Global Sources Q1 Income Doubles YoY

Business-to-business media company Global Sources (Nasdaq:GSOL) recorded net income of $2.59 million, or $0.06 per diluted share, for the first quarter of 2010, compared to $1.2 million for the same period last year, the company reported May 19. Global Sources earned revenues of $33.93 million in the quarter, compared with $34.79 million in the first quarter of 2009 and $54.9 million in the previous quarter.

Online revenue was $21.78 million, compared to $21.97 million in the same period last year while exhibitions and print services brought in revenue of $4.51 million and $6.53 million, respectively. Revenue generated from exhibitions was flat against the same period last year while print revenue declined from $7.5 million last year. Revenue generated from mainland China was 24.1 million, up from 23.4 million in the same period last year.

Global Sources expects second quarter 2010 revenues to be between $57 million and $57.5 million, representing growth of 5-6% over the second quarter of 2009.

In a separate statement, Global Sources also announced the appointment of former chief financial officer (CFO) Eddie Heng as the company's interim CFO from June this year, following the departure of current CFO David Gillan to "pursue personal opportunities."