環(huán)球資源公布2015年第三季度業(yè)績報告

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

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.

傳媒聯絡

環(huán)球資源Global Sources

蘇慧雯

電話：(852) 2555-5040

電子郵件：GSpress@globalsources.com

投資者聯絡

亞洲地區(qū)                

美國

環(huán)球資源Global Sources 

LHA

賴秀琴                                          

Cathy Mattison

電話：(852) 2555-4747 

電話：(1-415) 433-3777

電子郵件：investor@globalsources.com 

電子郵件：cmattison@lhai.com