Global Sources Slips To Loss In Q3 On Weak Revenues; Says Cuts Guidance

(RTTNews) - Global Sources Ltd. (GSOL), a business-to-business media company, reported Monday that its third-quarter IFRS net loss was $4.6 million or $0.17 per share, compared to IFRS net income of $1.9 million or $0.06 per share a year ago.

Non-IFRS net loss was $4.3 million or $0.16 per share, compared to Non-IFRS net income of $2.6 million or $0.08 per share in the prior year.

Adjusted EBITDA was negative $1.9 million, compared to positive adjusted EBITDA of $7.4 million a year ago.

Revenue from continuing operations declined to $23.5 million from last year's $31.7 million.

Looking ahead, Global Sources' CFO, Connie Lai said, "While our trade shows have been strong, we are reducing guidance due to lower than expected performance from our online business."

For the second half ending December 31, revenue from continuing operations is expected to be in the range of $83.0 million to $84.0 million, as compared to $91.8 million for the second half of 2014.

IFRS earnings per share from continuing operations is expected to be in the range of $0.46 to $0.49, compared to $0.32 in the second half of 2014. Non-IFRS earnings per share is expected to be in the range of $0.21 to $0.24, compared to $0.36 in 2014.