Exhibit 99.1
NEWS RELEASE for October 27, 2004 at 8:00 AM EDT
| | | | |
Contact: | | Allen & Caron Inc | | World Fuel Services Corporation |
| | | Jesse Deal (Investors) | | Francis X Shea, CFO & EVP |
| | | jesse@allencaron.com | | fshea@wfscorp.com |
| | | (212) 691-8087 | | (305) 428-8000 |
| | | or | | |
| | | Len Hall (Media) | | |
| | | len@allencaron.com | | |
| | | (949) 474-4300 | | |
WORLD FUEL SERVICES REPORTS RESULTS FOR THE THIRD QUARTER OF 2004
MIAMI, FL (October 27, 2004) . . .. World Fuel Services Corporation (NYSE:INT), a global leader in the marketing and financing of aviation and marine fuel products and related services, today reported record results for the third quarter ended September 30, 2004. Net income rose 26 percent to $7.0 million, or $0.59 per diluted share, as compared to $5.5 million, or $0.49 per diluted share, for the same quarter in the prior year. For the nine months ended September 30, 2004, the Company reported record earnings of $19.8 million, or $1.69 per diluted share, which represents a 22 percent increase compared to $16.2 million, or $1.46 per diluted share, for the same period a year ago.
“World Fuel has delivered record results in a difficult operating environment and we are proud of the performance of our global team” said Paul H Stebbins, Chairman and Chief Executive Officer. “We are continuing to execute our business plan and remain on track for a good year.”
THIRD QUARTER AND NINE MONTHS FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | |
| | | Quarter Ended
| | Nine Months Ended
|
| | | ($ in thousands, except per share data)
|
| | | 9/30/04
| | 9/30/03
| | 9/30/04
| | 9/30/03
|
Revenue | | $ | 1,579,369 | | $ | 652,301 | | $ | 3,868,546 | | $ | 1,956,219 |
Income From Operations | | $ | 8,597 | | $ | 7,164 | | $ | 26,107 | | $ | 19,863 |
Net Income | | $ | 6,967 | | $ | 5,534 | | $ | 19,787 | | $ | 16,245 |
Diluted earnings per share | | $ | 0.59 | | $ | 0.49 | | $ | 1.69 | | $ | 1.46 |
MORE-MORE-MORE
WORLD FUEL SERVICES REPORTS RESULTS FOR THE THIRD QUARTER OF 2004
Page 2-2-2
About World Fuel Services Corporation
Headquartered in Miami, Florida, 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 2,500 airports and seaports 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 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.
TABLES FOLLOW
WORLD FUEL SERVICES REPORTS RESULTS FOR THE THIRD QUARTER OF 2004
Page 3-3-3
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS) |
| | | | | | |
| | | September 30,
2004
| | December 31,
2003
|
| | | (Unaudited) | | |
ASSETS | | | | | | |
CURRENT ASSETS: | | | | | | |
Cash and cash equivalents | | $ | 57,526 | | $ | 76,256 |
Accounts and notes receivable, net | | | 434,839 | | | 192,119 |
Inventories | | | 60,549 | | | 22,940 |
Prepaid expenses and other current assets | | | 37,992 | | | 19,706 |
| | |
|
| |
|
|
Total current assets | | | 590,906 | | | 311,021 |
| | |
PROPERTY AND EQUIPMENT, NET | | | 7,278 | | | 6,963 |
| | |
OTHER ASSETS | | | 58,736 | | | 39,694 |
| | |
| | | $ | 656,920 | | $ | 357,678 |
| | |
|
| |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | |
CURRENT LIABILITIES: | | | | | | |
Short-term debt | | $ | 1,567 | | $ | 1,600 |
Accounts payable | | | 365,575 | | | 172,885 |
Accrued expenses | | | 28,003 | | | 9,987 |
Other current liabilities | | | 43,811 | | | 20,290 |
| | |
|
| |
|
|
Total current liabilities | | | 438,956 | | | 204,762 |
| | |
LONG-TERM LIABILITIES | | | 39,569 | | | 4,537 |
| | |
COMMITMENTS AND CONTINGENCIES | | | | | | |
| | |
STOCKHOLDERS’ EQUITY | | | 178,395 | | | 148,379 |
| | |
|
| |
|
|
| | | $ | 656,920 | | $ | 357,678 |
| | |
|
| |
|
|
MORE – MORE – MORE
WORLD FUEL SERVICES REPORTS RESULTS FOR THE THIRD QUARTER OF 2004
Page 4-4-4
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended
September 30,
| | | For the Nine Months Ended
September 30,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
| |
Revenue | | $ | 1,579,369 | | | $ | 652,301 | | | $ | 3,868,546 | | | $ | 1,956,219 | |
Cost of sales | | | (1,547,337 | ) | | | (627,766 | ) | | | (3,778,129 | ) | | | (1,878,891 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross profit | | | 32,032 | | | | 24,535 | | | | 90,417 | | | | 77,328 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Operating expenses: | | | | | | | | | | | | | | | | |
Salaries and wages | | | (13,568 | ) | | | (9,198 | ) | | | (35,334 | ) | | | (29,943 | ) |
Provision for bad debts | | | (572 | ) | | | (1,535 | ) | | | (2,811 | ) | | | (5,473 | ) |
Other | | | (9,295 | ) | | | (6,638 | ) | | | (26,165 | ) | | | (22,049 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | (23,435 | ) | | | (17,371 | ) | | | (64,310 | ) | | | (57,465 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income from operations | | | 8,597 | | | | 7,164 | | | | 26,107 | | | | 19,863 | |
Other (expense) income, net | | | (88 | ) | | | 83 | | | | (1,475 | ) | | | 312 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income before income taxes | | | 8,509 | | | | 7,247 | | | | 24,632 | | | | 20,175 | |
Provision for income taxes | | | (1,542 | ) | | | (1,713 | ) | | | (4,845 | ) | | | (3,930 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net income | | $ | 6,967 | | | $ | 5,534 | | | $ | 19,787 | | | $ | 16,245 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Basic earnings per share | | $ | 0.62 | | | $ | 0.52 | | | $ | 1.80 | | | $ | 1.53 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Weighted average shares - basic | | | 11,170 | | | | 10,631 | | | | 11,004 | | | | 10,604 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Diluted earnings per share | | $ | 0.59 | | | $ | 0.49 | | | $ | 1.69 | | | $ | 1.46 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Weighted average shares - diluted | | | 11,816 | | | | 11,204 | | | | 11,691 | | | | 11,123 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
