Global Sources Revenue up, Profit Down in Q1
May 16, 2014
NASDAQ-listed Global Sources released its first quarter results for the period ended March 31. Revenues were $34 million, up 10 percent, compared with $31 million recorded in the same quarter last year. However, IFRS net income in the period dropped from $5.6 million last year to $145,000 in the quarter.
The Hong Kong-based company generated revenues of $21.3 million from its online business – 62 percent of total revenues. That is a drop of 15 percent from the $25.0 million recorded last year.
Revenues from print business accounted for 7.5 percent of total revenues at $2.6 million, down 13 percent year-on-year from $3.0 million recorded in the same quarter in 2013.
While exhibitions revenues increased from $1.5 million in the first quarter of last year, to $8.9 million this year, and accounted for 26 percent of the company’s total revenues.
Global Sources’ management reiterates its revenue expectation in the first half of 2014 to be between $88.0 million and $90.0 million, which is down 3 percent to 5 percent from $92.7 million recorded in the first half in 2013.
Global Sources’ executive chairman, Merle A. Hinrich, said, “In the first quarter of 2014, our new SIMM machinery shows were a strong success in every respect and contributed substantially to our first quarter revenue."
He added, " ... As we continue to manage through a sluggish global retail market, we are working to improve our overall revenue performance. We have made changes within our online business that have improved its financial performance, and we are planning several new trade shows.”
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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