Because of its inherent limitations internal control

This preview shows page 69 - 72 out of 187 pages.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. PricewaterhouseCoopers LLP Singapore March 22, 2012 64
Image of page 69

Subscribe to view the full document.

GLOBAL SOURCES LTD. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (In U.S. Dollars Thousands, Except Number of Shares and Per Share Data) Year ended December 31, 2011 2010 2009 Revenue Online and other media services………………………. $ 141,475 $ 122,203 $ 113,775 Exhibitions……………………………………………... 77,973 69,450 55,147 Miscellaneous………………………………………….. 5,617 4,996 3,985 225,065 196,649 172,907 Operating Expenses: Sales……………………………………………………. 81,363 71,923 63,740 Event production……………………………………….. 24,637 21,875 18,385 Community and content………………………………... 34,078 31,923 34,524 General and administrative…………………………….. 40,660 33,463 30,045 Information and technology……………………………. 12,607 11,839 11,784 Total Operating Expenses……………………………... 193,345 171,023 158,478 Profit from Operations………………………………… 31,720 25,626 14,429 Interest income…………………………………….…… 360 510 981 Gain on sale of available-for-sale securities…………… - 1,223 - Profit before income taxes………………………….….. 32,080 27,359 15,410 Income tax expense……………………………………… (1,613) (1,117) (498) Net profit………………………………………………... 30,467 26,242 14,912 Net profit attributable to non-controlling interests……… (991) (991) (618) Net profit attributable to the Company’s sharehold- ers………………………………………………………. $ 29,476 $ 25,251 $ 14,294 Basic net profit per share attributable to the Company’s shareholders……………………………………………. $ 0.87 $ 0.63 $ 0.32 Shares used in basic net profit per share calculations…… 33,742,648 40,283,874 44,546,226 Diluted net profit per share attributable to the Company’s shareholders……………………………………………. $ 0.83 $ 0.61 $ 0.31 Shares used in diluted net profit per share calculations…. 35,385,218 41,693,616 45,751,437 The notes on pages 69 to 109 are an integral part of these consolidated financial statements. 65
Image of page 70
GLOBAL SOURCES LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In U.S. Dollars Thousands, Except Number of Shares and Per Share Data) Year ended December 31, 2011 2010 2009 Net profit………………………………………………... $ 30,467 $ 26,242 $ 14,912 Other comprehensive income: Currency translation differences arising from consolida- tion………………………………………… ................... 3,212 2,008 72 Financial assets, available-for-sale: Fair value gains………………………………………... - 328 895 Reclassification to income statements on disposal…….
Image of page 71

Subscribe to view the full document.

Image of page 72
  • Fall '10
  • Stolman
  • Nature, U.S. Securities and Exchange Commission

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern