Sunday, November 14, 2010

News this week: Global Sources Q3 revenue up 29%

Hong Kong, 11th November: NASDAQ-listed Global Sources released its third quarter results ended 30th September 2010 on Thursday. Revenues were US$39.4 million, an increase of 29% compared with the same quarter in 2009. The company recorded online and exhibitions revenues of US$24.8 million and US$7.7 million, a jump of 19% and 752% respectively. Print revenue fell from US$7.9 million last year to US$5.7 million.

GAAP net income increased to US$2.3 million or US$0.06 per diluted share – up from US$1.2 million or US$0.03 per diluted share in the third quarter 2009. Deferred income and customer prepayments totalled US$100.5 million compared to US$89.3 million in the same time last year.

For the nine ended 30th September, the company’s revenues were US$132 million, a year-on-year 10% increase. GAAP net income was US$12.1 million, grew 62% over the same period last year and the diluted net income per share was US$0.28. Global Sources also issued guidance for the second half of 2010 forecasting revenues between US$99 million and US$100 million which would be a 16%-17% increase over the second half of 2009.

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