Global Sources Posts Positive 2011 Full-year, Q4 Earnings Results
March 25, 2012
Global Sources ended 2011 with a positive Q4 revenue increase to $74 million, compared with $63 million in 2010, as well as positive increases in full-year revenues to $225 million from $197 million in 2010.
Exhibitions revenue in the fourth quarter last year was $35.5 million, compared with $29.9 million in 2010, and online revenue rose to $30.5 million, compared with $25.5 million the year before.
“We had a good quarter driven by continued strength in our online and exhibition businesses,” said Global Sources’ Executive Chairman Merle A. Hinrichs.
He added, “Looking to the first half of 2012, we expect the challenging economic environment to impact our growth. However, despite the soft economic outlook we are optimistic on several fronts.”
Growth has been driven across many sectors, according to Hinrichs.
“Exporters need to identify new buyers and open new markets, and we have been leading the way by aggressively building our buyer community in emerging markets,” he added.
Hinrichs said, “Our regional shows take suppliers directly to the sourcing hubs of Dubai, Mumbai, Miami, Johannesburg and Sao Paulo. We also continue to enhance our multichannel solution that uniquely enables clients to achieve lead generation, branding and order generation objectives. Within mainland China’s domestic market, we are excited about our recent investment in one of the country’s largest and most prestigious fashion shows.”
Here are some of Global Sources’ recent company highlights:
Acquired an 80-percent interest in the China (Shenzhen) International Brand Clothing & Accessories Fair (SZIC), one of the largest fashion shows in Asia, in March 2012, for a total cash consideration of up to approximately $17.3 million.
Held 14 Sourcing Fairs in Hong Kong in October 2011, featuring over 7,400 booths. The electronics series was the largest ever with more than 3,900 booths, up by 19 percent compared with last year.
Six China Sourcing Fairs were held at the Bombay Exhibition Center in Mumbai in November 2011. With over 600 booths, the Fairs offer the largest collection of Greater China suppliers of any trade show in India.
Held its 2nd Annual China Sourcing Fairs in Johannesburg in December 2011, with more than 820 exhibitor booths, representing a 29-percent increase.
Held Global Sourcing Fairs in Shanghai in December 2011 with more than 600 booths. Show categories included Home Products, Gifts & Premiums, Fashion Accessories and Baby & Children’s Products.
Announced the planned transition of Peter Zapf to CIO and Brent Barnes to COO. The transitions were completed as of Jan. 1.
Looking to the future, Global Sources expects revenues to continue to make positive gains in the range of $108.0 million to $110.0 million, representing an increase of 4 percent to 6 percent, compared with $104.1 million for the first half of 2011.
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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