Global Sources's (GSOL) second quarter revenue was $31.7 million as it reported financial results for the second quarter and six-month period ended June 30, 2005.
Revenue from China accounted for $15.4 million, compared to $14.6 million. Short- and long-term deferred income and customer prepayments, all received in cash, were $37.8 million, up from $24.9 million.
2005 second quarter revenue included $3.1 million in revenue from the 10th Annual International IC-China Conference & Exhibition (IIC-China) held in April. In 2004, the 9th IIC-China was held in March and the corresponding revenue of $1.5 million was recorded in the first quarter of 2004.
Operating expenses for the second quarter of 2005 were $26.9 million, compared to $24.0 million in the prior year's quarter. The expected increase was due mainly to higher sales and community expenses, which were both primarily related to supporting the trade shows in this quarter and new China Sourcing Fairs scheduled for 2006 in Hong Kong.
Net income was $4.5 million, or $0.13 per diluted share, compared to $5.1 million, or $0.16 per diluted share.
For the six-month period ended June 30, 2005, revenue was $54.5 million, compared to $52.6 million in the six-month period ended June 30, 2004. Net income for the six months ended June 30, 2005 was $6.5 million, or $0.19 per diluted share, compared to $7.7 million, or $0.24 per diluted share in the prior year's period.