環(huán)球資源公布2011年第一季度業(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 March 31,

As at December 31,

2011

2010

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$          121,777

$           101,298

Term deposits with banks

1,038

1,411

Accounts receivables

3,869

3,919

Receivables from sales representatives

8,939

8,248

Inventories

426

435

Prepaid expenses and other current assets

26,191

20,269

162,240

135,580

Non-current assets

Property and equipment

77,177

76,514

Intangible assets

10,161

10,449

Long term investment

100

100

Deferred income tax assets

509

504

Other non-current assets

3,275

2,556

91,222

90,123

Total assets

$          253,462

$          225,703

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

$              7,865

$              9,600

Deferred income and customer prepayments

113,730

90,617

Accrued liabilities

12,755

14,269

Income tax liabilities

646

650

134,996

115,136

Non-current liabilities

Deferred income and customer prepayments

10,264

6,710

Deferred income tax liabilities

1,371

1,397

11,635

8,107

Total liabilities

146,631

123,243

Equity attributable to Company's shareholders

Common shares

517

516

Treasury shares

(150,089)

(150,089)

Other reserves

147,461

146,691

Retained earnings

100,713

97,177

Total Company shareholders' equity

98,602

94,295

Non-controlling interests

8,229

8,165

Total equity

$          106,831

$          102,460

Total liabilities and equity

$          253,462

$          225,703

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

Three months ended March 31,

2011

2010

(Unaudited)

(Unaudited)

Revenue

 Online and other media services (Note 1)

$          31,982

$         29,921

 Exhibitions

4,381

4,505

 Miscellaneous

1,173

1,111

37,536

35,537

Operating Expenses:

 Sales (Note 2)

14,439

12,960

 Event production

1,052

1,184

 Community and content (Note 2)

7,022

7,317

 General and administrative (Note 2)

8,243

7,336

 Information and technology (Note 2)

3,173

2,849

Total Operating Expenses

33,929

31,646

Profit from Operations

3,607

3,891

 Interest income

48

259

Profit before income taxes

3,655

4,150

Income tax expense

(55)

(104)

Net profit

$             3,600

$           4,046

Net profit attributable to non-controlling interests

(64)

(351)

Net profit attributable to the Company's shareholders

$             3,536

$           3,695

Diluted net profit per share attributable to the Company's shareholders

$               0.10

$             0.08

Shares used in diluted net profit per share calculations

35,349,989

46,135,941

Note:   1.      Online and other media services consists of:

Three months ended March 31,

2011

2010

(Unaudited)

(Unaudited)

  Online services                                                                                      

$          27,239

$        23,230

  Print Services                                                                                        

4,743

6,691

$          31,982

$        29,921

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:

Three months ended March 31,

2011

2010

(Unaudited)

(Unaudited)

  Sales                                                                                                      

$               118

$             (39)

 Community and content                                                                        

27

47

 General and administrative

146

282

 Information and technology                                                                    

79

76

$               370

$             366

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 March 31,

2011

2010

IFRS EPS

$           0.10

$            0.08

IFRS Net Profit

$         3,536

$          3,695

Non-cash stock based compensation expense (Note 1)

370

366

Amortization of intangibles (Note 2)

190

115

Non-IFRS Net Profit

$         4,096

$          4,176

Non-IFRS diluted net profit per share

$           0.12

$            0.09

Total shares used in non-IFRS diluted net profit

per share calculations

35,349,989

46,135,941

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.

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(In U.S. Dollars Thousands)

Three months ended March 31,

2011

2010

IFRS profit from operations

$         3,607

$        3,891

Depreciation and amortization

1,521

1,634

EBITDA

5,128

5,525

Non-cash stock based compensation expense

370

366

Adjusted EBITDA

$         5,498

$        5,891

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 (Note 1)

$0.04

$0.04

$0.03

Amortization of intangibles (Note 2)

$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

35,429,327

35,429,327

46,069,180

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.

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 March 31,

2010

GAAP diluted EPS

$                 0.06

Shares used in GAAP diluted net income per share calculations

46,135,941

GAAP Net Income

$               2,589

IFRS conversion adjustments:

    Revenue

1,607

    Exhibition promotion costs

(761)

    Non-cash stock based compensation expense

260

IFRS Net Profit

$               3,695

IFRS diluted EPS

$                 0.08

Shares used in IFRS diluted net income per share calculations

46,135,941

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