New York—Hong Kong-based b-to-b media company Global Sources said its revenue for the first quarter was $22.8 million, compared with $23.7 million for the same period last year. The dip was attributed to the shift in timing of the International IC-China Conference & Exhibition from the first quarter of 2004 to this year’s second quarter.
Global Sources said 46% of its total revenue for this year’s first quarter was from China, compared with 44% in the year-earlier period. Net income was $2.0 million, compared with $2.6 million.
"This quarter we strengthened our balance sheet with an equity offering that generated gross proceeds of approximately $40.5 million. This transaction greatly enhanced our ability to invest in inorganic growth initiatives such as acquisitions and joint ventures," chairman-CEO Merle A. Hinrichs said in a statement.