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): July 30, 2003
COMMISSION FILE NUMBER 1-9533
WORLD FUEL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
| Florida (State or other jurisdiction of incorporation) |
59-2459427 (I.R.S. Employer Identification No.) | |
| 9800 N.W. 41st Street, Suite 400 Miami (Address of principal executive offices) |
33178 (Zip Code) | |
Registrant’s telephone number, including area code: (305) 428-8000
Item 5. Other Events and Regulation FD Disclosure
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 record net income for the second quarter ended June 30, 2003. Net income rose 23 percent to $5.4 million, or $0.49 per diluted share, as compared to $4.4 million, or $0.41 per diluted share, for the same quarter in the prior year. For the six months ended June 30, 2003, the Company reported record earnings of $10.7 million, or $0.97 per diluted share, as compared to $8.9 million, or $0.82 per diluted share, for the same period a year ago.
“We are very pleased with our strong results, which validates our business model and demonstrates the effectiveness of team initiatives. We continue to remain on track for a good year” said Paul Stebbins, Chairman and Chief Executive Officer.
See exhibit 99.1 for the press release.
Item 7. Financial Statements and Exhibits
(c) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release dated July 30, 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: August 1, 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
NEWS RELEASE for July 30, 2003 at 8:00 AM EDT
| Contact: |
Allen & Caron Inc | World Fuel Services Corporation | ||
| Jesse Deal (Investors) | Francis X Shea, CFO & EVP | |||
| jesse@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 RECORD RESULTS
MIAMI, FL (July 30, 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 record net income for the second quarter ended June 30, 2003. Net income rose 23 percent to $5.4 million, or $0.49 per diluted share, as compared to $4.4 million, or $0.41 per diluted share, for the same quarter in the prior year. For the six months ended June 30, 2003, the Company reported record earnings of $10.7 million, or $0.97 per diluted share, as compared to $8.9 million, or $0.82 per diluted share, for the same period a year ago.
“We are very pleased with our strong results, which validates our business model and demonstrates the effectiveness of team initiatives. We continue to remain on track for a good year” said Paul Stebbins, Chairman and Chief Executive Officer.
SECOND QUARTER AND SIX MONTHS FINANCIAL HIGHLIGHTS
| Quarter Ended |
Six Months Ended | |||||||||||
| ($ in thousands, except per share data) | ||||||||||||
| 6/30/03 |
6/30/02 |
6/30/03 |
6/30/02 | |||||||||
| Revenue |
$ | 645,918 | $ | 458,909 | $ | 1,303,918 | $ | 810,193 | ||||
| Income From Operations |
$ | 5,781 | $ | 5,869 | $ | 12,699 | $ | 12,252 | ||||
| Net Income |
$ | 5,443 | $ | 4,406 | $ | 10,711 | $ | 8,879 | ||||
| Diluted earnings per share |
$ | 0.49 | $ | 0.41 | $ | 0.97 | $ | 0.82 | ||||
MORE-MORE-MORE
WORLD FUEL SERVICES REPORTS RECORD RESULTS
Page 2-2-2
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.
TABLES FOLLOW
WORLD FUEL SERVICES REPORTS RECORD RESULTS
Page 3-3-3
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
| June 30, 2003 |
December 31, 2002 | |||||
| (Unaudited) | ||||||
| ASSETS |
||||||
| CURRENT ASSETS: |
||||||
| Cash and cash equivalents |
$ | 67,576 | $ | 57,776 | ||
| Accounts and notes receivable, net |
145,901 | 177,360 | ||||
| Inventories |
13,264 | 5,144 | ||||
| Prepaid expenses and other current assets |
21,233 | 22,300 | ||||
| Total current assets |
247,974 | 262,580 | ||||
| PROPERTY AND EQUIPMENT, NET |
7,460 | 6,874 | ||||
| OTHER ASSETS: |
||||||
| Goodwill, net |
34,003 | 34,003 | ||||
| Intangible assets, net |
1,288 | 1,472 | ||||
| Other |
9,912 | 7,358 | ||||
| $ | 300,637 | $ | 312,287 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||
| CURRENT LIABILITIES: |
||||||
| Short-term debt |
$ | 1,493 | $ | 2,527 | ||
| Accounts payable |
80,991 | 97,560 | ||||
| Accrued expenses |
51,502 | 66,012 | ||||
| Other current liabilities |
19,975 | 14,260 | ||||
| Total current liabilities |
153,961 | 180,359 | ||||
| LONG-TERM LIABILITIES |
8,861 | 4,198 | ||||
| COMMITMENTS AND CONTINGENCIES |
||||||
| STOCKHOLDERS’ EQUITY |
137,815 | 127,730 | ||||
| $ | 300,637 | $ | 312,287 | |||
MORE – MORE – MORE
WORLD FUEL SERVICES REPORTS RECORD RESULTS
Page 4-4-4
| WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED—IN THOUSANDS, EXCEPT PER SHARE DATA)
|
|||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
| June 30, |
June 30, |
||||||||||||||||
| 2003 |
2002 |
2003 |
2002 |
||||||||||||||
| Revenue |
$ | 645,918 | $ | 458,909 | $ | 1,303,918 | $ | 810,193 | |||||||||
| Cost of sales |
(620,436 | ) | (438,803 | ) | (1,251,125 | ) | (768,941 | ) | |||||||||
| Gross profit |
25,482 | 20,106 | 52,793 | 41,252 | |||||||||||||
| Operating expenses: |
|||||||||||||||||
| Salaries and wages |
(10,647 | ) | (7,644 | ) | (20,745 | ) | (15,714 | ) | |||||||||
| Provision for bad debts |
(1,237 | ) | (641 | ) | (3,938 | ) | (1,325 | ) | |||||||||
| Other |
(7,817 | ) | (5,952 | ) | (15,411 | ) | (11,961 | ) | |||||||||
| (19,701 | ) | (14,237 | ) | (40,094 | ) | (29,000 | ) | ||||||||||
| Income from operations |
5,781 | 5,869 | 12,699 | 12,252 | |||||||||||||
| Other (expense) income, net |
482 | (311 | ) | 229 | (207 | ) | |||||||||||
| Income before income taxes |
6,263 | 5,558 | 12,928 | 12,045 | |||||||||||||
| Provision for income taxes |
(820 | ) | (1,152 | ) | (2,217 | ) | (3,166 | ) | |||||||||
| Net income |
$ | 5,443 | $ | 4,406 | $ | 10,711 | $ | 8,879 | |||||||||
| Basic earnings per share |
$ | 0.51 | $ | 0.42 | $ | 1.01 | $ | 0.86 | |||||||||
| Weighted average shares—basic |
10,600 | 10,372 | 10,592 | 10,372 | |||||||||||||
| Diluted earnings per share |
$ | 0.49 | $ | 0.41 | $ | 0.97 | $ | 0.82 | |||||||||
| Weighted average shares—diluted |
11,118 | 10,794 | 11,071 | 10,808 | |||||||||||||