| At | At | |||||||
| June 30, | December 31, | |||||||
| 2009 | 2008 | |||||||
| (Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
| Cash and cash equivalents | $ | 86,799 | $ | 70,225 | ||||
| Term deposits with banks | 50,961 | — | ||||||
| Available-for-sale securities | 5,927 | 60,786 | ||||||
| Accounts receivable, net | 3,600 | 6,025 | ||||||
| Receivables from sales representatives | 5,531 | 5,574 | ||||||
| Inventory | 769 | 1,306 | ||||||
| Prepaid expenses and other current assets | 13,405 | 16,513 | ||||||
| Deferred tax assets | 149 | 28 | ||||||
Total Current Assets | 167,141 | 160,457 | ||||||
| Property and equipment, net | 80,326 | 82,657 | ||||||
| Long term investments | 100 | 100 | ||||||
| Deferred tax assets | 273 | 323 | ||||||
| Other noncurrent assets | 2,559 | 1,561 | ||||||
Total Assets | $ | 250,399 | $ | 245,098 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
| Accounts payable | $ | 8,622 | $ | 10,117 | ||||
| Deferred income and customer prepayments | 67,482 | 73,636 | ||||||
| Accrued liabilities | 12,774 | 11,579 | ||||||
| Income taxes payable | 424 | 261 | ||||||
Total Current Liabilities | 89,302 | 95,593 | ||||||
| Deferred income and customer prepayments | 5,278 | 3,044 | ||||||
| Deferred tax liability | 210 | 318 | ||||||
Total Liabilities | 94,790 | 98,955 | ||||||
Shareholders’ equity: | ||||||||
| Common shares, US$0.01 par value; 75,000,000 shares authorized; | ||||||||
| 51,418,330 (2008: 51,376,335) shares issued and 44,543,330 (2008: 44,501,335) outstanding | 514 | 514 | ||||||
| Additional paid in capital | 136,163 | 133,922 | ||||||
| Treasury shares, at cost – 6,875,000 (2008: 6,875,000) shares | (50,000 | ) | (50,000 | ) | ||||
| Retained earnings | 61,548 | 55,259 | ||||||
| Accumulated other comprehensive income | 2,527 | 2,225 | ||||||
Total Company Shareholders’ Equity | 150,752 | 141,920 | ||||||
| Non-controlling interest | 4,857 | 4,223 | ||||||
Total Equity | 155,609 | 146,143 | ||||||
Total Liabilities and Equity | $ | 250,399 | $ | 245,098 | ||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Revenue: | ||||||||||||||||
| Online and other media services (Note 1) | $ | 29,156 | $ | 36,884 | $ | 58,651 | $ | 70,416 | ||||||||
| Exhibitions | 23,983 | 25,259 | 28,471 | 31,220 | ||||||||||||
| Miscellaneous | 1,081 | 1,517 | 1,886 | 2,638 | ||||||||||||
| 54,220 | 63,660 | 89,008 | 104,274 | |||||||||||||
Operating Expenses: | ||||||||||||||||
| Sales (Note 2) | 19,995 | 20,557 | 33,733 | 32,873 | ||||||||||||
| Event production | 8,892 | 10,074 | 9,713 | 11,079 | ||||||||||||
| Community (Note 2) | 7,892 | 9,406 | 13,089 | 15,449 | ||||||||||||
| General and administrative (Note 2) | 11,323 | 12,839 | 22,918 | 24,067 | ||||||||||||
| Online services development (Note 2) | 1,353 | 1,502 | 2,764 | 2,981 | ||||||||||||
| Amortization of software costs | 38 | 57 | 80 | 97 | ||||||||||||
Total Operating Expenses | 49,493 | 54,435 | 82,297 | 86,546 | ||||||||||||
Income from Operations | 4,727 | 9,225 | 6,711 | 17,728 | ||||||||||||
| Interest and dividend income | 348 | 649 | 413 | 1,946 | ||||||||||||
| Foreign exchange gains (losses), net | 66 | (1,039 | ) | (27 | ) | (1,295 | ) | |||||||||
Income before Income Taxes | 5,141 | 8,835 | 7,097 | 18,379 | ||||||||||||
Income Tax Expense | (36 | ) | (188 | ) | (174 | ) | (421 | ) | ||||||||
Net Income | $ | 5,105 | $ | 8,647 | $ | 6,923 | $ | 17,958 | ||||||||
| Net income attributable to non-controlling interest | (13 | ) | (227 | ) | (634 | ) | (1,333 | ) | ||||||||
Net Income Attributable to the Company | $ | 5,092 | $ | 8,420 | $ | 6,289 | $ | 16,625 | ||||||||
Basic net income per share attributable to the Company’s shareholders | $ | 0.11 | $ | 0.16 | $ | 0.14 | $ | 0.32 | ||||||||
Diluted net income per share attributable to the Company’s shareholders | $ | 0.11 | $ | 0.16 | $ | 0.14 | $ | 0.32 | ||||||||
Shares used in basic net income per share calculations | 44,543,330 | 51,373,965 | 44,542,530 | 51,328,136 | ||||||||||||
Shares used in diluted net income per share calculations | 45,729,535 | 52,298,597 | 45,700,362 | 52,181,571 | ||||||||||||
| Note : 1. Online and other media services consists of: | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Online services | $ | 22,054 | $ | 24,104 | $ | 44,024 | $ | 46,034 | ||||||||
| Print services | 7,102 | 12,780 | 14,627 | 24,382 | ||||||||||||
| $ | 29,156 | $ | 36,884 | $ | 58,651 | $ | 70,416 | |||||||||
| Note : 2. | Non-cash compensation expenses associated with the employee equity compensation plans, Global Sources Directors Share Grant Award Plan and Directors Purchase Plan included under various categories of expenses are as follows: |
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Sales | $ | 831 | $ | 585 | $ | 840 | $ | (808 | ) | |||||||
| Community | 142 | 165 | 149 | 180 | ||||||||||||
| General administrative | 640 | 647 | 1,076 | 400 | ||||||||||||
| Online services development | 102 | 77 | 176 | 125 | ||||||||||||
| $ | 1,715 | $ | 1,474 | $ | 2,241 | $ | (103 | ) | ||||||||
