Global Sources Reports Q4, 2009 Results
By Staff -- Gifts and Dec, 3/15/2010 2:17:00 PM
New York – Chinese trade facilitator Global Sources Ltd. reported financial results for the fourth quarter and year ended December 31, 2009. In the fourth quarter, revenue fell to $54.9 million, compared to $65 million in the prior year quarter. Of that, exhibitions revenue, which includes gift and home trade shows, was $25.8 million, compared to $26.4 million in 2008. However net income rose to $8.6 million compared to $7.5 million in the prior year quarter.
For the full year revenue came to $174.5 million, down from $206.9 million in 2008. Net income was $16.1 million, compared to 2008 net income of $26.4 million.
Looking to the future, Global Sources' chairman and CEO Merle A. Hinrichs said in a statement, "We have various new initiatives underway that extend the integration between our online, print and trade show media. These are expected to enhance the value proposition to buyers and suppliers, while also creating greater sales effectiveness and cross-selling opportunities.”
Global Sources' CFO David Gillan said, "We are cautiously optimistic. We expect the first half 2010 revenues to continue to be affected by the global economic environment; however, we anticipate our lean cost structure to deliver earnings growth."
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