Exhibit 99.1

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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 Francis X. Shea, EVP CRAO & Interim CFO fshea@wfscorp.com (305) 428-8000 |
WORLD FUEL SERVICES REPORTS FOURTH QUARTER AND
FULL YEAR 2006 RESULTS
MIAMI (March 1, 2007) … World Fuel Services Corporation (NYSE:INT) (the “Company”), 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, 2006 was $17.3 million, or $0.60 per diluted share, compared to $12.0 million, or $0.42 per diluted share, for the same quarter in the prior year. For the year ended December 31, 2006, the Company reported a 61% increase in net income to $64.0 million, or $2.21 per diluted share, from $39.6 million, or $1.57 per diluted share, for the same period in the prior year.
“Our results for this year validate the dedication, commitment and uncommon effort of our extraordinary global team” said Paul Stebbins, Chairman and Chief Executive Officer. We are proud of what has been achieved and excited about the prospects for 2007.”
FOURTH QUARTER AND FULL YEAR 2006 FINANCIAL HIGHLIGHTS
($ in thousands, except per share data)
| | | | | | | | | | | | |
| | Quarter Ended December 31, | | Year Ended December 31, |
| | 2006 | | 2005 | | 2006 | | 2005 |
Revenue | | $ | 2,618,733 | | $ | 2,534,255 | | $ | 10,785,136 | | $ | 8,733,947 |
| | | | |
Income from operations | | $ | 18,837 | | $ | 19,739 | | $ | 76,646 | | $ | 56,620 |
| | | | |
Net income | | $ | 17,269 | | $ | 11,970 | | $ | 63,948 | | $ | 39,609 |
| | | | |
Diluted earnings per share | | $ | 0.60 | | $ | 0.42 | | $ | 2.21 | | $ | 1.57 |
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WORLD FUEL SERVICES REPORTS FOURTH QUARTER AND FULL YEAR 2006 RESULTS
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Continued
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the marketing and sale of marine, aviation and land fuel products and related services. World Fuel Services provides fuel and related services at more than 2,500 airports, seaports and tanker truck loading terminals worldwide. With 44 offices (including satellite 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, aviation and land fuel.
The Company’s global team of market makers provides deep domain expertise in all aspects of marine, aviation and land fuel management. World Fuel Services’ marine customers include international container and tanker fleets and time-charter operators, as well as the United States and foreign governments. Aviation customers include commercial airlines, cargo carriers and corporate clientele, as well as the United States and foreign governments. Land customers are primarily petroleum distributors. For more information, call (305) 428-8000 or visithttp://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.
TABLES FOLLOW
WORLD FUEL SERVICES REPORTS FOURTH QUARTER AND FULL YEAR 2006 RESULTS
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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, | |
| | 2006 | | 2005 | | 2006 | | 2005 | |
| | (Unaudited) | | (Unaudited) | | | | | |
Revenue | | $ | 2,618,733 | | $ | 2,534,255 | | $ | 10,785,136 | | $ | 8,733,947 | |
Cost of sales | | | 2,561,012 | | | 2,478,401 | | | 10,571,067 | | | 8,555,283 | |
| | | | | | | | | | | | | |
Gross profit | | | 57,721 | | | 55,854 | | | 214,069 | | | 178,664 | |
| | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | |
Compensation and employee benefits | | | 21,828 | | | 19,941 | | | 82,987 | | | 74,030 | |
Executive severence costs | | | — | | | — | | | 1,545 | | | — | |
Provision for bad debts | | | 2,292 | | | 2,072 | | | 3,869 | | | 8,644 | |
General and administrative | | | 14,764 | | | 14,102 | | | 49,022 | | | 39,370 | |
| | | | | | | | | | | | | |
| | | 38,884 | | | 36,115 | | | 137,423 | | | 122,044 | |
| | | | | | | | | | | | | |
Income from operations | | | 18,837 | | | 19,739 | | | 76,646 | | | 56,620 | |
Other income (expense), net | | | 2,278 | | | 391 | | | 4,753 | | | (792 | ) |
| | | | | | | | | | | | | |
Income before income taxes | | | 21,115 | | | 20,130 | | | 81,399 | | | 55,828 | |
Provision for income taxes | | | 3,698 | | | 7,886 | | | 17,353 | | | 15,475 | |
| | | | | | | | | | | | | |
| | | 17,417 | | | 12,244 | | | 64,046 | | | 40,353 | |
| | | | |
Minority interest in income of consolidated subsidiaries | | | 148 | | | 274 | | | 98 | | | 744 | |
| | | | | | | | | | | | | |
Net income | | $ | 17,269 | | $ | 11,970 | | $ | 63,948 | | $ | 39,609 | |
| | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.62 | | $ | 0.44 | | $ | 2.33 | | $ | 1.67 | |
| | | | | | | | | | | | | |
Basic weighted average shares | | | 27,835 | | | 26,938 | | | 27,467 | | | 23,700 | |
| | | | | | | | | | | | | |
Diluted earnings per share | | $ | 0.60 | | $ | 0.42 | | $ | 2.21 | | $ | 1.57 | |
| | | | | | | | | | | | | |
Diluted weighted average shares | | | 29,021 | | | 28,428 | | | 28,923 | | | 25,214 | |
| | | | | | | | | | | | | |
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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
| | | | | | |
| | As of December 31, 2006 | | As of December 31, 2005 |
ASSETS | | | | | | |
CURRENT ASSETS: | | | | | | |
Cash and cash equivalents | | $ | 176,495 | | $ | 133,284 |
Short-term investments | | | 12,500 | | | 10,000 |
Accounts and notes receivable, net | | | 860,084 | | | 689,605 |
Inventories | | | 74,519 | | | 35,802 |
Prepaid fuel and expenses | | | 72,493 | | | 79,619 |
| | | | | | |
Total current assets | | | 1,196,091 | | | 948,310 |
| | |
PROPERTY AND EQUIPMENT, NET | | | 26,730 | | | 11,579 |
| | |
OTHER ASSETS | | | 54,579 | | | 54,112 |
| | | | | | |
| | $ | 1,277,400 | | $ | 1,014,001 |
| | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | |
CURRENT LIABILITIES: | | | | | | |
Short-term debt | | $ | 10 | | $ | 737 |
Accounts payable | | | 720,790 | | | 535,573 |
Customer deposits | | | 23,399 | | | 23,776 |
Accrued expenses | | | 82,562 | | | 75,470 |
| | | | | | |
Total current liabilities | | | 826,761 | | | 635,556 |
| | |
LONG-TERM LIABILITIES | | | 24,670 | | | 25,098 |
| | |
STOCKHOLDERS’ EQUITY | | | 425,969 | | | 353,347 |
| | | | | | |
| | $ | 1,277,400 | | $ | 1,014,001 |
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