Exhibit 99.1
[WORLD FUEL SERVICES CORPORATION LOGO]
NEWS RELEASE for May 1, 2003 at 8:00 AM EDT
Contact: Allen & Caron World Fuel Services Corporation
Michael Mason (Investors) Francis X. Shea, CFO & EVP
michaelm@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 STRONG FIRST-QUARTER RESULTS
MIAMI (May 1, 2003) ... 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 first quarter ended
March 31, 2003, rose 18 percent to $5.3 million, or $0.48 per diluted share, as
compared to $4.5 million, or $0.42 per diluted share, for the same quarter the
prior year.
Revenue for the first quarter ended March 31, 2003, was $658.0 million,
versus $351.3 million in the same quarter of the prior year, reflecting
significant increases in business volumes in the aviation segment and higher
fuel prices for both the marine and aviation segments.
"We are very pleased with these results, which validate our business
model and demonstrate strong performance in a difficult operating environment,"
said Paul Stebbins, Chairman and Chief Executive Officer. "Our team has done a
great job and we are right on track for a good year."
FIRST QUARTER FINANCIAL HIGHLIGHTS
----------------------------------
Quarter Ended
-------------------------
($ in thousands) 3/31/03 3/31/02
---------------- ------- -------
Revenue $658,000 $351,284
Income from Operations $6,918 $6,383
Net Income $5,268 $4,473
Diluted earnings per share $0.48 $0.42
WORLD FUEL SERVICES REPORTS STRONG FIRST-QUARTER RESULTS
About World Fuel Services Corporation
- -------------------------------------
Headquartered in Miami, FL, 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
1,100 airports and seaports worldwide. With 30 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.
WORLD FUEL SERVICES REPORTS STRONG FIRST-QUARTER RESULTS
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
March 31, December 31,
2003 2002
--------- ------------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 49,800 $ 57,776
Accounts and notes receivable, net 182,913 177,360
Inventories 14,350 5,144
Prepaid expenses and other current assets 23,440 22,300
-------- --------
Total current assets 270,503 262,580
PROPERTY AND EQUIPMENT, NET 7,333 6,874
OTHER ASSETS:
Goodwill, net 34,003 34,003
Intangible assets, net 1,380 1,472
Other 7,620 7,358
-------- --------
$320,839 $312,287
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt $ 2,439 $ 2,527
Accounts payable 96,211 97,560
Accrued expenses 53,339 66,012
Other current liabilities 16,400 14,260
-------- --------
Total current liabilities 168,389 180,359
LONG-TERM LIABILITIES 19,933 4,198
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY 132,517 127,730
-------- --------
$320,839 $312,287
======== ========
WORLD FUEL SERVICES REPORTS STRONG FIRST-QUARTER RESULTS
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
March 31,
--------------------------
2003 2002
--------- ---------
Revenue $ 658,000 $ 351,284
Cost of sales (630,689) (330,138)
--------- ---------
Gross profit 27,311 21,146
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Operating expenses:
Salaries and wages (10,098) (8,070)
Provision for bad debts (2,701) (684)
Other (7,594) (6,009)
--------- ---------
(20,393) (14,763)
--------- ---------
Income from operations 6,918 6,383
Other (expense) income, net (253) 104
--------- ---------
Income before income taxes 6,665 6,487
Provision for income taxes (1,397) (2,014)
--------- ---------
Net income $ 5,268 $ 4,473
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Basic earnings per share $ 0.50 $ 0.43
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Weighted average shares - basic 10,584 10,391
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Diluted earnings per share $ 0.48 $ 0.42
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Weighted average shares - diluted 11,034 10,776
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