World Fuel Services Reports Results for the First Quarter of 2004
MIAMI, April 28 -- World Fuel Services Corporation , a global leader in the marketing and financing of aviation and marine fuel products and related services, today reported that net income for the quarter ended March 31, 2004, was approximately $6.0 million, or $0.52 per diluted share, compared to $5.3 million, or $0.48 per diluted share, for the same quarter in the prior year. These financial results do not include any results of Tramp Oil, which was acquired on April 2, 2004.
"World Fuel is off to a good start in 2004", said Paul Stebbins, Chairman and Chief Executive Officer. "Our global team delivered strong results as they continued to expand the business and refine our service offering."
FIRST QUARTER FINANCIAL HIGHLIGHTS
($ in thousands, except per share data)
Quarter Ended
03/31/04 03/31/03
Revenue $911,797 $658,000
Income from Operations $7,710 $6,918
Net Income $5,954 $5,268
Diluted earnings per share $0.52 $0.48
About World Fuel Services Corporation
Headquartered in Miami, FL, World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. As the marketer of choice in the aviation and shipping industries, World Fuel Services provides fuel and services at more than 1,100 airports and seaports worldwide. With 30 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 and aviation fuel.
The company's global team of market makers provides deep domain expertise in all aspects of marine and aviation fuel management. World Fuel Services' aviation customers include commercial, passenger and cargo operators as well as corporate clientele. The company's marine customers include premier blue- chip companies from all segments of the market. For more information, call (305) 428-8000 or visit www.worldfuel.com.
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.
For further information, please contact: Investors, Michael Mason, +1-212-691-8087, michaelm@allencaron.com, or Media, Len Hall, +1-949-474-4300, len@allencaron.com, both of Allen & Caron Inc, for World Fuel Services Corporation; or Francis X Shea, CFO & EVP of World Fuel Services Corporation, +1-305-428-8000, fshea@wfscorp.com.
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
March 31, December 31,
2004 2003
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $76,013 $76,256
Accounts and notes receivable, net 245,600 192,119
Inventories 32,072 22,940
Prepaid expenses and other current assets 33,246 19,706
Receivable from aviation joint venture partner 7,171 --
Total current assets 394,102 311,021
PROPERTY AND EQUIPMENT, NET 6,629 6,963
OTHER ASSETS 39,573 39,694
$440,304 $ 357,678
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt $1,502 $1,600
Accounts payable 238,841 172,885
Accrued expenses 15,602 9,987
Other current liabilities 22,343 20,290
Total current liabilities 278,288 204,762
LONG-TERM LIABILITIES 4,629 4,537
COMMITMENTS AND CONTINGENCIES -- --
STOCKHOLDERS' EQUITY 157,387 148,379
$440,304 $357,678
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
March 31,
2004 2003
Revenue $911,797 $658,000
Cost of sales (884,866) (630,689)
Gross profit 26,931 27,311
Operating expenses
Salaries and wages (10,248) (10,098)
Provision for bad debts (885) (2,701)
Other (8,088) (7,594)
(19,221) (20,393)
Income from operations 7,710 6,918
Other income (expense), net 175 (253)
Income before income taxes 7,885 6,665
Provision for income taxes (1,822) (1,397)
6,063 5,268
Minority interest (109) --
Net income $5,954 $5,268
Basic earnings per share $0.55 $0.50
Weighted average shares - basic 10,805 10,584
Diluted earnings per share $0.52 $0.48
Weighted average shares - diluted 11,485 11,034