World Fuel Services Reports Excellent Results for the Third Quarter and the First Nine Months of 2005
Earnings Conference Call Scheduled for Wednesday, November 16 at 11:00 a.m. EST
MIAMI, Nov. 15 -- World Fuel Services Corporation , a global leader in the marketing and financing of aviation and marine fuel products and related services, today reported its results for the third quarter and the first nine months of 2005.
Net income for the third quarter of 2005 rose 97% to $10.7 million, or $0.44 per diluted share, as compared to $5.4 million, or $0.23 per diluted share, for the same quarter in the prior year. For the first nine months of 2005, the Company reported earnings of $27.6 million, or $1.15 per diluted share, as compared to $17.3 million, or $0.74 per diluted share, for the same period a year ago.
"We are very pleased with our results through the third quarter and anticipate reporting another record year," said Paul Stebbins, Chairman and Chief Executive Officer. "In addition, with the completion of our equity offering, we have strengthened our capital base and are well positioned to fund further business expansion."
A conference call has been scheduled for Wednesday, November 16th, at 11:00AM ET to discuss the Company's results.
To join the call from Canada and the US, dial 1 (800) 205-6183; International calls may be placed by dialing 1 (415) 908-4701. In addition, the call will be broadcast live simultaneously over the Internet and may be accessed online by going to the Company's site at www.wfscorp.com or by going to http://phx.corporate-ir.net/playerlink.zhtml?c=101792&s=wm&e=1152502.
A replay of the call will be available through November 23, 2005, and may be accessed from Canada and the US by dialing 1 (800) 633-8284 and entering conference ID number 21269191; International calls may be placed by dialing 1 (402) 977-9140. A replay of the webcast will also be available through December 31, 2005, at the URLs noted above.
THIRD QUARTER AND NINE MONTHS FINANCIAL HIGHLIGHTS Quarter Ended Nine Months Ended ($ in thousands, except per share data) 9/30/05 9/30/04 9/30/05 9/30/04 Revenue $2,307,357 $1,568,974 $6,199,692 $3,863,526 Income From Operations $15,942 $6,573 $36,881 $23,147 Net Income $10,692 $5,439 $27,639 $17,338 Diluted earnings per share $0.44 $0.23 $1.15 $0.74 About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the marketing and sale of marine and aviation fuel products and related services. World Fuel Services provides fuel and related services at more than 2,500 airports and seaports worldwide. With 43 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 international container and tanker fleets and time-charter operators. For more information, call (305) 428-8000 or visit 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.