- Posted second half of 2016 revenue of $75.8 million -
- Reported second half of 2016 IFRS EPS of $0.38 and Non-IFRS EPS of $0.51 -
- Reported full year 2016 revenue of $157.7 million -
- Posted full year 2016 IFRS EPS of $0.73 and Non-IFRS EPS of $0.96 -
- Provides guidance for first half of 2017, expects
revenue to be between $76.0 million
and $78.0 million and IFRS EPS to range from
$0.12 to $0.16 -
NEW YORK, March 16, 2017 /PRNewswire/ -- Global Sources
Ltd. (NASDAQ: GSOL) reported financial results for the six-month
period July 1, 2016 through
Dec. 31, 2016 and year-end 2016.
Merle A. Hinrich, Global Sources'
executive chairman stated: "In the second half of 2016, we had a
successful fall series of trade shows in Hong Kong with growth in both booth sales and
attendance. With Global Sources Electronics, the world's
largest electronics sourcing trade show showcasing consumer and
mobile electronics, we are in a strong position to capture the
continued growth of mainland China's electronics export industry. Our
Startup Launchpad initiative is Asia's largest gathering of consumer
electronics startups. Consisting of a conference track and pavilion
within each phase of the show, it lets buyers see the latest
innovations and be first to market with shelf-ready products. Also,
we added a Smart Living website, magazine and trade show
pavilion covering smart security, energy management, entertainment,
appliances, and gadgets for the fast-growing smart home market. We
continue to focus on enhancing value for customers through further
integration of our online and trade show services in our core
business of connecting buyers worldwide with suppliers in mainland
China and Asia."
Financial highlights -- Second half: 2016 compared to
2015
- Revenue from continuing operations was $75.8 million, as compared to $85.1 million.
- Exhibitions revenue was $45.0
million, as compared to $45.7
million.
- Online and other media services revenue was $27.6 million, as compared to $34.5 million.
- IFRS net profit from continuing operations was $9.5 million, or $0.38 per diluted share, as compared to
$15.2 million, or $0.58 per diluted share from continuing
operations.
- Non-IFRS net profit from continuing operations was $12.8 million, or $0.51 per diluted share, as compared to
$8.7 million, or $0.33 per diluted share from continuing
operations.
- Adjusted EBITDA from continuing operations was $15.6 million, as compared to $13.1 million from continuing operations for the
second half of 2015.
- Total deferred income and customer prepayments were
$81.5 million as at Dec. 31, 2016, as compared to $78.2 million as at Dec.
31, 2015.
- Cash and cash equivalents at Dec. 31,
2016 was $110.2 million and
the company remains debt free.
Global Sources' CFO, Connie Lai,
said: "Our 2016 second half revenue reflects the success of our
export trade shows in Hong Kong as
well as the continued challenges in our online business. We fully
impaired the carrying amount of $2.2
million, net of associated taxes, in relation to the
China International Fashion Brand Fair - Shenzhen. Also, our bottom line benefitted
from our cost control efforts combined with the recognition of
deferred tax assets."
Financial highlights -- Full year ended
Dec. 31: 2016 compared to
2015
- Revenue from continuing operations was $157.7 million, as compared to $171.0 million.
- IFRS net profit from continuing operations was $18.4 million, or $0.73 per diluted share, as compared to
$24.0 million, or $0.83 per diluted share from continuing
operations.
- Non-IFRS net profit from continuing operations was $24.2 million, or $0.96 per diluted share, as compared to
$19.0 million, or $0.66 per diluted share from continuing
operations, for 2015.
- Adjusted EBITDA from continuing operations was $32.0 million, as compared to $30.8 million from continuing operations for
2015.
Financial expectations for the first half of 2017 under
IFRS
- For the first half of 2017 ending June
30, 2017:
- Revenue is expected to be in the range of $76.0 million to $78.0 million, as compared to
$81.8 million for the first half of
2016.
- IFRS EPS is expected to be in the range of $0.12 to $0.16, as compared to $0.35 per diluted share in the first half of
2016. 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 first
half of 2017.
- Non-IFRS EPS is expected to be in the range of $0.17 to $0.21, as compared to $0.45 per diluted share for the same period in
2016.
- Adjusted EBITDA is expected to be between $11.1 million and $11.9 million, as compared to
$16.3 million in the first half of
2016.
Recent Corporate Highlights
- Announced plans to partner with Shenzhen Globex e-Services
Inc., an integrated e-commerce service provider, to co-develop a
fully integrated electronic solution to facilitate more efficient
cross-border trade between mainland China-based exporters and overseas
buyers.
- Announced retirement of board member James Watkins effective Jan. 1, 2017.
- Appointed Craig Pepples as
Global Sources' CEO effective Jan. 1,
2017.
- Received the Gold corporate award for excellence in corporate
governance and investor relations in The Asset's
December 2016 issue.
- Held Global Sources series of fall trade shows in
October 2016 at Hong Kong's AsiaWorld-Expo, including
Global Sources Electronics, the world's largest
electronics sourcing trade show.
- In total, the fall trade shows had more than 8,500 booths.
- Total attendance exceeded 79,000 and included buyers from 153
countries and territories.
- Appointed Fumbi Chima and Michael
Scown as new members to Global Sources' Board of Directors
effective Sept.12, 2016.
Conference call for Global Sources second half and year-end
2016 earnings
Executive chairman Merle A.
Hinrich and CFO Connie Lai
are scheduled to conduct a conference call at 8:00 a.m. ET on March 16,
2017 (8:00 p.m. on
March 16, 2017 in Hong Kong) to review these results in more
detail. Investors in the United
States may participate in the call by dialing (888)
256-1014, and non-Hong Kong
international participants may dial (1-913) 312-1296. Investors in
Hong Kong may participate by
dialing (852) 3008-0382. The conference ID is 3765441 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 March 23,
2017. To listen to the telephone replay dial (888) 203-1112
or dial (1-719) 457-0820 outside the
United States, and enter pass code 3765441. For those in the
Hong Kong area, the replay dial-in
number is (800) 901-108, and the pass code is 3765441.
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), trade shows,
magazines and apps.
More than 1.7 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.
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
profit as IFRS net profit excluding non-cash stock based
compensation expense or credit, amortization of intangibles assets
as it relates to certain equity compensation plans, profits or
losses on acquisitions and disposals of 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 diluted net profit per
share is defined as non-IFRS net profit divided by the weighted
average of diluted common shares outstanding. Adjusted EBITDA is
defined as profit before interest, taxes, depreciation,
amortization, non-cash stock based compensation expense or credit,
profits or losses on acquisitions and disposals of investments, net
of transaction costs and impairment of goodwill and intangible
assets.
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 December
31,
|
As at December
31,
|
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
88,749
|
$
|
70,356
|
|
Term deposits with
banks
|
|
9,919
|
|
9,097
|
|
Financial assets,
available-for-sale
|
|
11,234
|
|
-
|
|
Accounts receivables,
net
|
|
838
|
|
849
|
|
Receivables from
sales representatives
|
|
4,962
|
|
8,802
|
|
Inventories
|
|
111
|
|
176
|
|
Prepaid expenses and
other current assets
|
|
14,129
|
|
16,268
|
|
|
129,942
|
|
105,548
|
|
Non-current
assets
|
|
|
|
|
|
Property and
equipment
|
|
71,604
|
|
59,064
|
|
Investment
properties
|
|
47,955
|
|
69,726
|
|
Intangible
assets
|
|
16,907
|
|
26,309
|
|
Financial assets,
available-for-sale
|
|
257
|
|
-
|
|
Long term
investment
|
|
-
|
|
100
|
|
Deferred income tax
assets
|
|
2,669
|
|
389
|
|
Other non-current
assets
|
|
2,118
|
|
951
|
|
|
141,510
|
|
156,539
|
|
Total
assets
|
$
|
271,452
|
$
|
262,087
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
$
|
5,681
|
$
|
7,383
|
|
Deferred income and
customer prepayments
|
|
77,450
|
|
75,265
|
|
Accrued
liabilities
|
|
14,917
|
|
15,183
|
|
Income tax
liabilities
|
|
934
|
|
2,990
|
|
|
98,982
|
|
100,821
|
|
Non-current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
-
|
|
289
|
|
Deferred income and
customer prepayments
|
|
4,040
|
|
2,917
|
|
Deferred income tax
liabilities
|
|
2,453
|
|
4,493
|
|
|
6,493
|
|
7,699
|
|
Total
liabilities
|
$
|
105,475
|
$
|
108,520
|
|
|
|
|
|
|
Equity attributable
to Company's shareholders
|
|
|
|
|
|
Common
shares
|
|
536
|
|
533
|
|
Treasury
shares
|
|
(250,089)
|
|
(250,089)
|
|
Other
reserves
|
|
153,181
|
|
157,562
|
|
Retained
earnings
|
|
258,293
|
|
239,812
|
|
Total Company
shareholders' equity
|
|
161,921
|
|
147,818
|
|
Non-controlling
interests
|
|
4,056
|
|
5,749
|
|
Total
equity
|
$
|
165,977
|
$
|
153,567
|
|
Total liabilities
and equity
|
$
|
271,452
|
$
|
262,087
|
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In U.S. Dollars Thousands, Except Number of Shares and Per
Share Data)
|
|
|
|
Six months ended December 31,
|
|
Year ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Exhibitions
|
$
|
44,968
|
$
|
45,683
|
$
|
92,381
|
$
|
91,854
|
|
Online and other media services (Note 1)
|
|
27,646
|
|
34,512
|
|
58,340
|
|
70,242
|
|
Miscellaneous
|
|
3,235
|
|
4,914
|
|
6,946
|
|
8,929
|
|
|
75,849
|
|
85,109
|
|
157,667
|
|
171,025
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Sales (Note 2)
|
|
21,858
|
|
25,538
|
|
44,767
|
|
50,231
|
|
Event production
|
|
12,018
|
|
12,309
|
|
25,084
|
|
24,533
|
|
Community and content (Note 2)
|
|
8,152
|
|
10,332
|
|
17,163
|
|
20,535
|
|
General and administrative (Note 2 & 3)
|
|
20,685
|
|
22,945
|
|
43,019
|
|
43,697
|
|
Information and technology (Note 2)
|
|
5,541
|
|
6,896
|
|
11,315
|
|
13,348
|
|
Total Operating
Expenses
|
|
68,254
|
|
78,020
|
|
141,348
|
|
152,344
|
|
Profit on sale
of property
|
|
-
|
|
9,791
|
|
-
|
|
9,791
|
|
Profit from
Operations
|
|
7,595
|
|
16,880
|
|
16,319
|
|
28,472
|
|
Interest income
|
|
265
|
|
226
|
|
558
|
|
792
|
|
Gain on sale of available-for-sale securities
|
|
26
|
|
52
|
|
93
|
|
188
|
|
Profit on sale
of long term investment
|
|
-
|
|
-
|
|
43
|
|
-
|
|
Interest expenses
|
|
(7)
|
|
(24)
|
|
(23)
|
|
(83)
|
|
Profit before
Income Taxes
|
|
7,879
|
|
17,134
|
|
16,990
|
|
29,369
|
|
Income tax credit /
(expense)
|
|
752
|
|
(2,421)
|
|
1,328
|
|
(4,609)
|
|
Net Profit from
continuing operations
|
$
|
8,631
|
$
|
14,713
|
$
|
18,318
|
$
|
24,760
|
|
Net Profit from
discontinued operations, net of
income tax
(Note 4)
|
|
-
|
|
223
|
|
-
|
|
5,629
|
|
Net
profit
|
$
|
8,631
|
$
|
14,936
|
$
|
18,318
|
$
|
30,389
|
|
Net (profit)/loss
attributable to non-controlling interests from:
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
913
|
|
457
|
|
51
|
|
(765)
|
|
Discontinued operations
|
|
-
|
|
-
|
|
-
|
|
264
|
|
Total
|
|
913
|
|
457
|
|
51
|
|
(501)
|
|
Net profit attributable to the Company's shareholders from:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
9,544
|
$
|
15,170
|
$
|
18,369
|
$
|
23,995
|
|
Discontinued operations
|
|
-
|
|
223
|
|
-
|
|
5,893
|
|
Total
|
$
|
9,544
|
$
|
15,393
|
$
|
18,369
|
$
|
29,888
|
|
Diluted net profit
per share attributable to the Company's
shareholders from:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.38
|
$
|
0.58
|
$
|
0.73
|
$
|
0.83
|
|
Discontinued
operations
|
|
-
|
|
0.01
|
|
-
|
|
0.20
|
|
Total
|
$
|
0.38
|
$
|
0.59
|
$
|
0.73
|
$
|
1.03
|
|
Shares used in
diluted net profit per share calculations
|
|
25,397,702
|
|
26,249,657
|
|
25,305,261
|
|
28,820,976
|
|
|
|
|
|
|
Note:
1. Online and other media services
consists of:
|
|
|
|
Six months ended
December 31,
|
|
Year ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Online
services
|
$
|
25,064
|
$
|
31,220
|
$
|
52,750
|
$
|
64,421
|
|
Print
services
|
|
2,582
|
|
3,292
|
|
5,590
|
|
5,821
|
|
$
|
27,646
|
$
|
34,512
|
$
|
58,340
|
$
|
70,242
|
|
|
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:
|
|
|
|
Six months ended
December 31,
|
|
Year ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Sales
|
$
|
206
|
$
|
240
|
$
|
279
|
$
|
418
|
|
Community and
content
|
|
44
|
|
47
|
|
62
|
|
88
|
|
General and
administrative
|
|
624
|
|
650
|
|
1,360
|
|
1,418
|
|
Information and
technology
|
|
85
|
|
92
|
|
204
|
|
225
|
|
$
|
959
|
$
|
1,029
|
$
|
1,905
|
$
|
2,149
|
|
|
|
|
|
|
Note:
3. General and administrative
expenses consist of:
|
|
|
|
Six months ended
December 31,
|
|
Year ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
General and administrative expenses before
amortization of intangible assets, impairment
charge on intangible assets and
foreign
exchange
losses
|
$
|
15,331
|
$
|
18,984
|
$
|
33,310
|
$
|
37,289
|
|
Amortization of
intangible assets
|
|
1,639
|
|
2,207
|
|
3,681
|
|
4,314
|
|
Impairment charge
on intangible assets
|
|
2,889
|
|
-
|
|
4,791
|
|
-
|
|
Foreign exchange
losses
|
|
826
|
|
1,754
|
|
1,237
|
|
2,094
|
|
$
|
20,685
|
$
|
22,945
|
$
|
43,019
|
$
|
43,697
|
|
|
|
|
|
|
Note:
4. Net Profit from discontinued
operations, net of income tax consist of:
|
|
|
|
Six months ended
December 31,
|
|
Year ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(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
|
|
Loss from discontinued
operations, net of income tax
|
|
-
|
|
-
|
|
-
|
|
(392)
|
|
$
|
-
|
$
|
223
|
$
|
-
|
$
|
5,629
|
|
GLOBAL SOURCES
LTD. AND SUBSIDIARIES
|
|
ACTUAL IFRS to
NON-IFRS RECONCILIATION
|
|
(In U.S. Dollars
Thousands, Except Number of Shares and Per Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31,
|
|
|
Year ended December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS diluted net
profit per share from continuing operations
|
|
$
|
0.38
|
|
$
|
0.58
|
|
$
|
0.73
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS Net Profit from
continuing operations
|
|
$
|
9,544
|
|
$
|
15,170
|
|
$
|
18,369
|
|
$
|
23,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense (Note 1)
|
|
|
959
|
|
|
1,029
|
|
|
1,905
|
|
|
2,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangibles (Note 2)
|
|
|
179
|
|
|
88
|
|
|
363
|
|
|
381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of
long term investment
|
|
|
-
|
|
|
-
|
|
|
(43)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and intangibles (Note 3)
|
|
|
2,167
|
|
|
-
|
|
|
3,593
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of property, net of transaction costs & related tax expenses
|
|
|
-
|
|
|
(7,550)
|
|
|
-
|
|
|
(7,550)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Net
Profit continuing operations
|
|
$
|
12,849
|
|
$
|
8,737
|
|
$
|
24,187
|
|
$
|
18,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS diluted
net profit per share from continuing operations
|
|
$
|
0.51
|
|
$
|
0.33
|
|
$
|
0.96
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares used in
non-IFRS diluted net profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per share
calculations
|
|
|
25,397,702
|
|
|
26,249,657
|
|
|
25,305,261
|
|
|
28,820,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
December 31,
|
|
Year ended
December 31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS profit from
continuing operations
|
|
$
|
7,595
|
|
$
|
16,880
|
|
$
|
16,319
|
|
$
|
28,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization from continuing operations
|
|
|
4,179
|
|
|
4,961
|
|
|
8,946
|
|
|
9,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
11,774
|
|
|
21,841
|
|
|
25,265
|
|
|
38,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense
|
|
|
959
|
|
|
1,029
|
|
|
1,905
|
|
|
2,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and intangibles
|
|
|
2,889
|
|
|
-
|
|
|
4,791
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of
property, net of transaction costs
|
|
|
-
|
|
|
(9,791)
|
|
|
-
|
|
|
(9,791)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from
continuing operations
|
|
$
|
15,622
|
|
$
|
13,079
|
|
$
|
31,961
|
|
$
|
30,829
|
|
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,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue
|
|
$76.0
|
to
|
$78.0
|
|
$81.8
|
|
|
|
|
|
|
|
|
IFRS EPS
|
|
$0.12
|
to
|
$0.16
|
|
$0.35
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense (Note 1)
|
|
$0.04
|
|
$0.04
|
|
$0.04
|
|
|
|
|
|
|
|
|
Amortization of
intangibles (Note 2)
|
|
$0.01
|
|
$0.01
|
|
$0.00
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and intangibles (Note 3)
|
|
$0.00
|
|
$0.00
|
|
$0.06
|
|
|
|
|
|
|
|
|
Non-IFRS diluted
net income per share
|
|
$0.17
|
to
|
$0.21
|
|
$0.45
|
|
|
|
|
|
|
|
|
Total shares used in
non-IFRS diluted net income
|
|
|
|
|
|
|
|
per share
calculations
|
|
25,600,000
|
|
25,600,000
|
|
25,358,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
For financial matrix, please visit:
http://photos.prnasia.com/prnk/20170316/8521701700
|
Press
Contact
Camellia
So
Tel: (852)
2555-5021
e-mail:
GSpress@globalsources.com
|
Investor Contact
in Asia
Connie
Lai
Tel: (852)
2555-4747
e-mail:
investor@globalsources.com
|
|
Investor Contact in U.S.
Cathy
Mattison
LHA
Tel: (1-415)
433-3777
e-mail:
cmattison@lhai.com
|
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SOURCE Global Sources