NEW YORK, March 17, 2016 /PRNewswire/ -- Global Sources
Ltd. (NASDAQ: GSOL) reported financial results for the fourth
quarter and year-ended Dec. 31,
2015.
"The highlight of the fourth quarter of 2015 was our very
successful series of trade shows in Hong
Kong, which included Global Sources Electronics
- the world's largest electronics sourcing trade
show," stated Merle A. Hinrich,
Global Sources' executive chairman. "During the year, we advanced
the integration of our online and trade show services and increased
our focus on helping buyers identify new, important and innovative
products from among the millions of products online. Key
initiatives include our Analyst's Choice product sections
and Startup Launchpad, a pavilion and conference within our
electronics trade shows. Looking ahead, we remain focused on
growing our core business by leveraging our differentiated offering
that integrates the best of online with the best of trade
shows."
Financial highlights - Fourth quarter: 2015 compared to
2014
- Revenue from continuing operations was $61.6 million, as compared to $60.1 million.
- Exhibitions revenue was $41.6
million, as compared to $38.2
million.
- Online revenue was $15.3 million,
as compared to $18.0 million.
- Print revenue was $2.0 million,
as compared to $1.8 million.
- IFRS net profit was $20.0
million, or $0.79 per diluted
share, as compared to $9.3 million,
or $0.29 per diluted share.
- Non-IFRS net profit was $13.0
million, or $0.52 per diluted
share, as compared to $9.9 million,
or $0.31 per diluted share, for the
fourth quarter of 2014.
- Adjusted EBITDA was $15.0
million, as compared to $12.2
million for the fourth quarter of 2014.
- Total deferred income and customer prepayments were
$78.2 million as at Dec. 31, 2015, as compared to $88.8 million as at Dec.
31, 2014.
Global Sources' CFO, Connie Lai,
said: "During the fourth quarter of 2015, we completed the sale of
our Shenzhen investment property,
recording a net profit of $7.6
million, net of transaction costs and related tax expenses.
We continue to drive efficiencies throughout the organization,
while remaining committed to creating shareholder value,
maintaining a strong balance sheet, a solid cash position and no
debt."
"As announced on March 15, CEO
Spenser Au will retire at the end of
2016 following 39 years of service to Global Sources," continued
Mr. Hinrich. "In his role as CEO for the past five years, Spenser
was essential to the development of our fully integrated offering
of online marketplaces and trade shows. Our strong and
experienced management team will continue to build on his
contributions as we transition to a successor."
Financial highlights - Full year ended
Dec. 31: 2015 compared to
2014
- Revenue from continuing operations was $171.0 million, as compared to $179.3 million.
- IFRS net profit was $29.9
million, or $1.03 per diluted
share, as compared to $18.3 million,
or $0.55 per diluted share.
- Non-IFRS net profit was $18.8
million, or $0.65 per diluted
share, as compared to $22.5 million,
or $0.67 per diluted share, for
2014.
- Adjusted EBITDA was $30.5
million, as compared to $37.3
million for 2014.
Financial expectations for the first half of 2016 under
IFRS
- For the first half of 2016 ending June
30, 2016:
- Revenue from continuing operations is expected to be in the
range of $78.0 million to $80.0
million, as compared to $85.9
million from continuing operations for the first half of
2015.
- IFRS EPS from continuing operations is expected to be in the
range of $0.13 to $0.17, as compared
to $0.28 per diluted share from
continuing operations in the first half of 2015. 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
2016.
- Non-IFRS EPS from continuing operations is expected to be in
the range of $0.18 to $0.22, as
compared to $0.32 per diluted share
from continuing operations for the same period in 2015.
- Adjusted EBITDA from continuing operations is expected to be
between $12.5 million and $13.4
million, as compared to $18.1
million from continuing operations in the first half of
2015.
Recent Corporate Highlights
- Announced CEO Spenser Au plans
to retire after 39 years of service to the company. He will remain
engaged until the end of 2016 to assist in the transition to a
successor.
- Closed the sale of investment property on the 50th
floor of the Shenzhen International Chamber of Commerce Tower in
Shenzhen, China for a total
consideration of approximately $21.1
million.
- Global Sources Exhibitions were held in Johannesburg in November 2015.
- Global Sources series of fall trade shows were held in
October 2015 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 8,000 booths.
- Total attendance exceeded 84,600 and included buyers from more
than 150 countries and territories.
- Launched three new industry specialized websites: Drones
& Robotics, Machinery & Parts and Auto Parts
& Accessories.
- Received the Gold corporate award for excellence in corporate
governance and investor relations in The Asset's
December 2015 issue. The company
received The Asset's Gold and Titanium corporate award for
the previous six years.
Conference call for Global Sources fourth quarter 2015
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 17,
2016 (8:00 p.m. on
March 17, 2016 in Hong Kong) to review these results in more
detail. Investors in the United
States may participate in the call by dialing (877)
502-9276, and non-Hong Kong
international participants may dial (1-913) 312-6693. Investors in
Hong Kong may participate by
dialing (852) 3008-0382. The conference ID is 9464808 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 25,
2016. To listen to the telephone replay dial (888) 203-1112
or dial (1-719) 457-0820 outside the
United States, and enter pass code 9464808. For those in the
Hong Kong area, the replay dial-in
number is (800) 901-108, and the pass code is 9464808.
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 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,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
70,356
|
$
|
90,223
|
Term deposits with
banks
|
|
9,097
|
|
4,285
|
Financial assets,
available-for-sale
|
|
-
|
|
3,952
|
Accounts receivables,
net
|
|
849
|
|
2,269
|
Receivables from
sales representatives
|
|
8,802
|
|
7,900
|
Inventories
|
|
176
|
|
154
|
Prepaid expenses and
other current assets
|
|
16,268
|
|
17,027
|
|
|
105,548
|
|
125,810
|
Non-current
assets
|
|
|
|
|
Property and
equipment
|
|
59,064
|
|
63,519
|
Investment
properties
|
|
69,726
|
|
85,546
|
Intangible
assets
|
|
26,309
|
|
37,732
|
Long term
investment
|
|
100
|
|
100
|
Deferred income tax
assets
|
|
389
|
|
196
|
Other non-current
assets
|
|
951
|
|
1,108
|
|
|
156,539
|
|
188,201
|
Total
assets
|
$
|
262,087
|
$
|
314,011
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
|
7,383
|
$
|
9,418
|
Deferred income and
customer prepayments
|
|
75,265
|
|
84,869
|
Accrued
liabilities
|
|
15,183
|
|
19,100
|
Income tax
liabilities
|
|
2,990
|
|
3,848
|
|
|
100,821
|
|
117,235
|
Non-current
liabilities
|
|
|
|
|
Accounts
payable
|
|
289
|
|
889
|
Deferred income and
customer prepayments
|
|
2,917
|
|
3,971
|
Deferred income tax
liabilities
|
|
4,493
|
|
6,842
|
|
|
7,699
|
|
11,702
|
Total
liabilities
|
|
108,520
|
|
128,937
|
|
|
|
|
|
Equity attributable
to Company's shareholders
|
|
|
|
|
Common
shares
|
|
533
|
|
529
|
Treasury
shares
|
|
(250,089)
|
|
(200,089)
|
Other
reserves
|
|
157,562
|
|
161,242
|
Retained
earnings
|
|
239,812
|
|
209,924
|
Total Company
shareholders' equity
|
|
147,818
|
|
171,606
|
Non-controlling
interests
|
|
5,749
|
|
13,468
|
Total
equity
|
$
|
153,567
|
$
|
185,074
|
Total liabilities
and equity
|
$
|
262,087
|
$
|
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
December 31,
|
|
Year ended
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibitions
|
|
$
|
41,629
|
|
$
|
38,157
|
|
$
|
91,854
|
|
$
|
88,941
|
Online and other media services (Note 2)
|
|
|
17,295
|
|
|
19,738
|
|
|
70,242
|
|
|
82,430
|
Miscellaneous
|
|
|
2,693
|
|
|
2,210
|
|
|
8,929
|
|
|
7,911
|
|
|
|
61,617
|
|
|
60,105
|
|
|
171,025
|
|
|
179,282
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (Note 3)
|
|
|
17,898
|
|
|
19,906
|
|
|
50,231
|
|
|
56,095
|
Event production
|
|
|
10,871
|
|
|
9,751
|
|
|
24,533
|
|
|
23,333
|
Community and content (Note 3)
|
|
|
5,879
|
|
|
6,753
|
|
|
20,535
|
|
|
22,267
|
General and administrative (Note 3 & 4)
|
|
|
11,625
|
|
|
11,603
|
|
|
43,697
|
|
|
48,004
|
Information and technology (Note 3)
|
|
|
3,495
|
|
|
3,075
|
|
|
13,348
|
|
|
12,126
|
Total Operating
Expenses
|
|
|
49,768
|
|
|
51,088
|
|
|
152,344
|
|
|
161,825
|
Profit on sale of
property
|
|
|
9,791
|
|
|
-
|
|
|
9,791
|
|
|
-
|
Profit from
Operations
|
|
|
21,640
|
|
|
9,017
|
|
|
28,472
|
|
|
17,457
|
Interest income
|
|
|
103
|
|
|
244
|
|
|
792
|
|
|
1,223
|
Gain on sale of available-for-sale securities
|
|
|
39
|
|
|
-
|
|
|
188
|
|
|
11
|
Interest expenses
|
|
|
(12)
|
|
|
(47)
|
|
|
(83)
|
|
|
(186)
|
Profit before
Income Taxes
|
|
|
21,770
|
|
|
9,214
|
|
|
29,369
|
|
|
18,505
|
Income tax
expense
|
|
|
(2,187)
|
|
|
(534)
|
|
|
(4,609)
|
|
|
(1,646)
|
Net Profit from
continuing operations
|
|
$
|
19,583
|
|
$
|
8,680
|
|
$
|
24,760
|
|
$
|
16,859
|
Net Profit /
(loss) from discontinued operations, net of
income tax (Note 5)
|
|
|
-
|
|
|
(40)
|
|
|
5,629
|
|
|
1,982
|
Net
profit
|
|
$
|
19,583
|
|
$
|
8,640
|
|
$
|
30,389
|
|
$
|
18,841
|
Net (profit)/loss
attributable to non-controlling interests
from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
|
434
|
|
|
499
|
|
|
(765)
|
|
|
548
|
Discontinued
operations
|
|
|
-
|
|
|
142
|
|
|
264
|
|
|
(1,059)
|
Total
|
|
|
434
|
|
|
641
|
|
|
(501)
|
|
|
(511)
|
Net profit
attributable to the Company's
shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
20,017
|
|
$
|
9,179
|
|
$
|
23,995
|
|
$
|
17,407
|
Discontinued operations
|
|
|
-
|
|
|
102
|
|
|
5,893
|
|
|
923
|
Total
|
|
$
|
20,017
|
|
$
|
9,281
|
|
$
|
29,888
|
|
$
|
18,330
|
Diluted net profit
per share attributable to the
Company's shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.79
|
|
$
|
0.29
|
|
$
|
0.83
|
|
$
|
0.52
|
Discontinued
operations
|
|
|
-
|
|
|
*
|
|
|
0.20
|
|
|
0.03
|
Total
|
|
$
|
0.79
|
|
$
|
0.29
|
|
$
|
1.03
|
|
$
|
0.55
|
Shares used in
diluted net profit per share
calculations
|
|
|
25,185,321
|
|
|
31,516,581
|
|
|
28,820,976
|
|
|
33,482,371
|
|
|
|
|
|
|
|
|
|
* Diluted net profit
per share attributable to the Company's shareholders from
discontinued operations is less than $0.01
|
|
Note: 1. Total
revenue from both the continuing operations and discontinued
operations during the three months and year ended December 31, 2015
and 2014 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Continuing
operations
|
|
$
|
61,617
|
|
$
|
60,105
|
|
$
|
171,025
|
|
$
|
179,282
|
Discontinued
operations
|
|
|
-
|
|
|
2,762
|
|
|
4,776
|
|
|
18,930
|
|
|
$
|
61,617
|
|
$
|
62,867
|
|
$
|
175,801
|
|
$
|
198,212
|
|
|
|
|
|
|
|
|
|
Note: 2. Online and
other media services consists of:
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Online
services
|
|
$
|
15,296
|
|
$
|
17,983
|
|
$
|
64,421
|
|
$
|
75,895
|
Print
services
|
|
|
1,999
|
|
|
1,755
|
|
|
5,821
|
|
|
6,535
|
|
|
$
|
17,295
|
|
$
|
19,738
|
|
$
|
70,242
|
|
$
|
82,430
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
Year ended
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Sales
|
|
$
|
116
|
|
$
|
123
|
|
$
|
418
|
|
$
|
409
|
Community and
content
|
|
|
23
|
|
|
21
|
|
|
88
|
|
|
16
|
General and
administrative
|
|
|
316
|
|
|
319
|
|
|
1,418
|
|
|
1,215
|
Information and
technology
|
|
|
44
|
|
|
45
|
|
|
225
|
|
|
217
|
|
|
$
|
499
|
|
$
|
508
|
|
$
|
2,149
|
|
$
|
1,857
|
|
|
|
|
|
|
|
|
|
Note: 4. General and
administrative expenses consist of:
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
|
|
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
|
|
$
|
9,890
|
|
$
|
9,345
|
|
$
|
37,290
|
|
$
|
36,343
|
Amortization of
intangible assets
|
|
|
1,250
|
|
|
994
|
|
|
4,314
|
|
|
6,873
|
Impairment charge on
intangible assets
|
|
|
-
|
|
|
4
|
|
|
-
|
|
|
2,242
|
Foreign exchange
losses
|
|
|
485
|
|
|
1,260
|
|
|
2,093
|
|
|
2,546
|
|
|
$
|
11,625
|
|
$
|
11,603
|
|
$
|
43,697
|
|
$
|
48,004
|
|
|
|
|
|
|
|
|
|
Note: 5. Net Profit
from discontinued operations, net of income tax consist
of:
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Profit on sale of
subsidiary
|
|
$
|
-
|
|
$
|
-
|
|
$
|
6,382
|
|
$
|
-
|
Income tax
expense
|
|
|
-
|
|
|
-
|
|
|
(361)
|
|
|
-
|
Profit on sale of
subsidiary, net of income tax
|
|
|
-
|
|
|
-
|
|
|
6,021
|
|
|
-
|
Profit /(loss) from
discontinued operations, net of income tax
|
|
|
-
|
|
|
(40)
|
|
|
(392)
|
|
|
1,982
|
|
|
$
|
-
|
|
$
|
(40)
|
|
$
|
5,629
|
|
$
|
1,982
|
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
December 31,
|
|
Year ended
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS diluted net
profit per share
|
|
$
|
0.79
|
|
$
|
0.29
|
|
$
|
1.03
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS Net
Profit
|
|
$
|
20,017
|
|
$
|
9,281
|
|
$
|
29,888
|
|
$
|
18,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense (Note 1)
|
|
|
499
|
|
|
508
|
|
|
2,149
|
|
|
1,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangibles (Note 2)
|
|
|
34
|
|
|
86
|
|
|
381
|
|
|
594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and intangibles (Note 3)
|
|
|
-
|
|
|
4
|
|
|
-
|
|
|
1,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of
subsidiary (Note 4)
|
|
|
-
|
|
|
-
|
|
|
(6,021)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of property, net of transaction costs & related tax expenses
|
|
|
(7,550)
|
|
|
-
|
|
|
(7,550)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Net
Profit
|
|
$
|
13,000
|
|
$
|
9,879
|
|
$
|
18,847
|
|
$
|
22,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS diluted
net profit per share
|
|
$
|
0.52
|
|
$
|
0.31
|
|
$
|
0.65
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares used in
non-IFRS diluted net profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per share
calculations
|
|
|
25,185,321
|
|
|
31,516,581
|
|
|
28,820,976
|
|
|
33,482,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
|
|
Year ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS profit from
operations including discontinued operations
|
|
$
|
21,640
|
|
$
|
9,044
|
|
$
|
27,804
|
|
$
|
20,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization including discontinued
operations
|
|
|
2,623
|
|
|
2,614
|
|
|
10,326
|
|
|
13,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
24,263
|
|
|
11,658
|
|
|
38,130
|
|
|
33,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock based
compensation expense
|
|
|
499
|
|
|
508
|
|
|
2,149
|
|
|
1,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and intangibles
|
|
|
-
|
|
|
4
|
|
|
-
|
|
|
2,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on sale of
property, net of transaction costs
|
|
|
(9,791)
|
|
|
-
|
|
|
(9,791)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
including discontinued operations
|
|
$
|
14,971
|
|
$
|
12,170
|
|
$
|
30,488
|
|
$
|
37,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Revenue from continuing operations
|
|
$78.0
|
to
|
$80.0
|
|
$85.9
|
|
|
|
|
|
|
|
IFRS EPS from
continuing operations
|
|
$0.13
|
to
|
$0.17
|
|
$0.28
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS diluted
net income per share from continuing operations
|
|
$0.18
|
to
|
$0.22
|
|
$0.32
|
|
|
|
|
|
|
|
Total shares
used in non-IFRS diluted net income
|
|
|
|
|
|
|
per share
calculations
|
|
25,400,000
|
|
25,400,000
|
|
31,534,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
For financial matrix, please visit:
http://photos.prnasia.com/prnk/20160317/8521601731
Press
Contact
|
Investor Contact
in Asia
|
Camellia
So
|
Connie Lai
|
Tel: (852)
2555-5021
|
Tel: (852)
2555-4747
|
e-mail:
GSpress@globalsources.com
|
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