Thursday, August 19, 2010

Global Sources Q2 revenues up 8%

Global Sources just released its Q2 results. Revenues in the second quarter were up 8% compared to Q2 2009 and the company's chairman, Merle Hinrichs expects revenues to grow 13%-15% in the second half of 2010. Second quarter revenues were US$58.4 million vs. US$54.2 million in 2009.

Online revenues were mostly flat (US$22.4 million vs. US$22.1 million last year). Exhibition related revenues were US$27.4 million in the quarter - up from US$24 million.

GAAP net income was US$7.3 million - a 43% rise over the US$5.1 million recorded in 2009.

First half revenues were US$92.4 million, a modest increase over the US$89 million in the first half of 2009. First half net income jumped from US$6.3 million to US$9.8 million.

The company expects full year 2010 revenues to be approximately US$190 million.

Global Sources' recently completed a US$100 million tender offer buying back some 11 million shares at US$9.00. The NASDAQ-listed shares closed at US$7.41 yesterday. Cash and cash equivalents were US$174 million at the end of Q2, but US$100 million of that figure has subsequently been returned to shareholders through the tender offer.

Hong Kong-listed announced its Q2 results last week with an astonishing 49% increase in revenues (US$201 million) and a 46% increase in net income (US$53 million).

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