MIAMI--(BUSINESS WIRE)--Jun. 2, 2014--
World Fuel Services Corporation (NYSE:INT), a leading global fuel
logistics company, principally engaged in the marketing, sale and
distribution of aviation, marine and land fuel and related products and
services, today announced that its Board of Directors has renewed the
company’s share repurchase program, authorizing the purchase of up to
$65 million in common stock. This board action replaces the remainder of
the previously announced October 2008 share repurchase authorization.
Share repurchases may be made from time to time in the open market or
through privately negotiated transactions. The timing and amount of
shares to be repurchased under the program will depend on market
conditions, share price, securities law and other legal requirements and
factors. The program does not require the purchase of any minimum number
of shares, has no expiration date and may be suspended or discontinued
at any time without prior notice.
“The renewed availability under our share repurchase program
demonstrates our continued confidence in World Fuel’s business model and
long-term strategy, and reflects our commitment to delivering value to
our shareholders,” said Ira M. Birns, executive vice president and chief
financial officer. “The additional capacity will allow us to continue to
consider repurchases from time to time, when we feel our shares are
undervalued, principally to offset the dilutive impact of employee stock
awards.”
Information Relating to Forward-Looking Statements
This release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding our expectations about our business model and
long-term strategy and plans for share repurchases. These
forward-looking statements are qualified in their entirety by cautionary
statements and risk factor disclosures contained in the company’s
Securities and Exchange Commission (“SEC”) filings, including the
company’s Annual Report on Form 10-K filed with the SEC on February 14,
2014. Actual results may differ materially from any forward-looking
statements due to risks and uncertainties, including, but not limited
to: our ability to capitalize on new market opportunities, our ability
to effectively integrate and derive benefits from acquired businesses,
potential liabilities and the extent of any insurance coverage, the
outcome of pending litigation and other proceedings, the impact of
quarterly fluctuations in results, the creditworthiness of our customers
and counterparties and our ability to collect accounts receivable,
fluctuations in world oil prices or foreign currency, changes in
political, economic, regulatory, or environmental conditions, adverse
conditions in the markets or industries in which we or our customers and
suppliers operate, our failure to effectively hedge certain financial
risks associated with the use of derivatives, non-performance by
counterparties or customers on derivatives contracts, loss of, or
reduced sales, to a significant government customer, uninsured losses,
the impact of natural disasters, adverse results in legal disputes,
unanticipated tax liabilities, our ability to retain and attract senior
management and other key employees and other risks detailed from time to
time in the company’s SEC filings. New risks emerge from time to time
and it is not possible for management to predict all such risk factors
or to assess the impact of such risks on our business. Accordingly, we
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, changes in
expectations, future events, or otherwise.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a leading global
fuel logistics company, principally engaged in the marketing, sale and
distribution of aviation, marine and land fuel and related products and
services on a worldwide basis. World Fuel Services sells fuel and
delivers services to its clients at more than 8,000 locations in more
than 200 countries and territories worldwide.
The company's global team of market makers provides deep domain
expertise in all aspects of aviation, marine and land fuel management.
Aviation customers include commercial airlines, cargo carriers, private
aircraft and fixed base operators (FBOs), as well as the United States
and foreign governments. World Fuel Services' marine customers include
international container and tanker fleets, cruise lines and time-charter
operators, as well as the United States and foreign governments. Land
customers include petroleum distributors, retail petroleum operators,
and industrial, commercial, and government accounts. The company also
offers transaction management services which consist of card payment
solutions and merchant processing services to customers in the aviation,
marine and land transportation industries. For more information, call
305-428-8000 or visit www.wfscorp.com.
Source: World Fuel Services Corporation
World Fuel Services Corporation
Ira M. Birns, 305-428-8000
Executive
Vice President & Chief Financial Officer
