- 2010年第四季凈營業收入較2009年同期上升14%,增幅主要由公司網上業務營收錄得22%的增長和展覽會業務營收錄得16%的增長所帶動 -
- 2010年第四季按“公認會計原則”計算每股盈利為0.27美元,未按“公認會計原則”計算每股盈利為0.30美元 -
- 2011年上半年凈營業收入指引: 預計公司的凈營業收入將介乎1億250萬至1億350萬美元之間 -
紐約2011年3月17日電 /美通社亞洲/ --環球資源Global Sources Ltd. (Nasdaq: GSOL) 公布截至 2010年12月31日的第四季度及2010年全年業績報告。
環球資源董事長兼首席執行官韓禮士(Merle A. Hinrichs) 先生表示:“環球資源的網上及展覽會業務不斷平穩地拓展,驅使公司在2010年第四季的凈營業收入及每股盈利錄得穩健的增長。在環球資源邁向第五個十年之際,我們將專注于增加公司核心出口推廣業務的市場滲透率,進一步拓展面向中國商對商內貿市場的業務和加強新產品及服務的開發,當中包括在新的地點舉辦新的行業展覽會,和推出與面對面展會相輔相成的網上展覽會。”
韓先生指出:“環球資源將繼續與時并進,領導業界把已核實供應商和專業的國際買家聯系起來。今天,我們所提供的獨特多渠道媒體推廣方案的覆蓋面不斷拓寬,旨在幫助買家在合適的時間、地點及方式獲取采購訊息,并幫助他們更有效地聯系出口供應商。”
業績要覽:2010年第四季與2009年第四季之年度比較分析
業績要覽:截至2010年12月31日全年與截至2009年12月31日全年之年度比較分析
環球資源未按“公認會計原則”計算方法
環球資源管理層認為未按“公認會計原則”(Non-GAAP) 計算方法是有效反映營運狀況的計算方法,因此于本新聞稿末部提供按“公認會計原則”( (GAAP) 計算及未按“公認會計原則”計算的對帳表。
環球資源將過往及將來未按“公認會計原則”計算的凈收入 (non-GAAP net income) 定義為: 按“公認會計原則”計算的凈收入扣除非現金股票費用、與公司數個股權補償計劃相關的無形資產攤銷費用、公司任何購并及投資所得的收益或虧損,及 /或公司所有減損支出。而未按“公認會計原則”計算的每股盈利 (Non-GAAP EPS) 的定義為:未按“公認會計原則”計算的凈收入除以已發行普通股的攤薄加權平均股數。經調整EBITDA 則是指扣除利息、稅項、 折舊、攤銷、股票補償費用、商譽及無形資產減值前的盈利。
環球資源首席財務官賴秀琴女士表示:“在2011年上半年,我們預計公司的凈營業收入與去年同期比較將有介乎9%至10%之間的增長,這反映了在上海舉辦的‘環球電子產品及零件采購交易會’將改在下半年舉辦和源自雜志業務的營收繼續減少的情況。”
賴女士指出:“我們預計公司的網上及展覽會業務將繼續取得穩定的增長,因此預測2011年上半年公司營收比例將為網站業務占53%至54%,展覽會業務占33%至34%,雜志業務占10%至11%,其它業務則約占2%。而2010年上半年公司營收比例約為網站業務占49%,展覽會業務占34%,雜志業務占15%及其它業務占2%。”
賴女士繼續表示:“為達到公司的持續增長目標,我們計劃在科技基礎設施、社群及內容開發、銷售及市場推廣、展會業務及特別針對中國內貿市場的展會業務各方面加強投資。”
環球資源2011年第一季度業績報告開始使用“國際財務報告準則”(IFRS)
環球資源宣布,從截至2011年3月31日的2011年第一季度起及以后的所有季度,公司將按照“國際財務報告準則”(International Financial Reporting Standards,IFRS) 編制財務報告,包括向美國證券交易委員會提交的財務報告。目前,環球資源乃根據“公認會計原則”(GAAP) 編制財務報告。
在公司2011年的季度財務報告里,公司會把從2010年1月1日起的相關對比財務訊息重新按“國際財務報告準則”表述。而2010年1月1日前的財務訊息則不會再按“國際財務報告準則”重新表述。
依據IFRS計算2011年上半年財務展望
近期企業要覽
環球資源2010年第四季度及2010年全年業績報告投資者電話會議
環球資源董事長兼首席執行官韓禮士 (Merle A. Hinrichs) 先生及首席財務官賴秀琴女士將于美國東部時間2011年3月17日上午8時 (香港時間2011年3月17日晚上8時) 主持投資者電話會議,旨在回顧公司2010年第四季度及全年的業績。美國投資者如欲參加此次電話會議,請撥 (877) 941-2069;香港以外的國際投資者可撥 (1-480) 629-9713。香港投資者則可撥本地電話號碼 (852) 3009-5027,并向接線員提供本次電話會議的編號 4401807,同時請提早10分鐘撥打上述電話號碼,以確保在會議開始時所有參與者均已聯機。本次電話會議也將于環球資源企業網站作網上現場直播,詳情請瀏覽//www.investor.globalsources.com。
此次電話會議的網上廣播將于環球資源企業網站轉載最少30天,以供未能參與本次電話會議者收聽。有興趣人士亦可由電話會議進行當日至2011年3月24日期間收聽本次電話會議之回放。如欲收聽有關電話會議回放,請撥 (800) 406-7325,或美國以外地區撥(1-303) 590-3030,并輸入密碼4401807。香港投資者則可撥本地電話號碼 (852) 3056-2777,并輸入密碼4401807。
環球資源
環球資源是一家領先業界的多渠道B2B媒體公司,致力于促進大中華地區的對外貿易。公司的核心業務是通過一系列英文媒體,促進大中華地區的出口貿易;同時,通過一系列中文媒體,協助海外企業在大中華地區行銷。
環球資源一方面為全球買家提供采購信息,另一方面為供應商提供整合營銷服務。通過環球資源,超過100萬名活躍買家在復雜的海外市場上進行有效益的采購。同時,供應商借助環球資源提供的各種有效媒體,向遍布超過240個國家和地區的買家推廣和銷售產品。
環球資源提供業界齊全面的貿易媒體和出口推廣服務,包括14個網站、13本月刊及18本數字版雜誌、超過80本采購資訊報告、以及每年在9個城市舉行73場專業的貿易展覽會。 每年,來自逾262,000家供應商的超過550萬種的產品信息,通過環球資源的各種媒體到達目標買家。僅在環球資源網站(//www.globalsources.com),買家社群每年向已核實供應商發出的采購查詢就已經超過1億2,700萬宗。
環球資源擁有40年促進國際貿易的成功紀錄,公司在全球超過60個城市設有辦事機構。環球資源植根中國大陸也已近30年,在中國超過40個城市設有銷售代表辦事機構,并擁有約2,700名團隊成員,通過中文雜志和網站服務超過280萬讀者。
前瞻性陳述
本新聞稿中的前瞻性聲明是根據經修訂的證券法(1933年)第27-A條及經修訂的證券交易所法 (1934年)第21-E條而作出的。由于公司業務﹑宏觀經濟情況及作出上述聲明的假設或會發生變化,可能使公司實際業績與此前瞻性聲明有所出入。
(財務報告詳見附頁)
APPENDIX 1 GLOBAL SOURCES LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In U.S. Dollars Thousands, Except Number of Shares and Per Share Data) |
|||||
At December 31, |
At December 31, |
||||
2010 |
2009 |
||||
(Unaudited) |
|||||
ASSETS |
|||||
Current Assets: |
|||||
Cash and cash equivalents |
$ 101,298 |
$ 91,553 |
|||
Term deposits with banks |
1,411 |
60,357 |
|||
Available-for-sale securities |
- |
6,423 |
|||
Accounts receivable, net |
3,919 |
3,438 |
|||
Receivables from sales representatives |
8,248 |
5,607 |
|||
Inventory |
435 |
600 |
|||
Prepaid expenses and other current assets |
20,269 |
13,603 |
|||
Deferred tax assets |
8 |
13 |
|||
Total Current Assets |
135,588 |
181,594 |
|||
Property and equipment, net |
76,514 |
77,815 |
|||
Goodwill |
2,497 |
- |
|||
Intangible assets, net |
7,952 |
8,770 |
|||
Long term investments |
100 |
100 |
|||
Deferred tax asset |
496 |
446 |
|||
Other noncurrent assets |
2,556 |
1,667 |
|||
Total Assets |
$ 225,703 |
$ 270,392 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Accounts payable |
$ 9,600 |
$ 10,901 |
|||
Deferred income and customer prepayments |
93,901 |
73,841 |
|||
Accrued liabilities |
14,269 |
11,585 |
|||
Income taxes payable |
650 |
435 |
|||
Total Current Liabilities |
118,420 |
96,762 |
|||
Deferred income and customer prepayments |
6,710 |
2,516 |
|||
Deferred tax liability |
1,397 |
141 |
|||
Total Liabilities |
126,527 |
99,419 |
|||
Shareholders' equity: |
|||||
Common shares, US$0.01 par value; 75,000,000 shares authorized; |
|||||
51,569,540 (2009: 51,427,642) shares issued and 33,573,540 (2009: 44,552,642) outstanding |
516 |
514 |
|||
Additional paid in capital |
143,672 |
138,468 |
|||
Treasury shares, at cost - 17,996,000 (2009: 6,875,000) shares |
(150,089) |
(50,000) |
|||
Retained earnings |
92,940 |
71,369 |
|||
Accumulated other comprehensive income |
3,972 |
2,859 |
|||
Total Company Shareholders' Equity |
91,011 |
163,210 |
|||
Non-controlling interests |
8,165 |
7,763 |
|||
Total Equity |
99,176 |
170,973 |
|||
Total Liabilities and Equity |
$ 225,703 |
$ 270,392 |
|||
APPENDIX 1 GLOBAL SOURCES LTD. AND SUBSIDIARIES |
|||||
Three months ended December 31, |
Year ended December 31, |
||||
2010 |
2009 |
2010 |
2009 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
Revenue: |
|||||
Online and other media services (Note 1) |
$ 31,136 |
$ 27,950 |
$ 119,777 |
$ 115,381 |
|
Exhibitions |
29,896 |
25,775 |
69,450 |
55,147 |
|
Miscellaneous |
1,399 |
1,168 |
4,996 |
3,985 |
|
62,431 |
54,893 |
194,223 |
174,513 |
||
Operating Expenses: |
|||||
Sales (Note 2) |
23,811 |
17,990 |
72,651 |
63,810 |
|
Event production |
8,299 |
8,353 |
21,875 |
18,385 |
|
Community (Note 2) |
6,883 |
6,879 |
22,416 |
24,764 |
|
General and administrative (Note 2) |
13,112 |
10,885 |
48,313 |
44,860 |
|
Online services development (Note 2) |
1,359 |
1,244 |
5,437 |
5,416 |
|
Amortization of intangible and software costs |
313 |
1,164 |
1,392 |
1,270 |
|
Total Operating Expenses |
53,777 |
46,515 |
172,084 |
158,505 |
|
Income from Operations |
8,654 |
8,378 |
22,139 |
16,008 |
|
Interest and dividend income |
85 |
256 |
510 |
981 |
|
Gain on sale of available-for-sale securities |
1,223 |
- |
1,223 |
- |
|
Foreign exchange gains (losses), net |
(167) |
179 |
(193) |
237 |
|
Income before Income Taxes |
$ 9,795 |
$ 8,813 |
$ 23,679 |
$ 17,226 |
|
Income Tax Expense |
(481) |
(228) |
(1,117) |
(498) |
|
Net Income |
$ 9,314 |
$ 8,585 |
$ 22,562 |
$ 16,728 |
|
Net income attributable to non-controlling interests |
136 |
51 |
(991) |
(618) |
|
Net Income Attributable to the Company |
$ 9,450 |
$ 8,636 |
$ 21,571 |
$ 16,110 |
|
Diluted net income per share attributable to the Company's |
$ 0.27 |
$ 0.19 |
$ 0.52 |
$ 0.35 |
|
Shares used in diluted net income per share calculations |
35,119,162 |
45,896,193 |
41,769,652 |
45,794,197 |
|
Note : 1. Online and other media services consists of: |
|
Three months ended December 31, |
Year ended December 31, |
||||
2010 |
2009 |
2010 |
2009 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
Online services |
$ 24,959 |
$ 20,448 |
$ 93,944 |
$ 85,376 |
|
Print services |
6,177 |
7,502 |
25,833 |
30,005 |
|
$ 31,136 |
$ 27,950 |
$ 119,777 |
$ 115,381 |
||
Note : 2. Non-cash compensation expenses associated with the employee and team member equity compensation plans and Global Sources Directors Share Grant Award Plan included under various categories of expenses are as follows: |
|
Three months ended December 31, |
Year ended December 31, |
||||
2010 |
2009 |
2010 |
2009 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
Sales |
$ 598 |
$ (291) |
$ 1,273 |
$ 762 |
|
Community |
128 |
(87) |
349 |
217 |
|
General and administrative |
158 |
(946) |
1,512 |
623 |
|
Online services development |
83 |
14 |
305 |
269 |
|
$ 967 |
$ (1,310) |
$ 3,439 |
$ 1,871 |
||
APPENDIX 1 |
|||||||||
GLOBAL SOURCES LTD. AND SUBSIDIARIES |
|||||||||
ACTUAL GAAP to NON-GAAP RECONCILIATION |
|||||||||
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data) |
|||||||||
Three months ended December 31, |
Year ended December 31, |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
GAAP EPS |
$ 0.27 |
$ 0.19 |
$ 0.52 |
$ 0.35 |
|||||
GAAP Net Income |
$ 9,450 |
$ 8,636 |
$ 21,571 |
$ 16,110 |
|||||
Non-cash stock based compensation expense / (credit) (Note 1) |
967 |
(1,310) |
3,439 |
1,871 |
|||||
Amortization of intangibles (Note 2) |
189 |
1,137 |
560 |
1,137 |
|||||
Non-GAAP Net Income |
$ 10,606 |
$ 8,463 |
$ 25,570 |
$ 19,118 |
|||||
Non-GAAP diluted net income per share |
$ 0.30 |
$ 0.18 |
$ 0.61 |
$ 0.42 |
|||||
Total shares used in non-GAAP diluted net income |
|||||||||
per share calculations |
35,119,162 |
45,896,193 |
41,769,652 |
45,794,197 |
|||||
Notes: (1) Actual SBC is calculated based on actual share price on date of the awards for employees and revaluation based on the share price of the last day of the quarter for consultants. (2) Amortization of intangible assets relating to certain non-compete agreements. |
|
GLOBAL SOURCES LTD. AND SUBSIDIARIES |
||||||||||
ADJUSTED EBITDA RECONCILIATION |
||||||||||
(In U.S. Dollars Thousands) |
||||||||||
Three months ended December 31, |
Year ended December 31, |
|||||||||
2010 |
2009 |
2010 |
2009 |
|||||||
US GAAP Income from operations |
$ 8,654 |
$ 8,378 |
$ 22,139 |
$ 16,008 |
||||||
Depreciation and amortization |
1,471 |
2,581 |
6,668 |
7,345 |
||||||
EBITDA |
10,125 |
10,959 |
28,807 |
23,353 |
||||||
Non-cash stock based compensation expense |
967 |
(1,310) |
3,439 |
1,871 |
||||||
Adjusted EBITDA |
$ 11,092 |
$ 9,649 |
$ 32,246 |
$ 25,224 |
||||||
APPENDIX 1 |
|||||||
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 June 30, |
ended June 30, |
||||||
2011 |
2010 |
||||||
Revenue |
$102.5 |
to |
$103.5 |
$94.2 |
|||
IFRS EPS |
$0.33 |
to |
$0.35 |
$0.26 |
|||
Non-cash stock based compensation expense |
$0.04 |
$0.04 |
$0.03 |
||||
Amortization of intangibles (Note 1) |
$0.01 |
$0.01 |
$0.00 |
||||
Non-IFRS diluted net income per share |
$0.38 |
to |
$0.40 |
$0.29 |
|||
Total shares used in non-IFRS diluted net income |
|||||||
per share calculations |
35,429,220 |
35,429,220 |
46,069,180 |
||||
Notes: |
|
(1) Amortization of intangible assets relating to certain non-compete agreements. |
|
APPENDIX 2 GLOBAL SOURCES LTD. AND SUBSIDIARIES |
|||||
Three months ended December 31, |
Year ended December 31, |
||||
2010 |
2009 |
2010 |
2009 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Revenue: |
|||||
Online and other media services (Note 1) |
$ 31,714 |
$ 27,788 |
$ 122,203 |
$ 113,775 |
|
Exhibitions |
29,896 |
25,775 |
69,450 |
55,147 |
|
Miscellaneous |
1,399 |
1,168 |
4,996 |
3,985 |
|
63,009 |
54,731 |
196,649 |
172,907 |
||
Operating Expenses: |
|||||
Sales (Note 2) |
23,407 |
18,095 |
71,923 |
63,740 |
|
Event production |
8,299 |
8,353 |
21,875 |
18,385 |
|
Community and content (Note 2) |
8,729 |
8,318 |
31,923 |
34,524 |
|
General and administrative (Note 2) |
9,289 |
8,174 |
33,463 |
30,045 |
|
Information and technology (Note 2) |
2,942 |
2,742 |
11,839 |
11,784 |
|
Total Operating Expenses |
52,666 |
45,682 |
171,023 |
158,478 |
|
Profit from Operations |
$ 10,343 |
$ 9,049 |
$ 25,626 |
$ 14,429 |
|
Interest and dividend income |
85 |
256 |
510 |
981 |
|
Gain on sale of available-for-sale securities |
1,223 |
- |
1,223 |
- |
|
Profit before Income Taxes |
$ 11,651 |
$ 9,305 |
$ 27,359 |
$ 15,410 |
|
Income Tax Expense |
(481) |
(228) |
(1,117) |
(498) |
|
Net Profit |
$ 11,170 |
$ 9,077 |
$ 26,242 |
$ 14,912 |
|
Net profit attributable to non-controlling interests |
136 |
51 |
(991) |
(618) |
|
Net profit attributable to the Company's shareholders |
$ 11,306 |
$ 9,128 |
$ 25,251 |
$ 14,294 |
|
Diluted net profit per share attributable to the Company's |
$ 0.32 |
$ 0.20 |
$ 0.61 |
$ 0.31 |
|
Shares used in diluted net profit per share calculations |
35,119,162 |
45,896,193 |
41,693,616 |
45,751,437 |
|
Note: 1. Online and other media services consists of: |
|
Three months ended December 31, |
Year ended December 31, |
||||
2010 |
2009 |
2010 |
2009 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Online services |
$ 25,466 |
$ 20,431 |
$ 96,125 |
$ 84,271 |
|
Print services |
6,248 |
7,357 |
26,078 |
29,504 |
|
$ 31,714 |
$ 27,788 |
$ 122,203 |
$ 113,775 |
||
Note: 2. Non-cash compensation expenses associated with the employee and team member equity compensation plans and Global Sources Directors Share Grant Award Plan included under various categories of expenses are as follows: |
|
Three months ended December 31, |
Year ended December 31, |
||||
2010 |
2009 |
2010 |
2009 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Sales |
$ 194 |
$ (187) |
$ 545 |
$ 691 |
|
Community and content |
73 |
(95) |
284 |
228 |
|
General and administrative |
(7) |
(1,096) |
1,089 |
566 |
|
Information and technology |
73 |
(18) |
269 |
263 |
|
$ 333 |
$ (1,396) |
$ 2,187 |
$ 1,748 |
||
APPENDIX 2 GLOBAL SOURCES LTD. AND SUBSIDIARIES ACTUAL GAAP TO IFRS RECONCILIATION (In U.S. Dollars Thousands, Except Number of Shares and Per Share Data) |
||||||||||||
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2010 |
2009 |
2010 |
2009 |
|||||||||
GAAP diluted EPS |
$ 0.27 |
$ 0.19 |
$ 0.52 |
$ 0.35 |
||||||||
Shares used in GAAP diluted net income per share calculations |
35,119,162 |
45,896,193 |
41,769,652 |
45,794,197 |
||||||||
GAAP Net Income |
$ 9,450 |
$ 8,636 |
$ 21,571 |
$ 16,110 |
||||||||
IFRS conversion adjustments: |
||||||||||||
Revenue |
580 |
(163) |
2,427 |
(1,606) |
||||||||
Exhibition promotion costs |
642 |
848 |
- |
- |
||||||||
Non-cash stock based compensation expense |
634 |
86 |
1,253 |
123 |
||||||||
Foreign exchange loss |
- |
(279) |
- |
(333) |
||||||||
IFRS Net Profit |
$ 11,306 |
$ 9,128 |
$ 25,251 |
$ 14,294 |
||||||||
IFRS diluted EPS |
$ 0.32 |
$ 0.20 |
$ 0.61 |
$ 0.31 |
||||||||
Shares used in IFRS diluted net income per share calculations |
35,119,162 |
45,896,193 |
41,693,616 |
45,751,437 |
||||||||
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