2007 Annual Revenue of $182.1 Million and Fourth Quarter Revenue of $60.8 Million, Both Up 16% Compared to Respective Periods in 2006
Reported 2007 GAAP EPS of $0.51 and Non-GAAP EPS of $0.73
NEW YORK, March 11 /Xinhua-PRNewswire-FirstCall/ -- Global Sources Ltd. (Nasdaq: GSOL) ( http://www.globalsources.com ) reported financial results for the fourth quarter and year ended Dec. 31, 2007.
(Logo: http://www.prnasia.com/sa/200708071747.jpg )
Global Sources’ chairman and CEO, Merle A. Hinrichs, said: "We had a very good year in 2007 financially, and in making investments to establish the foundation for continued success. In 2008 we plan to invest even more heavily in our online and trade show businesses.
"For our export-focused online business, last October we launched Global Sources Online 2.0, offering what we believe is the premier search experience in our industry. In January 2008, we introduced significant additional enhancements with the Six Star ranking system that provides buyers with third party credit check information on all verified suppliers. In January we also rolled out an end-to-end repackaging and repricing of our marketing programs for suppliers.
"We also continue to build on the outstanding success of our China Sourcing Fairs. They address the essential, face-to-face stage of the buying process. Ten new shows are scheduled to be added in 2008 in mainland China, Dubai, Hong Kong and India. To support the investment in our products, we anticipate a substantial increase in our sales representation.
"As we begin 2008, we are extremely pleased with our position in the market, with our products, and with our growth prospects. Our supplier customers typically have three primary objectives: lead generation, branding and differentiation, and opportunities to meet face-to-face with buyers. With our integrated offering of online marketplaces, trade shows and magazines, we address all three objectives, a clear and powerful differentiation from our online competitors who only address the lead generation objective."
Non-GAAP Metrics
Management believes non-GAAP metrics are useful measures of operations and provides GAAP to non-GAAP reconciliation tables at the end of this press release. Effective March 11, 2008, Global Sources defines non-GAAP net income as net income excluding non-cash stock based compensation (SBC) expense or credit, gains or losses on acquisitions and investments, and/or impairment charges, for all historical and future references to non-GAAP metrics. Non-GAAP EPS is defined as non-GAAP net income divided by the weighted average of diluted common shares outstanding.
Highlights: Fourth Quarter 2007 Compared to Fourth Quarter 2006
Revenue was $60.8 million, up 16% from $52.3 million.
-- Online revenue was $20.5 million, up 21% from $16.9 million.
-- Exhibitions revenue was $25.5 million, up 18%.
-- Print revenue was essentially flat at $13.5 million.
-- Revenue from mainland China was $38.6 million, up 28%.
-- Total deferred income and customer prepayments were $83.1 million as
at Dec. 31, 2007, up 30% from $63.8 million as at Dec. 31, 2006.
In accordance with generally accepted accounting principles (GAAP), fourth quarter 2007 net income was $8.1 million, or $0.17 per diluted share, which included:
-- $2.4 million gain from the sale of equity interests in
HC International, Inc.;
-- $3.1 million write-down on the investment in Blue Bamboo; and
-- $3.6 million non-cash stock based compensation expense (SBC) based on
the Dec. 31, 2007 stock price of $28.22.
For the fourth quarter of 2006, GAAP net income was $15.3 million, or $0.33 per diluted share, which included a $7.9 million gain related to the sale of shares of its subsidiary eMedia Asia Ltd. and $1.2 million SBC based upon the Dec. 29, 2006 stock price of $17.78.
For the fourth quarter of 2007, non-GAAP net income was $12.5 million, up 34% when compared to $9.3 million for the fourth quarter of 2006. Fourth quarter 2007 non-GAAP EPS was $0.26, up from $0.20 for the fourth quarter of 2006.
Highlights: Year Ended Dec. 31, 2007
For the fiscal year ended Dec. 31, 2007, revenue was $182.1 million, compared to $156.5 million for the year ended Dec. 31, 2006. GAAP net income for the full year 2007 was $24.0 million, or $0.51 per diluted share, and included:
-- $1.8 million impairment charge on the HC International investment;
-- $2.4 million gain from the sale of equity interests in HC
International;
-- $3.1 million write-down on the investment in Blue Bamboo; and
-- $7.8 million SBC based upon stock prices at the end of each
quarter.
2006 GAAP net income was $27.9 million, or $0.60 per diluted share. 2007 non-GAAP net income was $34.4 million, up 39% compared to $24.8 million. 2007 Non-GAAP EPS was $0.73, up from $0.53 for 2006.
CFO Eddie Heng said: "Our operational performance and foundation are strong. In 2007, we grew non-GAAP net income by 39% and generated cash from operations of $60.6 million, an increase of 65% as compared to 2006. Our Dec. 31, 2007 cash and securities balance was $197.8 million, and we had no debt."
Financial Expectations: First Half Revenue -- Up 15% to 17%
Revenue for the first quarter 2008 ending March 31, 2008 is expected to be between $39.5 million and $40.0 million, representing a gain of 13% to 15% over first quarter 2007. Based on the stock price of $12.20 on Feb. 29, 2008 compared to the Dec. 31, 2007 stock price of $28.22, SBC for the first quarter of 2008 is estimated to be a credit of $0.04 per diluted share. First quarter 2008 GAAP EPS is expected to be between $0.15 and $0.16. First quarter non-GAAP EPS is expected to be between $0.11 and $0.12, compared to $0.15 per diluted share in the first quarter 2007.
Revenue for the six-month period ending June 30, 2008 is expected to be in the range of $101.0 million to $102.5 million. Compared to $87.5 million for the first six months of 2007, this represents an increase of 15% to 17%. Using the stock price of $12.20 on Feb. 29, 2008, SBC for the quarters ending March 31 and June 30, SBC for the six-month period is estimated to be a credit of $0.02 per diluted share. GAAP EPS for the six-month period is expected to be in the range of $0.32 to $0.34. Non-GAAP EPS for the six-month period is expected to be in the range of $0.30 to $0.32, compared to $0.34 per diluted share for the same period in 2007.
Heng said: "In 2008, online and trade shows are expected to drive our growth, while print is expected to remain soft. We plan to continue investing in five areas related to our online and trade show initiatives: 1) sales representation; 2) IT infrastructure; 3) content development; 4) marketing to suppliers; and 5) marketing to buyers. While this may affect our earnings, we expect these investments to positively impact our growth by 2009."
Recent Corporate Highlights: New Web Sites, Expanded China Sourcing Fairs, and New Programs and Pricing for Suppliers
-- Launched Global Sources Online 2.0 ( http://www.globalsources.com ),
a unique new vertical search engine and marketplace, which delivers
comprehensive search results including both verified and unverified
suppliers.
-- Grew lead generation, which is measured as requests for information
from buyers to suppliers through Global Sources Online 2.0, to over
27 million for the 12 months ended Dec. 31, 2007, an increase of over
10 million compared to Dec. 31, 2006.
-- Launched the Six Star Program which enables buyers to evaluate
suppliers based on the amount of third party verification information
provided, and also involves a comprehensive repackaging and repricing
of services for suppliers.
-- Launched a new Chinese-language vertical search engine and online
marketplace called China Global Sources Online
( http://www.globalsources.com.cn ) to facilitate domestic B2B trade
within China.
-- Concluded the largest-ever China Sourcing Fairs in October in Hong
Kong. There were approximately 7,520 booths and the shows were
profitable for the first time since their launch in April 2006.
-- The largest-ever International IC-China shows are concluding on
March 11th, with over 1,400 booths, up 37% over 2007. Major expansion
plans also have been announced for 2009 including new locations and
increased frequency.
-- Launched and announced new initiatives for exporters in India:
Private Sourcing Events for Casino, Carrefour, El Corte Ingles,
Markant and Sears, held in February 2008 in New Delhi by the
company’s sales representative for India; introduction of the Six
Star Program; and the scheduled launch of India Sourcing Fair: Home
Products in Hong Kong in 2009.
-- The first China Sourcing Fairs for the China domestic market were
held in Shanghai in December 2007, and plans were announced for the
shows to also be held in Guangzhou each June.
-- Increased Global Sources’ independently certified community of
active buyers to more than 657,000 at the end of the fourth quarter,
a 17% increase compared to the same quarter last year.
-- Announced the authorization of a stock buyback program for up to
$50 million.
-- Announced a one for ten share bonus share issue, which was
distributed on or about Feb. 1, 2008.
Conference Call for Global Sources Fourth Quarter 2007 Earnings
Chairman and CEO, Merle A. Hinrichs, is scheduled to conduct a conference call at 8:00 a.m. ET on March 11, 2008 (8:00 p.m. on March 11, 2008 in Hong Kong) to review these results in more detail. Investors in the United States may participate in the call by dialing (888) 212-8315, and international participants may dial (1-706) 643-0144. Investors in Hong Kong may call (852) 3011-4522. A live webcast of the conference call is scheduled to be available on Global Sources’ corporate site at http://www.investor.globalsources.com .
For those who cannot listen to the live broadcast, a webcast replay of the call is scheduled to be available on the company’s corporate site for at least 30 days. A telephone replay of the call is also scheduled to be available through March 13, 2008. To listen to the telephone replay, dial (800) 642-1687, or dial (1-706) 645-9291 outside the United States, and enter pass code 31873533#. For those in the Hong Kong area, the replay dial-in number is (852) 3011-4541, and the pass code is 31873533#.
About Global Sources
Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of English-language media. The other business segments facilitate trade from the world to Greater China, and trade within China, using Chinese-language media.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 657,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.
The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 2 million products and more than 170,000 suppliers annually through 14 online marketplaces, 13 monthly magazines, over 100 sourcing research reports and 10 specialized trade shows which run 32 times a year across nine cities.
Suppliers receive more than 27 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for 37 years. Global Sources’ network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,100 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933, as amended and Section 21-E of the Securities Exchange Act of 1934, as amended. The company’s actual results could differ materially from those set forth in the forward-looking statements as a result of the risks associated with the company’s business, changes in general economic conditions, and changes in the assumptions used in making such forward-looking statements.
-- Tables to Follow --
GLOBAL SOURCES LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)
At At
December 31 December 31
2007 2006
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $197,825 $135,093
Available-for-sale securities -- 20,702
Accounts receivable, net 6,665 6,468
Receivables from sales representatives 12,303 13,238
Inventory 1,108 889
Prepaid expenses and other current assets 15,333 14,174
Deferred tax assets 46 --
Total Current Assets 233,280 190,564
Property and equipment, net 35,352 28,374
Long term investments 100 100
Bonds held to maturity, at amortized cost 99 289
Deferred tax assets - long term 196 --
Other assets 2,781 1,562
Total Assets $271,808 $220,889
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $5,577 $6,804
Deferred income and customer prepayments 78,141 62,036
Accrued liabilities 12,546 12,427
Income taxes payable 694 751
Total Current Liabilities 96,958 82,018
Liabilities for incentive and bonus plans -- 102
Deferred income and customer
prepayments - long term 4,934 1,802
Deferred tax liability 283 403
Total Liabilities 102,175 84,325
Minority interest 4,940 2,913
Shareholders’ equity:
Common shares, US$0.01 par value;
75,000,000 shares authorized;
46,572,092 (2006: 46,499,492) shares
issued and outstanding 466 465
Additional paid in capital 133,987 125,790
Retained earnings 28,829 4,830
Accumulated other comprehensive income 1,411 2,566
Total Shareholders’ Equity 164,693 133,651
Total Liabilities and Shareholders’
Equity $271,808 $220,889
GLOBAL SOURCES LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)
Three months ended Year ended
December 31 December 31
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenue:
Online and other media
services (Note 1) $33,969 $30,335 $125,818 $113,097
Exhibitions 25,455 21,608 51,608 42,122
Miscellaneous 1,360 361 4,633 1,262
60,784 52,304 182,059 156,481
Operating Expenses:
Sales (Note 2) 20,641 15,451 61,773 50,380
Event production 9,915 9,169 20,155 18,414
Community (Note 2) 9,327 8,231 27,086 24,885
General and
administrative (Note 2) 12,238 10,605 44,167 38,945
Online services
development (Note 2) 1,503 1,145 5,703 4,499
Amortization of software
costs 75 328 193 1,250
Total Operating Expenses 53,699 44,929 159,077 138,373
Income from Operations 7,085 7,375 22,982 18,108
Interest and dividend
income 1,721 1,797 6,595 5,571
Gain on sale of
available-for-sale
securities 2,937 -- 2,937 309
Gain on sale of shares to
minority shareholder and
interest income thereon -- 7,906 -- 7,906
Loss on investment, net -- (743) (1,846) (743)
Impairment of goodwill
and intangible
assets (Note 3) (3,101) -- (3,101) --
Foreign exchange gains
(losses), net (455) (258) (1,213) (714)
Income before Income Taxes 8,187 16,077 26,354 30,437
Income Tax Expense 318 (323) (328) (899)
Net Income before Minority
Interest $8,505 $15,754 $26,026 $29,538
Minority interest (357) (444) (2,027) (1,909)
Net Income before
cumulative effect
of change in
accounting principle $8,148 $15,310 $23,999 $27,629
Cumulative effect of
change in accounting
principle (Note 4) -- -- -- $251
Net Income $8,148 $15,310 $23,999 $27,880
Diluted net income
per share $0.17 $0.33 $0.51 $0.60
Total shares used in
diluted net
income per share
calculations 47,169,292 46,586,590 46,986,861 46,538,312
Note: 1. Online and other media services consists of:
Three months ended Year ended
December 31 December 31
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Online services $20,501 $16,927 $75,919 $64,396
Print services 13,468 13,408 49,899 48,701
$33,969 $30,335 $125,818 $113,097
Note: 2. Non-cash compensation expenses associated with the several
employee equity compensation plans and Directors Purchase
Plan included under various categories of expenses are as
follows:
Three months ended Year ended
December 31 December 31
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales $2,417 $707 $4,286 $1,790
Community 112 66 269 145
General administrative 919 381 2,875 1,950
Online services development 122 39 347 181
$3,570 $1,193 $7,777 $4,066
Note: 3. Represents the impairment loss recorded on goodwill and
intangible assets associated with the business acquisition of
Blue Bamboo China Ventures.
Note: 4. Represents the cumulative effect of change in accounting
principle, resulting from the adoption of SFAS No. 123(R)
with effect from January 1, 2006.
GLOBAL SOURCES LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)
Year ended December 31
2007 2006
(Unaudited)
Cash flows from operating activities:
Net income $23,999 $27,880
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation and amortization 4,614 4,678
Accretion of U.S. Treasury strips
zero % coupons (15) (26)
Impairment of investment, goodwill
and intangible assets 5,402 --
Profit on sale of equipment (3) (30)
Bad debt expense 444 216
Non-cash compensation expense 7,777 4,066
Income attributable to minority shareholder 2,027 1,909
Gain on sale of shares to minority
shareholder and interest income thereon -- (7,906)
Equipment written off 266 2
Effect of exchange rate changes 825 --
Cumulative effect of change
in accounting principle -- (251)
45,336 30,538
Changes in assets and liabilities:
Accounts receivables (641) (1,139)
Receivables from sales representatives 935 (7,579)
Inventory (219) (23)
Prepaid expenses and other current assets (1,158) (3,589)
Long term assets (1,219) 419
Accounts payable (1,236) 1,320
Accrued liabilities and liabilities for
incentive and bonus plans 17 5,578
Deferred income and customer prepayments 19,237 10,866
Tax liability (419) 313
Net cash provided by operating activities 60,633 36,704
Cash flows from investing activities:
Purchase of property and equipment (11,242) (4,876)
Proceeds from sale of equipment 3 30
Proceeds from matured bonds 205 200
Purchase of intangible assets (3,136) --
Purchase of available-for-sale securities -- (263,463)
Proceeds from sale of
available-for-sale securities 15,834 251,267
Net proceeds from sale of shares to
minority shareholder, interest income
thereon and repurchase of share dividends
from minority shareholder -- 2,719
Net cash used in investing activities 1,664 (14,123)
Cash flows from financing activities:
Amount received towards directors
purchase plan 422 359
Net cash generated from financing activities 422 359
Effect of exchange rate changes on cash
and cash equivalents 13 --
Net increase (decrease) in cash
and cash equivalents 62,719 22,940
Cash and cash equivalents, beginning
of the year 135,093 112,153
Cash and cash equivalents, end
of the year $197,825 $135,093
Supplemental cash flow disclosures:
Income tax Paid $747 $586
GLOBAL SOURCES LTD. AND SUBSIDIARIES
ACTUAL GAAP to NON-GAAP RECONCILIATION
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)
Three months ended Three months ended
December 31 December 31
2007 2006
GAAP EPS $0.17 $0.33
GAAP Net Income $8,148 $15,310
Non-cash stock
based compensation
expense / (credit)
(Note 1) 3,570 1,193
Gain on sale of
HC shares (2,361) Note 2 --
Impairment charge
for Blue Bamboo 3,101 Note 3 --
Loss on investment, net -- 743 Note 5
Gain on sale of shares
to minority shareholder
and interest income thereon -- (7,906)Note 6
Non-GAAP Net Income $12,458 $9,340
Non-GAAP diluted
net income per share $0.26 $0.20
Total shares used in
non-GAAP diluted net
income per share
calculations 47,169,292 46,586,590
GLOBAL SOURCES LTD. AND SUBSIDIARIES
CONTINUED ACTUAL GAAP to NON-GAAP RECONCILIATION
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)
Year ended Year ended
December 31 December 31
2007 2006
GAAP EPS $0.51 $0.60
GAAP Net Income $23,999 $27,880
Non-cash stock
based compensation
expense / (credit)(Note 1) 7,777 4,066
Gain on sale of
HC shares (2,361) Note 2 --
Impairment charge
for Blue Bamboo 3,101 Note 3 --
Loss on investment, net 1,846 Note 4 743 Note 5
Gain on sale of shares
to minority shareholder
and interest income thereon -- (7,906) Note 6
Non-GAAP Net Income $34,362 $24,783
Non-GAAP diluted net
income per share $0.73 $0.53
Total shares used in
non-GAAP diluted net
income per share
calculations 46,986,861 46,538,312
Notes:
(1) Non-cash stock based compensation expense / (credit).
(2) A gain of approximately $2.4 million arising from the sale of the
shares of HC International.
(3) Impairment charge of approximately $3.1 million recorded by the
company on intangible assets and goodwill pertaining to the
business acquisition of Blue Bamboo China Ventures.
(4) An impairment charge of approximately $2.3 million on the company’s
HC International investment, net of $0.5 million received pursuant
to indemnification obligations of the vendor under the purchase
agreement for HC International investment.
(5) An impairment charge of approximately $743,000 on the company’s HC
International investment.
(6) A gain of $7.9 million related to the sale of 199 shares of its
subsidiary eMedia Asia Ltd. to minority shareholder and interest
income thereon.
Management believes non-GAAP measures are useful measures and provides GAAP to Non-GAAP reconciliation tables at the end of this press release.
-- Effective March 11, 2008, non-GAAP net income will be defined as net
income excluding non-cash stock based compensation (SBC) expense or
credit, gains or losses on acquisitions and investments and/or
impairment charges.
-- For press releases, presentations, conference calls and other public
references prior to March 11, 2008, the definition of non-GAAP EPS
used includes SBC.
-- Non-GAAP EPS has been and will continue to be defined as non-GAAP
net income divided by the weighted average of diluted common shares
outstanding.
-- Actual SBC is calculated based on the share price of the last day of
the quarter.
-- In 2007, the company estimated SBC using the stock price of
the last day of the prior quarter; for example, using the
September 28th stock price to estimate SBC for the period
ended December 31st.
-- In 2008, the company will estimate SBC using the stock price
approximately 10 days prior to the earnings report press release;
for example, using the February 29th stock price to estimate SBC
for the period ended March 31st.
GLOBAL SOURCES LTD. AND SUBSIDIARIES
GUIDANCE GAAP to NON-GAAP RECONCILIATION
(In U.S. Dollars Million, Except Number of Shares and Per Share Data)
GUIDANCE ACTUAL
Three months Three months
ended March 31 ended March 31
2008 2007
Revenue $39.50 to $40.00 $34.9
GAAP EPS $0.15 to $0.16 $0.14
Non-cash stock
based compensation
expense / (credit)
(Note 1) ($0.04) ($0.04) $0.01
Loss on investment,
net (Note 2) -- -- --
Non-GAAP diluted net
income per share $0.11 to $0.12 $0.15
Total shares used in
non-GAAP diluted
net income per share
calculations 47,319,376 47,319,376 46,647,144
GLOBAL SOURCES LTD. AND SUBSIDIARIES
CONTINUED GUIDANCE GAAP to NON-GAAP RECONCILIATION
(In U.S. Dollars Million, Except Number of Shares and Per Share Data)
GUIDANCE ACTUAL
Six months Six month
ended June 30 ended June 30
2008 2007
Revenue $101.00 to $102.50 $87.5
GAAP EPS $0.32 to $0.34 $0.23
Non-cash
stock based
compensation
expense / (credit)
(Note 1) ($0.02) ($0.02) $0.07
Loss on investment,
net (Note 2) -- -- $0.04
Non-GAAP diluted net
income per share $0.30 to $0.32 $0.34
Total shares used in
non-GAAP diluted
net income per share
calculations 47,437,463 47,437,463 46,843,657
Notes:
(1) Non-cash stock based compensation expense / (credit).
(2) An impairment charge of approximately $2.3 million on the company’s
HC International investment, net of $0.5 million received pursuant
to indemnification obligations of the vendor under the purchase
agreement for HC International investment.
Management believes non-GAAP measures are useful measures.
-- Effective March 11, 2008, non-GAAP net income will be defined as net
income excluding non-cash stock based compensation (SBC) expense or
credit, gains or losses on acquisitions and investments and/or
impairment charges.
-- Non-GAAP EPS is defined as non-GAAP net income divided by the
weighted average of diluted common shares outstanding.
-- Actual SBC is calculated based on the share price of the last day of
the quarter.
-- Projected SBC is estimated using the stock price on February 29, 2008
(approximately 10 days prior to the earnings report release). Based
on the stock price of $12.20 on February 29, 2008 compared to the
December 31, 2007 stock price of $28.22. SBC for the first quarter of
2008 is estimated to be a credit of $0.04 per diluted share. Using
the stock price of $12.20 on February 29, 2008 for estimating SBC for
March 31st and June 30th the six-month period is estimated to be
approximately credit of $0.02 per diluted share.
For financial matrix, please visit:
http://xprnnews.xfn.info/GSOL/20080311/HKTU002.pdf
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Investor Contact in Asia:
Investor Relations Department
Tel: +852-2555-4777
Email: investor@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in U.S.:
Christiane Pelz & Kirsten Chapman
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: investor@globalsources.com
