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World Fuel Services Corporation Reports Strong Fourth Quarter and Record Full Year Earnings

Dépèche transmise le 24 février 2011 par Business Wire

MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT), a leading global fuel logistics company, today reported fourth quarter net income of $39.4 million or $0.56 diluted earnings per share compared to $34.5 million or $0.57 diluted earnings per share in the fourth quarter of 2009. Non-GAAP net income and diluted earnings per share for the fourth quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $44.1 million and $0.63, respectively, compared to $37.5 million or $0.61 in the fourth quarter of 2009. The impact of the additional outstanding shares associated with the company’s recent equity offering on GAAP and non-GAAP diluted earnings per share was approximately $0.08 in the fourth quarter of 2010.

“We continued to invest both organically and through strategic investments, further strengthening our platform for growth”

The company’s aviation segment generated gross profit of $58.0 million in the fourth quarter of 2010, an increase of $2.2 million or 4% sequentially and $9.0 million or 18% year-over-year. The marine segment generated gross profit of $41.6 million, an increase of approximately $0.3 million or 1% both sequentially and year-over-year. The company’s land segment posted gross profit of $24.1 million, an increase of $9.0 million or 59% sequentially and $12.4 million or 107% year-over-year.

“Disciplined risk management, strategic focus and strong cross-functional execution drove record results in 2010,” said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. “On every level it was a transformational year for World Fuel and, heading into 2011, we look to continue capitalizing on an expanding set of opportunities in the markets we serve.”

“Our team performed extremely well in 2010, integrating new businesses and driving growth,” stated Michael J. Kasbar, president and chief operating officer. “We continued to invest both organically and through strategic investments, further strengthening our platform for growth,” added Kasbar.

For the full year, net income was $146.9 million or $2.31 diluted earnings per share compared to $117.1 million or $1.96 diluted earnings per share in 2009. Non-GAAP net income was $160.7 million or $2.53 non-GAAP diluted earnings per share compared to $127.9 million or $2.13 non-GAAP diluted earnings per share in 2009.

“In addition to posting record earnings in 2010, we completed several strategic acquisitions, enhanced our already strong liquidity position, and again delivered above average returns to our shareholders,” stated Ira M. Birns, executive vice president and chief financial officer.

Non-GAAP Financial Measures

This press release includes selected financial information that has not been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). This information includes non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP financial measures exclude costs associated with share-based compensation and amortization of acquired intangible assets, primarily because we do not believe they are reflective of the company’s core operating results. We believe that these non-GAAP financial measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful for investors to evaluate our core operating results and trends.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of non-GAAP net income and non-GAAP diluted earnings per share may not be comparable to the presentation of such metrics by other companies. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

Information Relating to 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 creditworthiness of customers and counterparties and our ability to collect accounts receivable, fluctuations in world oil prices or foreign currency, changes in political, economic, regulatory, or environmental conditions, adverse conditions in the markets or industries in which we or our customers operate, our failure to effectively hedge certain financial risks associated with the use of derivatives, non-performance by counterparties or customers on derivatives contracts, the integration of acquired businesses, uninsured losses, our ability to retain and attract senior management and other key employees 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.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services on a worldwide basis. World Fuel Services sells fuel and provides services to its clients at more than 6,000 locations in 200 countries, including airports, seaports, tanker truck loading terminals and other customer storage locations. With 47 strategically located global offices, World Fuel Services offers its clients 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 aviation, marine and land fuel management. World Fuel Services' marine customers include international container and tanker fleets, cruise lines and time-charter operators, as well as the United States and foreign governments. Aviation customers include commercial airlines, cargo carriers and private aircraft, as well as the United States and foreign governments. Land customers include petroleum distributors, retail petroleum operators, and industrial, commercial and government accounts. For more information, call 305-428-8000 or visit www.wfscorp.com.

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)

			For the Three Months ended						For the Year ended
			December 31,						December 31,
			2010			2009			2010			2009


Revenue			$	5,828,777		$	3,545,241		$	19,131,147		$	11,295,177
Cost of revenue				5,705,130			3,443,285			18,689,006			10,919,586

		Gross profit		123,647			101,956			442,141			375,591

Operating expenses:
	Compensation and employee benefits			45,702			36,177			162,451			137,408
	Provision for bad debt			1,100			1,856			4,262			4,552
	General and administrative			28,255			20,033			94,562			79,636

		Total operating expenses		75,057			58,066			261,275			221,596

		Income from operations		48,590			43,890			180,866			153,995
Non-operating expenses, net				(1,286	)		(830	)		(3,336	)		(4,086	)

Income before income taxes				47,304			43,060			177,530			149,909
Provision for income taxes				8,066			8,356			31,027			32,346

Net income including noncontrolling interest				39,238			34,704			146,503			117,563
Net (loss) income attributable to noncontrolling interest				(192	)		209			(362	)		424

Net income attributable to World Fuel			$	39,430		$	34,495		$	146,865		$	117,139

Basic earnings per share			$	0.57		$	0.58		$	2.36		$	1.99

Basic weighted average common shares				69,192			59,298			62,168			59,003

Diluted earnings per share			$	0.56		$	0.57		$	2.31		$	1.96

Diluted weighted average common shares				70,565			60,534			63,441			59,901

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED - IN THOUSANDS)

			As of
			December 31,			December 31,
			2010			2009

Assets:
Current assets:
	Cash and cash equivalents		$	272,893		$	298,843
	Short-term investments			-			8,100
	Accounts receivable, net			1,386,700			951,398
	Inventories			211,526			126,793
	Prepaid expenses and other current assets			196,748			82,813

		Total current assets		2,067,867			1,467,947

Property and equipment, net				64,106			38,777

Goodwill, identifiable intangible and non-current other assets				434,477			241,271

		Total assets	$	2,566,450		$	1,747,995

Liabilities and equity:
Liabilities:
Current liabilities:
	Short-term debt		$	17,076		$	6,684
	Accounts payable			1,131,228			796,978
	Accrued expenses and other current liabilities			210,180			148,049

		Total current liabilities		1,358,484			951,711

Long-term debt				24,566			9,925
Other long-term liabilities				56,836			53,110
		Total liabilities		1,439,886			1,014,746

Equity:
	World Fuel shareholders' equity			1,127,208			733,021
	Noncontrolling interest (deficit) equity			(644	)		228
		Total equity		1,126,564			733,249

		Total liabilities and equity	$	2,566,450		$	1,747,995

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - IN THOUSANDS)

					For the Three Months ended						For the Year ended
					December 31,						December 31,
					2010			2009			2010			2009

Cash flows from operating activities:
	Net income including noncontrolling interest				$	39,238		$	34,704		$	146,503		$	117,563
	Adjustments to reconcile net income including
		noncontrolling interest to net cash (used in)
		provided by operating activities:
			Depreciation and amortization			6,013			3,829			19,106			16,956
			Provision for bad debt			1,100			1,856			4,262			4,552
			Share-based payment award compensation costs			2,351			1,726			8,789			6,480
			Other			(5,668	)		2,790			(8,969	)		7,808
			Changes in assets and liabilities, net of acquisitions			(45,760	)		(84,139	)		(205,389	)		(75,438	)
				Total adjustments		(41,964	)		(73,938	)		(182,201	)		(39,642	)
		Net cash (used in) provided by operating activities				(2,726	)		(39,234	)		(35,698	)		77,921

Cash flows from investing activities:
	Acquisition of businesses, net of cash acquired					(131,792	)		-			(177,807	)		(51,982	)
	Other					(4,585	)		(4,612	)		(2,485	)		(9,846	)
		Net cash used in investing activities				(136,377	)		(4,612	)		(180,292	)		(61,828	)

Cash flows from financing activities:
	Proceeds from sale of equity shares, net of expenses					-			-			218,816			-
	Other					(12,822	)		(6,257	)		(28,865	)		(34,436	)
		Net cash (used in) provided by financing activities				(12,822	)		(6,257	)		189,951			(34,436	)

Effect of exchange rate changes on cash and
	cash equivalents					(51	)		442			89			2,834

Net decrease in cash and cash equivalents						(151,976	)		(49,661	)		(25,950	)		(15,509	)

Cash and cash equivalents, at beginning of period						424,869			348,504			298,843			314,352

Cash and cash equivalents, at end of period					$	272,893		$	298,843		$	272,893		$	298,843

Actualités

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)

		For the Three Months ended				For the Year ended
		December 31,				December 31,
		2010		2009		2010		2009

Non-GAAP financial measures and reconciliation:

GAAP net income attributable to World Fuel		$	39,430	$	34,495	$	146,865	$	117,139
	Share-based compensation expense, net of taxes