation and amortization



2,819



2,179



7,665



4,449














EBITDA



9,022



20,973



14,726



28,272














Non-cash stock based compensation expense



563



612



764



953














Impairment of goodwill and intangibles



2,238



2,531



2,238



2,531














Profit on sale of property, net of transaction costs



-



(10,953)



-



(15,410)














Adjusted EBITDA


$

11,823


$

13,163


$

17,728


$

16,346














 

 

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,



2014


2013








Revenue


$102.0

to

$104.0


$104.8








IFRS EPS


$0.13

to

$0.17


$0.29








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








Impairment of goodwill and intangibles                                   


-


-


$0.14








Non-IFRS diluted net income per share


$0.18

to

$0.22


$0.47








Total shares used in non-IFRS diluted net income

 per share calculations


31,600,000


31,600,000


36,181,032















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/20140814/8521404554-a

Press Contact in Asia

Investor Contact in Asia

Camellia So

Connie Lai

Tel: (852) 2555-5021

Tel: (852) 2555-4747

e-mail: [email protected]  

e-mail: [email protected]  



Press Contact in U.S.

Investor Contact in U.S.

Brendon Ouimette

Cathy Mattison

Tel: (1-480) 664-8309

LHA

e-mail: [email protected]

Tel: (1-415) 433-3777


e-mail: [email protected]

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

SOURCE Global Sources

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All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.