Exhibit 99.1
NEWS RELEASE for March 2, 2005 at 8:00 AM EDT
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| Contact: | | Allen & Caron Inc Michael Mason (Investors) michaelm@allencaron.com (212) 691-8087 or Len Hall (Media) len@allencaron.com (949) 474-4300 | | World Fuel Services Corporation Robert S. Tocci, CFO & EVP btocci@wfscorp.com (305) 428-8000 |
WORLD FUEL SERVICES CORPORATION REPORTS RECORD RESULTS
FOR THE FOURTH QUARTER OF 2004
MIAMI (March 2, 2005) … 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 that net income for the fourth quarter ended December 31, 2004 was $7.8 million, or $0.33 per diluted share, compared to $5.6 million, or $0.25 per diluted share, for the same quarter in the prior year. For the year ended December 31, 2004, the Company reported net income of $27.5 million, or $1.17 per diluted share, compared to $21.9 million, or $0.98 per diluted share, for the same period a year ago. The diluted earnings per share amounts reflect the Board approved 2 for 1 stock split that was announced on January 20, 2005.
“2004 was a breakout year for World Fuel and we are proud of our record results”, said Paul Stebbins, Chairman and Chief Executive Officer. “The company is well positioned in the market to further advance our business model and is on track for further growth in 2005.”
FOURTH QUARTER AND YEAR END FINANCIAL HIGHLIGHTS
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| | | Quarter Ended
| | Year Ended
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| | | ($ in thousands, except per share data)
|
| | | 12/31/04
| | 12/31/03
| | 12/31/04
| | 12/31/03
|
Revenue | | $ | 1,766,863 | | $ | 705,571 | | $ | 5,635,409 | | $ | 2,661,790 |
Income From Operations | | $ | 9,340 | | $ | 7,127 | | $ | 35,447 | | $ | 26,990 |
Net Income | | $ | 7,754 | | $ | 5,629 | | $ | 27,541 | | $ | 21,874 |
Diluted earnings per share | | $ | 0.33 | | $ | 0.25 | | $ | 1.17 | | $ | 0.98 |
MORE-MORE-MORE
WORLD FUEL SERVICES CORPORATION REPORTS RECORD RESULTS
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 visitwww.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 CORPORATION REPORTS RECORD RESULTS
Page 3-3-3
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
| | | | | | |
| | | December 31,
2004
| | December 31,
2003
|
ASSETS | | | | | | |
CURRENT ASSETS: | | | | | | |
Cash and cash equivalents | | $ | 64,178 | | $ | 76,256 |
Accounts and notes receivable, net | | | 393,940 | | | 192,119 |
Inventories | | | 48,645 | | | 17,084 |
Prepaid fuel and expenses | | | 25,559 | | | 8,660 |
VAT and other taxes receivable | | | 7,028 | | | 1,534 |
Deferred tax assets | | | 5,384 | | | 7,165 |
Other current assets | | | 11,111 | | | 2,817 |
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Total current assets | | | 555,845 | | | 305,635 |
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PROPERTY AND EQUIPMENT, NET | | | 7,092 | | | 6,963 |
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OTHER ASSETS | | | 57,753 | | | 39,224 |
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| | | $ | 620,690 | | $ | 351,822 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: | | | | | | |
Short-term debt | | $ | 1,100 | | $ | 1,600 |
Accounts payable | | | 300,953 | | | 167,029 |
Customer deposits | | | 37,876 | | | 6,320 |
Accrued expenses | | | 15,527 | | | 7,541 |
Accrued salaries and wages | | | 10,413 | | | 9,547 |
Excise, payroll and other taxes payable | | | 6,325 | | | 2,446 |
Income taxes payable | | | 5,667 | | | 4,423 |
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Total current liabilities | | | 377,861 | | | 198,906 |
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LONG-TERM LIABILITIES | | | 56,683 | | | 4,537 |
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COMMITMENTS AND CONTINGENCIES | | | | | | |
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STOCKHOLDERS’ EQUITY | | | 186,146 | | | 148,379 |
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| | | $ | 620,690 | | $ | 351,822 |
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MORE – MORE – MORE
WORLD FUEL SERVICES CORPORATION REPORTS RECORD RESULTS
Page 4-4-4
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended December 31,
| | | For the Year Ended December 31,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
| |
| | | (Unaudited) | | | (Unaudited) | | | | | | | |
Revenue | | $ | 1,766,863 | | | $ | 705,571 | | | $ | 5,635,409 | | | $ | 2,661,790 | |
Cost of sales | | | (1,728,952 | ) | | | (682,191 | ) | | | (5,507,081 | ) | | | (2,561,082 | ) |
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Gross profit | | | 37,911 | | | | 23,380 | | | | 128,328 | | | | 100,708 | |
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Operating expenses: | | | | | | | | | | | | | | | | |
Salaries and wages | | | (16,418 | ) | | | (8,815 | ) | | | (51,750 | ) | | | (38,757 | ) |
Provision for bad debts | | | (1,527 | ) | | | (808 | ) | | | (4,338 | ) | | | (6,281 | ) |
Other | | | (10,626 | ) | | | (6,630 | ) | | | (36,793 | ) | | | (28,680 | ) |
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| | | | (28,571 | ) | | | (16,253 | ) | | | (92,881 | ) | | | (73,718 | ) |
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Income from operations | | | 9,340 | | | | 7,127 | | | | 35,447 | | | | 26,990 | |
Other income (expense), net | | | 27 | | | | 316 | | | | (1,448 | ) | | | 628 | |
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Income before income taxes | | | 9,367 | | | | 7,443 | | | | 33,999 | | | | 27,618 | |
Provision for income taxes | | | (1,613 | ) | | | (1,814 | ) | | | (6,458 | ) | | | (5,744 | ) |
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Net income | | $ | 7,754 | | | $ | 5,629 | | | $ | 27,541 | | | $ | 21,874 | |
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Basic earnings per share | | $ | 0.35 | | | $ | 0.26 | | | $ | 1.25 | | | $ | 1.03 | |
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Weighted average shares - basic | | | 22,368 | | | | 21,298 | | | | 22,104 | | | | 21,234 | |
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Diluted earnings per share | | $ | 0.33 | | | $ | 0.25 | | | $ | 1.17 | | | $ | 0.98 | |
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Weighted average shares - diluted | | | 23,668 | | | | 22,642 | | | | 23,454 | | | | 22,338 | |
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