Global Sources reported revenues of US$22.2 million versus US$34 million. Online revenue was US$17.9 million versus US$21.3 million. Exhibitions revenue was US$0.3 million versus US$8.9 million in 2014. Print revenue was US$2.1 million versus US$2.16 million in the previous year.
Global Sources’ executive chairman, Merle A. Hinrich, said, “Our first quarter results reflect the shift in timing of our SIMM machinery shows for the mainland China domestic market from the first quarter of 2014 to the second quarter of 2015. In April, we held our export-focused shows, including Global Sources Electronics, the world’s largest electronics sourcing trade show featuring a total of more than 5,500 booths. The first phase included a wide range of electronics for home, office, auto and security products as well as electronic components. The second phase, Mobile Electronics, featured smartphones, tablets, drones, wearables and accessories and was an even greater success than its inaugural event in October 2014, with growth in both booths and attendance.
“Over the past 10 years, we have focused on attracting quality-focused, innovative electronics suppliers from mainland China and across Asia and this has drawn the world’s top buyers to our events. As a result, our electronics show has gained a reputation as a place to discover the most cutting-edge electronics products coming out of the region.”
Financial expectations for the first half of 2015 under IFRS
The company’s guidance for the first half of 2015 ending June 30, 2015 follows. Revenue is now expected to be at the low-end of the previously guided range of $90.0 million to $92.0 million, as compared to $92.8 million for the first half of 2014. IFRS EPS is expected to be in the range of $0.15 to $0.19, as compared to $0.20 per diluted share in the first half of 2014. SBC and the amortization of intangibles as it relates to certain equity compensation plans are estimated to be an expense of $0.04 per diluted share for the first half of 2015. Non-IFRS EPS is expected to be in the range of $0.19 to $0.23, as compared to $0.28 per diluted share for the same period in 2014. Adjusted EBITDA is expected to be between $12.9 million and $14.1 million, as compared to $17.7 million in the first half of 2014.