UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------------- Date of Report (Date of earliest event reported): May 1, 2003 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 (I.R.S. Employer of incorporation) Identification No.) 9800 N.W. 41st Street, Suite 400 Miami 33178 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (305) 428-8000
Item 5. Other Events and Regulation FD Disclosure On May 1, 2003, World Fuel Services Corporation (the "Company" or "World Fuel") 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 $351.3 million in the same quarter of the prior year, reflecting significant increases in business volumes in the aviation segment and higher fuel prices for both the marine and aviation segments. "We are very pleased with these results, which validate our business model and demonstrate strong performance in a difficult operating environment," said Paul Stebbins, Chairman and Chief Executive Officer. "Our team has done a great job and we are right on track for a good year." FIRST QUARTER FINANCIAL HIGHLIGHTS ---------------------------------- ($ in thousands, except earnings per share) Quarter Ended ------------------------ 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 See exhibit 99.1 for the press release. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit No. Description ----------- ----------- 99.1 Press Release dated May 1, 2003.
SIGNATURES Pursuant to the requirements 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: May 6, 2003 World Fuel Services Corporation /s/ Michael J. Kasbar --------------------------------------- Michael J. Kasbar President and Chief Operating Officer /s/ Francis X. Shea --------------------------------------- Francis X. Shea Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)
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 ======== ======== 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 --------- --------- 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 ========= ========= Basic earnings per share $ 0.50 $ 0.43 ========= ========= Weighted average shares - basic 10,584 10,391 ========= ========= Diluted earnings per share $ 0.48 $ 0.42 ========= ========= Weighted average shares - diluted 11,034 10,776 ========= =========