Global Sources Q1 Revenue Up 5.6 Percent
NASDAQ-listed Global Sources recently released its results for the quarter ended 31st March 2011. Revenues were $37.5 million, up 5.6 percent, compared with the $35.5 million recorded in the same quarter in 2010. Net income in the period was $3.5 million – a year-on-year decrease of 4.3 percent from $3.7 million in 2010. Diluted earnings per share in the quarter were $0.10.
The Hong Kong-based company generated revenues of $27.2 million from its online business – 73 percent of total revenues – that is a 17-percent jump, compared with the $23.2 million recorded last year.
Global Sources’ exhibition revenues dropped 2.8 percent from $4.5 million to $4.4 million this quarter, and exhibitions accounted for 12 percent of the company’s revenues. Revenues from Global Sources’ print business continued to slip - down 29 percent from $6.7 million last year to $4.7 million.
Global Sources’ management maintained its revenue guidance of between $102.5 million and $103.5 million in the first half of 2011. Revenues in the first half of 2010 were $94.2 million.
Global Sources’ chairman and CEO, Merle A. Hinrichs, said, “Since the beginning of the year, we made three particularly noteworthy announcements. Last month, we launched the industry’s first online sourcing fairs, which we expect to enhance the value and market position of our face-to-face shows. We also closed an acquisition extending our leadership position in Asia's electronics industry and announced a new trade show in India, which represents our entry into India’s domestic B2B market.”
Source: Global Sources press release
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