MIAMI,
Nov. 8 /PRNewswire-FirstCall/ -- World Fuel Services Corporation
(NYSE: INT), a global leader in the marketing and sale of marine, aviation and
land fuel products and related services, today reported that net income for
the third quarter ended
September 30, 2006 was
$17.2 million, or
$0.59 per
diluted share, compared to
$10.7 million, or
$0.44 per diluted share, for the
same quarter in the prior year. For the first nine months of 2006, the Company
reported earnings of
$46.7 million, or
$1.62 per diluted share, as compared to
$27.6 million, or
$1.15 per diluted share, for the same period a year ago.
"Our outstanding global team has delivered record earnings," said Paul
Stebbins, Chairman and Chief Executive Officer. "They can be proud of their
continued strong performance."
Third Quarter and Nine Months Financial Highlights
Quarter ended Nine Months ended
September 30, September 30,
2006 2005 2006 2005
(In thousands, except per share data)
Revenue $2,775,545 $2,307,357 $8,166,403 $6,199,692
Income from
operations $20,820 $15,942 $57,809 $36,881
Net income $17,199 $10,692 $46,679 $27,639
Diluted earnings
per share $0.59 $0.44 $1.62 $1.15
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation is a
global leader in the marketing and sale of marine, aviation and land fuel
products and related services. World Fuel Services provides fuel and related
services at more than 2,500 airports, seaports and tanker truck loading
terminals worldwide. With 42 offices strategically located throughout the
world, World Fuel Services offers its customers a value-added outsource
service for the supply, quality control, logistical support and price risk
management of marine, aviation and land fuel.
The Company's global team of market makers provides deep domain expertise
in all aspects of marine, aviation and land fuel management. World Fuel
Services' marine customers include international container and tanker fleets
and time-charter operators, as well as the United States and foreign
governments. Aviation customers include commercial airlines, cargo carriers
and corporate clientele, as well as the United States and foreign governments.
Land customers are primarily petroleum distributors. For more information,
call (305) 428-8000 or visit http://www.wfscorp.com.
Forward-Looking Statements
With the exception of historical information in this news release, this
document includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, quarterly fluctuations in
results, the management of growth, fluctuations in world oil prices or foreign
currency, major changes in political, economic, regulatory, or environmental
conditions, the loss of key customers, suppliers or key members of senior
management, uninsured losses, competition, credit risk associated with
accounts and notes receivable, and other risks detailed from time to time in
the Company's Securities and Exchange Commission filings. Actual results may
differ materially from any forward-looking statements set forth herein.
Contact: Allen & Caron Inc World Fuel Services Corporation
Michael Mason (Investors) Francis X. Shea, EVP, CRAO &
michaelm@allencaron.com Interim CFO
(212) 691-8087 fshea@wfscorp.com
or (305) 428-8000
Len Hall (Media)
len@allencaron.com
(949) 474-4300
World Fuel Services Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited - In thousands, except per share data)
For the Three Months For the Nine Months
ended September 30, ended September 30,
2006 2005 2006 2005
Revenue $2,775,545 $2,307,357 $8,166,403 $6,199,692
Cost of sales 2,720,384 2,261,120 8,010,055 6,076,882
Gross profit 55,161 46,237 156,348 122,810
Operating expenses:
Compensation and
employee benefits 21,939 18,929 61,159 54,089
Executive severance costs -- -- 1,545 --
Provision for bad debts 429 2,477 1,577 6,572
General and administrative 11,973 8,889 34,258 25,268
34,341 30,295 98,539 85,929
Income from operations 20,820 15,942 57,809 36,881
Other income (expense), net 1,671 (795) 2,475 (1,183)
Income before income taxes 22,491 15,147 60,284 35,698
Provision for income taxes 5,252 4,438 13,655 7,589
17,239 10,709 46,629 28,109
Minority interest in
income (loss) of
consolidated subsidiaries 40 17 (50) 470
Net income $17,199 $10,692 $46,679 $27,639
Basic earnings per share $0.62 $0.47 $1.71 $1.22
Basic weighted average
shares 27,777 22,966 27,304 22,608
Diluted earnings per share $0.59 $0.44 $1.62 $1.15
Diluted weighted average
shares 29,010 24,436 28,891 24,127
World Fuel Services Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited - In thousands)
As of
September 30, December 31,
2006 2005
Assets:
Current assets:
Cash and cash equivalents $130,198 $133,284
Short-term investments 10,000 10,000
Accounts and notes receivable, net 829,069 688,129
Inventories 65,979 35,802
Prepaid expenses and other current assets 73,132 81,095
Total current assets 1,108,378 948,310
Property and equipment, net 23,373 11,579
Goodwill, intangible and other assets 53,555 54,112
Total assets $1,185,306 $1,014,001
Liabilities:
Current liabilities:
Current maturities of long-term debt $5 $737
Accounts payable 659,300 534,064
Accrued expenses and other current
liabilities 94,331 100,755
Total current liabilities 753,636 635,556
Long-term liabilities 25,407 25,098
Total liabilities 779,043 660,654
Commitments and contingencies -- --
Stockholders' equity 406,263 353,347
Total liabilities and
stockholders' equity $1,185,306 $1,014,001
Print This Page
Email This Page
Archives
Copyright Permissions
