Global Sources reports 2008 q3 results 

November 13, 2008 
I would like to share with you the latest news about Global Sources:
 
Global Sources reports third quarter results
 - Increased total revenue 11% and online revenue 19% compared to third 
quarter 2007 -
- Maintained strong balance sheet with $183.2 million in cash and securities 
and no debt -
  - Second half 2008 online revenue expected to exceed 49% of total revenue 
and grow 24% compared to second half 2007 -
 
NEW YORK, Nov. 13, 2008 - Global Sources Ltd. (NASDAQ: GSOL) 
(http://www.globalsources.com) reported financial results for the third 
quarter and nine months ended Sept. 30, 2008.
 
Global Sources' chairman and CEO, Merle A. Hinrichs, said: "For 37 years, 
Global Sources' management has successfully led the company through many 
economic disruptions and our business model enables us to effectively adapt 
to challenging business environments like we have today. Revenue for the 
quarter increased 11%, compared to the third quarter of 2007, driven by the 
continued success of our online business, which grew 19%. Global Sources' 
resilient financial condition, successful product offerings and focused 
strategy have the company well positioned for continued prosperity as we 
look to the future.
 
"Now, we expect revenue growth for the fourth quarter to range between 4% 
and 5% over last year's fourth quarter and GAAP EPS to range between $0.12 
and $0.13. In assessing our results and future opportunities, it is 
important to acknowledge Global Sources is addressing a very attractive 
market opportunity. Mainland China is and is expected to remain the fastest 
growing major economy in the world, as well as the world's largest 
manufacturing region and the leading exporter of consumer products to the 
world."
 
 
Financial highlights - Third quarter: 2008 compared to 2007
 . Revenue was $37.6 million, up 11% from $33.8 million.
? Online revenue was $23.5 million, up 19% from $19.7 million.
 ? Exhibitions revenue was $511,000, up 13% from $454,000.
 ? Print revenue was $11.9 million, down 6% from $12.6 million.
? Revenue from mainland China was $24.3 million, up 22% from $19.9 million.
. GAAP net income was $2.3 million, or $0.05 per diluted share, which 
included a credit of $0.4 million, or $0.01 per share of non-cash, 
stock-based compensation expense (SBC) based on a stock price of $10.07 on 
Sept. 30, 2008. For the third quarter of 2007, GAAP net income was $5.1 
million, or $0.11 per diluted share.
 . Non-GAAP net income was $1.9 million, or $0.04 per diluted share, 
compared to $6.0 million, or $0.13 per diluted share, for the third quarter 
of 2007.
 . Total deferred income and customer prepayments were $99.2 million as at 
Sept. 30, 2008, compared to $88.1 million as at Sept. 30, 2007.
 . Cash, cash equivalents and available-for-sale securities were $183.2 
million as at Sept. 30, 2008, down 1% from $184.9 million as at Sept. 30, 
2007, reflecting the recent purchase of real estate for a sum of $47.9 
million.
 . No short-term or long-term debt.
 
Financial highlights - Nine months ended Sept. 30: 2008 compared to 2007
. Revenue was $141.9 million, up 17% from $121.3 million.
? Online revenue was $69.5 million, up 25% from $55.4 million.
 ? Exhibitions revenue was $31.7 million, up 21% from $26.2 million.
 ? Print revenue was $36.3 million, essentially flat from $36.4 million.
? Revenue from mainland China was $90.4 million, up 27% from $70.9 million.
. GAAP net income was $18.9 million, or $0.40 per diluted share, compared to 
$15.9 million, or $0.34 per diluted share.
  . Non-GAAP net income was $18.4 million, or $0.39 per diluted share, 
compared $21.9 million, or $0.47 per diluted share.
 
Global Sources' non-GAAP metrics
 Management believes non-GAAP metrics are useful measures of operations and 
provides GAAP to non-GAAP reconciliation tables at the end of this press 
release. Global Sources defines non-GAAP net income as net income excluding 
non-cash, stock-based compensation (SBC) expense or credit, gains or losses 
on acquisitions and investments, and/or impairment charges, for all 
historical and future references to non-GAAP metrics. Non-GAAP EPS is 
defined as non-GAAP net income divided by the weighted average of diluted 
common shares outstanding.
 
Global Sources' CFO, Eddie Heng, said: "Although revenue was less than 
expected, we have been adjusting our spending and investment plans. As a 
result, our GAAP EPS of $0.05 exceeded our guidance of $0.02 to $0.03.  For 
the fourth quarter, we expect growth to range between 4% and 5%. Regarding 
earnings, we plan to continue to carefully manage expenditures, and we 
anticipate achieving GAAP EPS between $0.12 and $0.13.
 
"Our balance sheet is very strong and also reflects the substantial 
investments that we have made over the past 2 years to grow sales 
representation and enhance our IT infrastructure. At Sept. 30, 2008, we had 
no debt and $183.2 million in cash and securities, of which 79% was in U.S. 
short-term treasury bonds. In addition, we have more than $74.5 million in 
real estate assets based on their cost at the time of purchase."
 
Global Sources' chairman and CEO, Merle A. Hinrichs, further added: "We are 
delighted that Eddie Heng has accepted the Global Sources board of 
directors' proposal that he continues to serve on the board, as a 
non-executive director, after he retires from his CFO role next June.  As we 
have recently announced, we have hired David Gillan as Deputy CFO, with a 
view to Gillan assuming CFO responsibilities upon Eddie's retirement."
 
Financial expectations for the fourth quarter and second half 2008
 . Fourth quarter 2008 ending Dec. 31, 2008:
? Revenue is expected to be between $63.0 million and $64.0 million, 
representing growth of 4% to 5% over the fourth quarter of 2007. Based on 
the stock price of $7.90 on Oct. 31, 2008, SBC is estimated to have no 
impact.
? GAAP EPS is expected to be between $0.12 and $0.13, as compared to $0.17 
per diluted share in the fourth quarter of 2007. This guidance includes an 
estimated impairment marking to market the 2003 Citi Umbrella Fund as of the 
end of October 2008.  Notably, the company had recorded gains in previous 
years.  If the value of the fund increases by the year end, the impairment 
will be adjusted.
? Non-GAAP EPS is expected to be between $0.14 and $0.15, as compared to 
$0.26 per diluted share in the fourth quarter of 2007.
 . Second half 2008 ending Dec. 31, 2008:
? Revenue is expected to be in the range of $101 million to $101.5 million. 
Compared to $94.6 million for the second half of 2007, this represents an 
increase of 7%. Using the stock price of $7.90 on Oct. 31, 2008, combined 
with the third quarter credit of $0.01 per diluted share, SBC is estimated 
to be a credit of $0.01 per diluted share.
? GAAP EPS is expected to be in the range of $0.17 to $0.18, as compared to 
$0.28 per diluted share in the second half of 2007. This includes the 
aforementioned estimated impairment.
? Non-GAAP EPS is expected to be in the range of $0.18 to $0.19, as compared 
to $0.39 per diluted share for the same period in 2007.
 
Recent Corporate Highlights
. Held the following China Sourcing Fairs in Hong Kong with a total of 7,240 
booths in October and early November:
o Electronics & Components: 2,900 booths
o Gifts & Home Products: 3,200 booths
o Baby & Children's Products: 180 booths
 o Fashion Accessories: 740 booths
o Underwear & Swimwear: 220 booths
. Announced the scheduled launch of China Sourcing Fair: Security Products 
to be held at the AsiaWorld-Expo from Oct. 12-15, 2009.
. Held International IC-Taiwan Conference & Exhibition, featuring 130 
booths.
 . Private Sourcing Events were held since July 1, 2008 for more than 50 of 
the world's largest and most well known buying organizations including 
Cole's Group, Lowe's, Woolworths UK, Samsung, NEC, Staples, Sears, Li & 
Fung, RadioShack, Metro, QVC, Office Depot, Carrefour, Tesco, Flextronics, 
Polo Ralph Lauren, and Markant.
. Completed the purchase of office space for the use of our companies and/or 
sales representative companies. This is comprised of 2,100 square meters in 
Hong Kong for $12.3 million and 6,400 square meters of Grade-A office space 
in the Shenzhen International Chamber of Commerce Tower for $35.6 million. 
The latter complements the company's 2004 purchase of 9,000 square meters in 
the same building for $19.4 million and its 2007 purchase of 1,940 square 
meters in the Shenzhen Excellence Times Square building for $7.2 million.
. Achieved record lead generation, which is measured as requests for 
information (RFIs) from buyers to suppliers through Global Sources Online. 
There were more than 43 million RFIs during the 12 months ended Sept. 30, 
2008, up more than 86% compared to the same period last year.
. Increased Global Sources' independently certified community of active 
buyers to more than 753,000 at the end of the third quarter, 16% higher than 
the same time last year.
. Appointed PricewaterhouseCoopers as the independent accounting firm for 
the financial year ending Dec. 31, 2008, effective Aug. 22, 2008.
 
Conference call for Global Sources third quarter 2008 earnings
Chairman and CEO, Merle A. Hinrichs, and Eddie Heng, CFO, are scheduled to 
conduct a conference call at 8:00 a.m. ET on Nov. 13, 2008 (9:00 p.m. on 
Nov. 13, 2008 in Hong Kong) to review these results in more detail. 
Investors in the United States may participate in the call by dialing (888) 
212-8315, and international participants may dial (1-706) 643-0144. 
Investors in Hong Kong may call (852) 3011-4515. A live webcast of the 
conference call is scheduled to be available on Global Sources' corporate 
site at http://www.investor.globalsources.com .
 
For those who cannot listen to the live broadcast, a webcast replay of the 
call is scheduled to be available on the company's corporate site for at 
least 30 days. A telephone replay of the call is also scheduled to be 
available through Nov. 17, 2008. To listen to the telephone replay, dial 
(800) 642-1687, or dial (1-706) 645-9291 outside the United States, and 
enter pass code 67291896#. For those in the Hong Kong area, the replay 
dial-in number is (852) 3011-4541, and the pass code is 67291896#.
 
About Global Sources
Global Sources is a leading business-to-business media company and a primary 
facilitator of trade with Greater China. The core business uses 
English-language media to facilitate trade from Greater China to the world. 
The other business segment utilizes Chinese-language media to enable 
companies to sell to, and within Greater China.
 
The company provides sourcing information to volume buyers and integrated 
marketing services to suppliers. It helps a community of over 753,000 active 
buyers source more profitably from complex overseas supply markets. With the 
goal of providing the most effective ways possible to advertise, market and 
sell, Global Sources enables suppliers to sell to hard-to-reach buyers in 
over 230 countries.
 
The company offers the most extensive range of media and export marketing 
services in the industries it serves. It delivers information on 4.3 million 
products and more than 196,000 suppliers annually through 14 online 
marketplaces, 13 monthly magazines, over 100 sourcing research reports and 9 
specialized trade shows which run 27 times a year across eight cities.
 
Suppliers receive more than 43 million sales leads annually from buyers 
through Global Sources Online (http://www.globalsources.com) alone.
 
Global Sources has been facilitating global trade for 37 years. Global 
Sources' network covers more than 69 cities worldwide. In mainland China, 
Global Sources has over 2,800 team members in more than 44 locations, and a 
community of over 1 million registered online users and magazine readers for 
Chinese-language media.
 
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of 
Section 27-A of the Securities Act of 1933, as amended and Section 21-E of 
the Securities Exchange Act of 1934, as amended. The company's actual 
results could differ materially from those set forth in the forward-looking 
statements as a result of the risks associated with the company's business, 
changes in general economic conditions, and changes in the assumptions used 
in making such forward-looking statements.
 
Global Sources
22/F,Block A, Vita Tower,
29 Wong Chuk Hang Road,
Aberdeen,
Hong Kong