MIAMI--(BUSINESS WIRE)--Sep. 12, 2016--
World Fuel Services Corporation (NYSE: INT) today announced that its
Board of Directors has authorized the purchase of up to $100 million in
common stock. This board action replaces the previously announced June
2015 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.
In addition, the Company’s Board of Directors also declared its
quarterly cash dividend of $0.06 per share payable on October 12, 2016
to shareholders of record on September 23, 2016.
“Our business continues to generate strong cash flows, with $471 million
of operating cash flow over the 12-month period ending June 30, 2016,”
said Ira M. Birns, executive vice president and chief financial officer.
“Today’s announcement demonstrates our confidence in World Fuel’s
long-term prospects and continued commitment to enhancing shareholder
value, through a combination of dividends and share repurchases,
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 long-term prospects 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 16, 2016. Actual results may
differ materially from any forward-looking statements due to risks and
uncertainties, including, but not limited to: our ability to effectively
integrate and derive benefits from acquired businesses, our ability to
capitalize on new market opportunities, 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 global fuel
logistics, transaction management and payment processing company,
principally engaged in the distribution of fuel and related products and
services in the aviation, marine and land transportation industries.
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, residential 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160912006539/en/
Source: World Fuel Services Corporation
World Fuel Services Corporation
Ira M. Birns, Executive Vice
President &
Chief Financial Officer
or
Glenn Klevitz
Vice
President, Assistant Treasurer
305-428-8000