UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 R 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM___________TO__________
COMMISSION FILE NUMBER 1-9533
WORLD FUEL SERVICES CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
FLORIDA 59-2459427
------------------------------ -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
700 SOUTH ROYAL POINCIANA BLVD., SUITE 800
MIAMI SPRINGS, FLORIDA 33166
------------------------------------------ ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (305) 884-2001
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes[X] NO [ ].
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of January 26, 1999, the registrant had a total of 12,206,277 shares of
common stock, par value $0.01 per share, issued and outstanding.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following unaudited, condensed consolidated financial statements of World
Fuel Services Corporation (the "Company") have been prepared in accordance with
the instructions to Form 10-Q and, therefore, omit or condense certain footnotes
and other information normally included in financial statements prepared in
accordance with generally accepted accounting principles. In the opinion of
management, all adjustments necessary for a fair presentation of the financial
information for the interim periods reported have been made. Results of
operations for the nine months ended December 31, 1998, will not be necessarily
indicative of the results for the entire fiscal year ending March 31, 1999.
Page 2 of 15
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
DECEMBER 31, 1998 MARCH 31, 1998
----------------- --------------
CURRENT ASSETS:
Cash and cash equivalents $ 11,833,000 $ 14,459,000
Accounts receivable, net of allowance for
bad debts of $4,663,000 and $4,594,000
at December 31 and March 31, 1998, respectively 89,026,000 81,648,000
Inventories 5,476,000 5,504,000
Prepaid expenses and other current assets 11,868,000 5,937,000
------------ ------------
Total current assets 118,203,000 107,548,000
------------ ------------
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land 1,054,000 1,054,000
Buildings and improvements 3,155,000 3,098,000
Office equipment and furniture 6,171,000 5,286,000
Plant, machinery and equipment 19,119,000 17,458,000
Construction in progress 1,876,000 230,000
------------ ------------
31,375,000 27,126,000
Less accumulated depreciation
and amortization 10,659,000 9,065,000
------------ ------------
20,716,000 18,061,000
------------ ------------
OTHER ASSETS:
Unamortized cost in excess of net
assets of acquired companies, net of
accumulated amortization 15,214,000 15,402,000
Other 2,759,000 2,248,000
------------ ------------
$156,892,000 $143,259,000
============ ============
(Continued)
Page 3 of 15
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
DECEMBER 31, 1998 MARCH 31, 1998
----------------- --------------
CURRENT LIABILITIES:
Current maturities of long-term debt $ 123,000 $ 119,000
Accounts payable and accrued expenses 41,731,000 40,560,000
Customer deposits 2,806,000 2,536,000
Accrued salaries and wages 2,379,000 1,851,000
Income taxes payable 875,000 2,381,000
------------ ------------
Total current liabilities 47,914,000 47,447,000
------------ ------------
LONG-TERM LIABILITIES 10,723,000 3,901,000
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par value;
100,000 shares authorized, none issued -- --
Common stock, $0.01 par value;
25,000,000 shares authorized; 12,222,000 and
12,481,000 shares issued and outstanding at
December 31 and March 31, 1998, respectively 125,000 125,000
Capital in excess of par value 26,782,000 26,479,000
Retained earnings 75,083,000 65,364,000
Less treasury stock, at cost 3,735,000 57,000
------------ ------------
98,255,000 91,911,000
------------ ------------
$156,892,000 $143,259,000
============ ============
Page 4 of 15
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
NINE MONTHS ENDED DECEMBER 31,
-----------------------------
1998 1997
------------ ------------
Revenue $561,160,000 $600,978,000
Cost of sales 517,286,000 565,216,000
------------ ------------
Gross profit 43,874,000 35,762,000
------------ ------------
Operating expenses:
Salaries and wages 15,884,000 12,301,000
Provision for bad debts 2,360,000 217,000
Other 11,970,000 9,075,000
------------ ------------
30,214,000 21,593,000
------------ ------------
Income from operations 13,660,000 14,169,000
Other income, net 1,091,000 1,702,000
------------ ------------
Income before income taxes 14,751,000 15,871,000
Provision for income taxes 3,171,000 3,795,000
------------ ------------
Net income $ 11,580,000 $ 12,076,000
============ ============
Basic earnings per common share $ 0.93 $ 0.99
============ ============
Weighted average shares 12,432,000 12,163,000
============ ============
Diluted earnings per common share $ 0.92 $ 0.97
============ ============
Weighted average shares - diluted 12,611,000 12,445,000
============ ============
Page 5 of 15
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED DECEMBER 31,
------------------------------
1998 1997
------------ ------------
Revenue $187,809,000 $208,879,000
Cost of sales 173,594,000 196,424,000
------------ ------------
Gross profit 14,215,000 12,455,000
------------ ------------
Operating expenses:
Salaries and wages 5,335,000 4,402,000
Provision for bad debts 288,000 203,000
Other 4,042,000 3,246,000
------------ ------------
9,665,000 7,851,000
------------ ------------
Income from operations 4,550,000 4,604,000
Other income, net 551,000 573,000
------------ ------------
Income before income taxes 5,101,000 5,177,000
Provision for income taxes 1,122,000 1,029,000
------------ ------------
Net income $ 3,979,000 $ 4,148,000
============ ============
Basic earnings per common share $ 0.32 $ 0.34
============ ============
Weighted average shares 12,304,000 12,163,000
============ ============
Diluted earnings per common share $ 0.32 $ 0.33
============ ============
Weighted average shares - diluted 12,399,000 12,501,000
============ ============
Page 6 of 15
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED DECEMBER 31,
------------------------------
1998 1997
------------ ------------
Cash flows from operating activities:
Net income $ 11,580,000 $ 12,076,000
------------ ------------
Adjustments to reconcile net income
to net cash provided by operating activities -
Depreciation and amortization 2,090,000 1,769,000
Provision for bad debts 2,360,000 217,000
Deferred income tax provision 185,000 508,000
Other non-cash operating credits (115,000) (424,000)
Changes in assets and liabilities:
(Increase) decrease in -
Accounts receivable (15,566,000) (9,605,000)
Inventories 28,000 (1,677,000)
Prepaid expenses and other current assets (928,000) (1,919,000)
Other assets 354,000 80,000
Increase (decrease) in -
Accounts payable and accrued expenses 1,182,000 7,691,000
Customer deposits 270,000 (310,000)
Accrued salaries and wages 528,000 208,000
Income taxes payable (1,506,000) 1,662,000
Deferred compensation (272,000) (44,000)
------------ ------------
Total adjustments (11,390,000) (1,844,000)
------------ ------------
Net cash provided by operating activities 190,000 10,232,000
------------ ------------
Cash flows from investing activities:
Additions to property, plant and equipment (4,340,000) (2,279,000)
Advances to aviation joint venture, net (885,000) (259,000)
Issuance of notes receivable (300,000) --
Proceeds from notes receivable 913,000 655,000
------------ ------------
Net cash used in investing activities $ (4,612,000) $ (1,883,000)
------------ ------------
Page 7 of 15
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Continued)
NINE MONTHS ENDED DECEMBER 31,
-----------------------------
1998 1997
------------ ------------
Cash flows from financing activities:
Dividends paid on common stock $ (1,873,000) $ (1,824,000)
Borrowings under revolving credit facility, net 3,460,000 --
Repayment of long-term debt (87,000) (96,000)
Proceeds from issuance of common stock 296,000 --
------------ ------------
Net cash provided by (used in) financing activities 1,796,000 (1,920,000)
------------ ------------
Net (decrease) increase in cash and cash equivalents (2,626,000) 6,429,000
Cash and cash equivalents, at beginning of period 14,459,000 11,035,000
------------ ------------
Cash and cash equivalents, at end of period $ 11,833,000 $ 17,464,000
============ ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 147,000 $ 87,000
============ ============
Income taxes $ 4,577,000 $ 1,583,000
============ ============
SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING ACTIVITIES:
Cash dividends declared, but not yet paid, totaling $613,000 and $608,000 are
included in accounts payable and accrued expenses as of December 31, 1998 and
1997, respectively.
During the nine months ended December 31, 1998, the Company borrowed $3,540,000
for the repurchase of 289,600 shares of the Company's common stock. The
repurchased common stock is shown in the treasury stock section of the balance
sheet. The stock purchases were made pursuant to an August 1998 Board of
Directors authorization to repurchase up to $6,000,000 of the Company's common
stock. The Company also received 10,754 shares of the Company's common stock
from the escrowed shares related to the acquisition of the Baseops group, in
settlement for $138,000 of uncollectible accounts receivable.
During the nine months ended December 31, 1998, the Company reclassified
approximately $5,828,000 from accounts receivable to notes receivable. The notes
receivable are shown in the Prepaid and other current assets and in the Other
assets sections of the balance sheet.
Page 8 of 15
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
THE NINE MONTHS ENDED DECEMBER 31, 1998 COMPARED TO THE NINE MONTHS ENDED
DECEMBER 31, 1997
The Company's revenue for the nine months ended December 31, 1998 was
$561,160,000, a decrease of $39,818,000, or 6.6%, as compared to revenue of
$600,978,000 for the corresponding period of the prior year, the result of a
substantial decline in world oil prices. The Company's revenue during these
periods was attributable to the following segments:
NINE MONTHS ENDED DECEMBER 31,
1998 1997
------------ -------------
Aviation Fueling $243,999,000 $291,852,000
Marine Fueling 299,004,000 289,367,000
Oil Recycling 18,157,000 19,759,000
------------ ------------
Total Revenue $561,160,000 $600,978,000
============ ============
The aviation fueling segment contributed $243,999,000 in revenue for the
nine months ended December 31, 1998. This represented a decrease in revenue of
$47,853,000, or 16.4%, as compared to the same period of the prior year. The
decrease in revenue was due to decreases in the average price per gallon and the
volume of gallons sold. The marine fueling segment contributed $299,004,000 in
revenue for the nine months ended December 31, 1998, an increase of $9,637,000,
or 3.3%, over the corresponding period of the prior year. The increase in
revenue was related primarily to an increase in the volume of metric tons sold,
partially offset by a decrease in the average sales price per metric ton sold.
The oil recycling segment contributed $18,157,000 in revenue for the nine months
ended December 31, 1998, a decrease of $1,602,000, or 8.1%, as compared to the
same period of the prior year. The decrease in revenue was due to decreases in
the volume and average sales price per gallon of recycled oil sold, partially
offset by higher used oil and waste water collection revenue.
The Company's gross profit of $43,874,000 for the nine months ended
December 31, 1998 increased $8,112,000, or 22.7%, as compared to the same period
of the prior year. The Company's gross margin increased from 6.0% for the nine
months ended December 31, 1997, to 7.8% for the nine months ended December 31,
1998. The Company's aviation fueling business achieved a 9.1% gross margin for
the nine months ended December 31, 1998, as compared to 5.6% achieved for the
same period during the prior year. This resulted principally from a decline in
the average price per gallon sold, as well as an increase in the average gross
profit per gallon and the addition of Baseops, an aviation services company
which the Company acquired effective January 1998. The Company's marine fueling
segment achieved a 5.6% gross margin for the nine months ended December 31,
1998, as compared to a 4.6% gross margin for the same period of the prior year.
This was the result of lower world oil prices. The gross margin in the Company's
oil recycling segment decreased from 30.3% for the nine months ended December
31, 1997, to 26.0% for the nine months ended December 31, 1998. This decrease
resulted from a lower gross profit per gallon of recycled oil sold, due
primarily to lower fuel prices and the fixed costs of this segment.
Page 9 of 15
Total operating expenses for the nine months ended December 31, 1998 were
$30,214,000, an increase of $8,621,000, or 39.9%, as compared to the same period
of the prior year. The increase resulted primarily from the inclusion of
operating expenses for the Baseops companies, an increase in the provision for
bad debts in the aviation and marine segments, and expenses incurred in business
expansion activities.
The Company's income from operations for the nine months ended December
31, 1998 was $13,660,000, a decrease of $509,000, or 3.6%, as compared to the
same period of the prior year. Income from operations during these periods
was attributable to the following segments:
NINE MONTHS ENDED DECEMBER 31,
1998 1997
------------- ------------
Aviation Fueling $ 9,999,000 $ 10,023,000
Marine Fueling 5,878,000 4,359,000
Oil Recycling 2,006,000 3,773,000
Corporate Overhead (4,223,000) (3,986,000)
------------ ------------
Total Income from Operations $ 13,660,000 $ 14,169,000
============ ============
The aviation fueling segment's income from operations was $9,999,000 for
the nine months ended December 31, 1998, a decrease of $24,000, or 0.2%, as
compared to the nine months ended December 31, 1997. This resulted from a
decrease in the volume of gallons sold and an increase in operating expenses, as
previously discussed. Largely offsetting was a higher average gross profit per
gallon sold. The marine fueling segment earned $5,878,000 in income from
operations for the nine months ended December 31, 1998, an increase of
$1,519,000, or 34.8%, over the corresponding period of the prior year. This
increase was primarily the result of a higher volume of metric tons traded,
partially offset by higher operating expenses, as previously discussed. Income
from operations of the oil recycling segment decreased by $1,767,000, or 46.8%,
for the nine months ended December 31, 1998, as compared to the same period of
the prior year. This resulted from a decrease in gross profit due to lower world
oil prices and higher operating expenses.
Other income for the nine months ended December 31, 1998 decreased
$611,000, or 35.9% over the corresponding period of the prior year, as a result
of lower earnings from the Company's aviation joint venture. The Company's
effective income tax rate for the nine months ended December 31, 1998 was 21.5%,
as compared to 23.9% for the same period of the prior year. This decrease is the
result of a true-up of U.S. income taxes for overaccruals in prior periods and
an overall decline in foreign taxes.
Net income for the nine months ended December 31, 1998 was $11,580,000, a
decrease of $496,000, or 4.1%, as compared to net income of $12,076,000 for the
nine months ended December 31, 1997. Diluted earnings per share of $0.92 for the
nine months ended December 31, 1998 exhibited a $0.05, or 5.2% decrease over the
$0.97 achieved during the same period of the prior year.
Page 10 of 15
THE THREE MONTHS ENDED DECEMBER 31, 1998 COMPARED TO THE THREE MONTHS ENDED
DECEMBER 31, 1997
The Company's revenue for the three months ended December 31, 1998 was
$187,809,000, a decrease of $21,070,000, or 10.1%, as compared to revenue of
$208,879,000 for the corresponding period of the prior year, the result of a
substantial decline in world oil prices. The Company's revenue during these
periods was attributable to the following segments:
THREE MONTHS ENDED DECEMBER 31,
1998 1997
------------ --------------
Aviation Fueling $ 81,422,000 $ 96,398,000
Marine Fueling 100,490,000 105,656,000
Oil Recycling 5,897,000 6,825,000
------------ ------------
Total Revenue $187,809,000 $208,879,000
============ ============
The aviation fueling segment contributed $81,422,000 in revenue for the
three months ended December 31, 1998. This represented a decrease in revenue of
$14,976,000, or 15.5%, as compared to the same period of the prior year. The
decrease in revenue was largely due to a lower average price per gallon sold, as
well as a lower volume of gallons sold. The marine fueling segment contributed
$100,490,000 in revenue for the three months ended December 31, 1998, a decrease
of $5,166,000, or 4.9%, over the corresponding period of the prior year. The
decrease in revenue was related primarily to a decrease in the average sales
price per metric ton sold, partially offset by an increase in the volume of
metric tons sold. The oil recycling segment contributed $5,897,000 in revenue
for the three months ended December 31, 1998, a decrease of $928,000, or 13.6%,
as compared to the same period of the prior year. The decrease in revenue was
due to a decrease in the average sales price per gallon of recycled oil sold and
a decrease in the volume of recycled oil sold, partially offset by higher used
oil and waste water collection revenue.
The Company's gross profit of $14,215,000 for the three months ended
December 31, 1998, increased $1,760,000, or 14.1%, as compared to the same
period of the prior year. The Company's gross margin increased from 6.0% for the
three months ended December 31, 1997, to 7.6% for the three months ended
December 31, 1998. The Company's aviation fueling business achieved a 9.3% gross
margin for the three months ended December 31, 1998, as compared to 5.8%
achieved for the same period during the prior year. This resulted principally
from the decline in the average price per gallon sold, as well as from an
increase in the average gross profit per gallon sold and the addition of
Baseops. The Company's marine fueling segment achieved a 5.0% gross margin for
the three months ended December 31, 1998, as compared to a 4.8% gross margin for
the same period of the prior year. This resulted from a decrease in the average
price per metric ton. The gross margin in the Company's oil recycling segment
increased from 26.0% for the three months ended December 31, 1997, to 27.5% for
the three months ended December 31, 1998. This increase resulted from higher
used oil and wastewater collection revenue, and a higher gross profit per gallon
of recycled oil sold.
Page 11 of 15
Total operating expenses for the three months ended December 31, 1998 were
$9,665,000, an increase of $1,814,000, or 23.1%, as compared to the same period
of the prior year. The increase resulted primarily from the inclusion of
operating expenses for the Baseops group of companies.
The Company's income from operations for the three months ended
December 31, 1998 was $4,550,000, a decrease of $54,000, or 1.2%, as compared
to the same period of the prior year. Income from operations during these
periods was attributable to the following segments:
THREE MONTHS ENDED DECEMBER 31,
1998 1997
----------- -------------
Aviation Fueling $ 3,717,000 $ 3,155,000
Marine Fueling 1,813,000 1,802,000
Oil Recycling 593,000 1,004,000
Corporate Overhead (1,573,000) (1,357,000)
----------- -----------
Total Income from Operations $ 4,550,000 $ 4,604,000
=========== ===========
The aviation fueling segment's income from operations was $3,717,000 for
the three months ended December 31, 1998, an increase of $562,000, or 17.8%, as
compared to the three months ended December 31, 1997. This resulted from an
increase in the average gross profit per gallon sold, partially offset by a
decrease in volume and an increase in operating expenses due to a higher
provision for bad debts, and expenses related to Baseops and business expansion
activities. The marine fueling segment earned $1,813,000 in income from
operations for the three months ended December 31, 1998, consistent with the
corresponding period of the prior year. Income from operations of the oil
recycling segment decreased by $411,000, or 40.9%, for the three months ended
December 31, 1998, as compared to the same period of the prior year. This
segment was adversely impacted by the significantly lower world oil prices,
which reduced gross profit, and an increase in operating expenses.
Net income for the three months ended December 31, 1998 was $3,979,000, a
decrease of $169,000, or 4.1%, as compared to net income of $4,148,000 for the
three months ended December 31, 1997. Diluted earnings per share of $0.32 for
the three months ended December 31, 1998 exhibited a $0.01, or 3.0% decrease
over the $0.33 achieved during the same period of the prior year.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents amounted to $11,833,000 at December 31, 1998, as
compared to $14,459,000 at March 31, 1998. The principal uses of cash and cash
equivalents during the nine months of fiscal 1999 were $4,340,000 for capital
expenditures and $1,873,000 in dividends paid on common stock. Other components
of changes in cash and cash equivalents are detailed in the Consolidated
Statements of Cash Flows.
Page 12 of 15
Working capital as of December 31, 1998 was $70,289,000 exhibiting a
$10,188,000 increase from working capital as of March 31, 1998. As of December
31, 1998, the Company's accounts receivable, excluding the allowance for bad
debts, amounted to $93,689,000, an increase of $7,447,000, as compared to the
March 31, 1998 balance. In the aggregate, accounts payable, accrued expenses and
customer deposits increased $1,441,000. The net increase in trade credit of
$6,006,000 was primarily attributable to the marine segment. The allowance for
bad debts as of December 31, 1998 amounted to $4,663,000, an increase of $69,000
compared to the March 31, 1998 balance. During the nine months of fiscal 1999,
the Company charged $2,360,000 to the provision for bad debts and had
charge-offs in excess of recoveries of $2,291,000.
Prepaid and other current assets as of December 31, 1998 were $11,868,000,
exhibiting an increase of $5,931,000 from the March 31, 1998 balance. The
increase was largely related to the reclassification of $5,828,000 in accounts
receivable to notes receivable. Accrued salaries and wages increased $528,000
during the nine months of fiscal 1999, resulting from higher performance
bonuses.
Capital expenditures for the nine months of fiscal 1999 consisted
primarily of $1,485,000 for the implementation of a new financial and sales
information system and $1,982,000 in plant, machinery and equipment related to
the oil recycling segment. During the fourth quarter of fiscal 1999, the Company
anticipates spending approximately $800,000 to complete the implementation of
the financial and sales system and $500,000 to upgrade plant, machinery and
equipment. The Company also anticipates spending an estimated $1,000,000
sometime in the future, if and when it may be required to clean up contamination
which was present at one of the Company's sites when it was acquired by the
Company. The clean up costs will be capitalized as part of the cost of the site,
up to the fair market value of the site.
Stockholders' equity amounted to $98,255,000, or $8.04 per share at
December 31, 1998, compared to $91,911,000, or $7.36 per share at March 31,
1998. This increase of $6,344,000 was due to $11,580,000 in earnings for the
nine months ended December 31, 1998 and $296,000 from the issuance of common
stock, partially offset by $1,862,000 in declared dividends and $3,540,000 for
the purchase of treasury stock.
The Company's working capital requirements are not expected to vary
substantially for the fourth quarter of fiscal 1999. The Company expects to meet
its cash requirements for the balance of fiscal 1999 from existing cash,
operations and additional borrowings, as necessary, under its existing credit
facility. The Company's business has not been significantly affected by
inflation during the periods discussed in this report.
YEAR 2000 ISSUE
The Company has been evaluating date-sensitive software and equipment for
Year 2000 compliance. The Company is currently implementing a financial and
sales system, which is Year 2000 compliant, and is expected to be completed by
September 30, 1999. There can be no assurance that there will not be an adverse
effect on the Company if third parties do not convert their systems in a timely
manner and in a way that is compatible with the Company's systems.
Page 13 of 15
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
27 Financial Data Schedule (for SEC use only).
(a) During the three months ended December 31, 1998, the Company did
not file any reports on Form 8-K.
Page 14 of 15
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
DATE: February 2, 1999 WORLD FUEL SERVICES CORPORATION
By: /s/ JERROLD BLAIR
------------------------
JERROLD BLAIR
PRESIDENT
By: /s/ CARLOS A. ABAUNZA
------------------------
CARLOS A. ABAUNZA
CHIEF FINANCIAL OFFICER
(Principal Financial and
Accounting Officer)
Page 15 of 15