Global Sources has announced preliminary fourth quarter 2007 revenue of approximately US$60.8 million and full year 2007 revenue of approximately US$182 million.
In addition, the company adjusted its fourth quarter and full year 2007 GAAP earnings guidance, introduced fourth quarter 2007 non-GAAP earnings guidance and adjusted full year 2007 non-GAAP earnings guidance.
Merle A. Hinrichs, chairman and CEO of Global Sources, said, "Our full year 2007 revenue of approximately US$182.0 million was up 16% as compared to 2006 and is within our guidance range. While our fourth quarter revenue was slightly lower than expected, our online business performed very well, driven by sales in mainland China. We expect online revenue and mainland China revenue to grow by more than 20 percent and 28 percent, respectively, as compared to the fourth quarter of 2006. While our revenues for our export media were on target, our print revenues for our Chinese-language titles were lower than expected."
In the fourth quarter of 2007, Global Sources sold all of its and its wholly-owned subsidiary, Trade Media Holdings', equity interests in HC International, Inc. for a gain of approximately US$2.4 million. Global Sources will also record an impairment charge of US$3.1 million for the write-down of its investment in Blue Bamboo, which it acquired in the third quarter of 2007.