Global Sources to buy back shares at $9

Global Sources released first quarter results today. Revenues were US$33.9 million - down 2.6% compared with Q1 2009. The online and exhibitions businesses held steady, but print revenues fell from US$7.5 million last year to US$6.5 million in the recent quarter. GAAP net income increased to US$2.6 million - up from US$1.2 million in Q1 2009.

More interestingly, the company announced plans for a cash tender offer for up to US$60 million in outstanding common shares at US$9.00. That represents a 32% premium over yesterday's closing price of US$6.83. The company could end up buying back as many as 6.67 million common shares or close to 15% of outstanding shares.

Stay tuned to see how quickly the NASDAQ-listed shares move tonight.