纽约2015年11月30日电 /美通社/ -- 环球资源Global Sources Ltd. (NASDAQ: GSOL) 公布截至2015年9月30日的第三季度业绩报告。
环球资源执行董事长韩礼士 (Merle A. Hinrich) 先生表示:“环球资源2015年第三季的净营业收入显示出我们致力发展公司的核心商对商跨境贸易业务以及在香港举办的贸易展览会之决心。为支持此发展方向,公司已于第二季完成 eMedia 股权的出售,同时也停止举办数个于2014年第三季举行的海外贸易展览会。我们的策略是专注于发展那些可以为公司提供较大增长机会的市场及产品。”
韩先生续说:“在十月份,我们在香港举办了‘环球资源电子展’,作为目前全球规模较大的电子产品采购盛会,展会分两期举行,逾5,800个展位展示了市场最热销的电子产品,并在展位销售及参观买家人数方面均取得稳健的双增长。中国是全球较大的电子生产基地,因此,公司对未来的增长机会感到十分兴奋。就整体业务而言,环球资源将继续为公司的买家及供应商社群发展并不断完善涵盖展览会及网站的独特整合服务。”
业绩要览:2015年第三季与2014年第三季之年度比较分析
环球资源首席财务官赖秀琴女士表示:“为贯彻公司把业务重点投放于香港展览会的策略,我们于2015年第三季并没有在海外市场举办任何出口贸易展,此举令公司第三季的营收受到负面影响。环球资源继续维持一个高效的成本架构,公司的财务状况依然保持稳健,并且没有任何短期或长期的债务。”
业绩要览:截至2015年9月30日的九个月与2014年同期之年度比较分析
依据“国际财务报告准则”计算已修订的2015年下半年财务展望
赖女士指出:“纵使公司的展览会业务表现强劲,但由于网站业务的表现较逊预期,因此我们把2015年下半年的财务展望下调。”
近期企业要览
环球资源2015年第三季度业绩投资者电话会议
环球资源执行董事长韩礼士先生及首席财务官赖秀琴女士将于美国东部时间2015年11月30日上午8时 (香港时间2015年11月30日晚上9时) 主持投资者电话会议,旨在回顾公司2015年第三季度的业绩。美国投资者如欲参与本次电话会议,请拨打 (888) 277-7112;香港以外的国际投资者可拨打 (1-913) 312-1442。香港投资者则可拨打本地电话号码 (852) 3008-0382,并向接线生提供本次电话会议的编号9894503,同时请提早10分钟拨打上述电话号码,以确保在会议开始时所有参与者均已联机。有关的电话会议也将于环球资源企业网站作网上现场直播,详情请浏览 http://www.investor.globalsources.com。
本次电话会议的网上广播将于环球资源企业网站转载至少30天,以供未能参与本次电话会议者收听。有兴趣人士也可由电话会议进行当日至 2015年12月7日期间收听本次电话会议之回放。如欲收听有关电话会议回放,请拨打 (888) 203-1112,或美国以外地区请拨打 (1-719) 457-0820,并输入密码9894503。香港投资者则可拨打本地电话号码 (800) 901-108,并输入密码9894503。
环球资源
环球资源是一家领先业界的多渠道B2B媒体公司,致力于促进大中华地区的对外贸易。
公司的核心业务是通过一系列英文媒体,包括环球资源网站 (GlobalSources.com)、杂志、手机应用程序、“买家专场采购会”及贸易展览会,促进亚洲与全球各国的贸易往来。
超过100万名国际买家、当中包括95家来自全球百强零售商,使用环球资源提供的服务了解供应商及产品的资料,帮助他们在复杂的供应市场进行高效采购。另一方面,供应商借助环球资源提供的整合出口推广服务,提升公司形象、获得销售查询,赢得来自逾240个国家及地区的买家订单。
环球资源于2000年在美国纳斯达克股票市场公开上市,如今已经成功迈向第5个十年。
环球资源未按“国际财务报告准则”计算方法
环球资源管理层认为未按“国际财务报告准则”(Non-IFRS) 计算方法是有效反映营运状况的计算方法,因此于本新闻稿末部提供按“国际财务报告准则”(IFRS) 计算及未按“国际财务报告准则”计算的对帐表。
环球资源将过往及将来未按“国际财务报告准则”计算的净收入 (non-IFRS net income) 定义为:按“国际财务报告准则”计算的净收入扣除非现金股票费用、与公司数个股权补偿计划相关的无形资产摊销费用、公司任何购并、投资及出售资产所得的收益或亏损、及其相关的交易及税务费用,及 /或公司所有扣除相关税务费用的减值支出。而未按“国际财务报告准则”计算的每股盈利 (Non-IFRS EPS) 的定义为:未按“国际财务报告准则”计算的净收入除以已发行普通股的摊薄加权平均股数。经调整 EBITDA则是指扣除利息、税项、折旧、摊销、股票补偿费用、商誉及无形资产减值、任何购并、投资及出售资产所得的收益或亏损、及其相关的交易及税务费用前的盈利。
前瞻性陈述
本新闻稿中的前瞻性声明是根据经修订的证券法 (1933年) 第27-A条及经修订的证券交易所法 (1934年) 第21-E条而作出的。由于公司业务、宏观经济情况及作出上述声明的假设或会发生变化,可能使公司实际业绩与此前瞻性声明有所出入。
(财务报告详见附页)
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 |
||||||||||||
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 |
||||||||||||
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 |
||||||||||||
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 |
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 |
$ |
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 |
(129) |
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 & |
(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. |
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