Form 8-K

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 2, 2005 (May 2, 2005)

 


 

WORLD FUEL SERVICES CORPORATION

(Exact name of registrant as specified in its charter)

 


 

Florida   1-9533   59-2459427

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(I.R.S. Employer

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

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 2.02 Results of Operations and Financial Condition

 

The following information is provided pursuant to Item 7.01 of Form 8-K, “Regulation FD Disclosure” and Item 2.02 of Form 8-K, “Results of Operations and Financial Condition”.

 

On May 2, 2005, World Fuel Services Corporation issued a press release reporting its financial results for the quarter ended March 31, 2005. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

 

The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933 as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 7.01. Regulation FD Disclosure

 

See “Item 2.02. Results of Operations and Financial Condition” above.

 

Item 9.01. Financial Statements and Exhibits

 

  (c) Exhibits

 

Exhibit No.

 

Description


99.1   Press Release dated May 2, 2005.


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 2, 2005    World Fuel Services Corporation
    

/s/ Michael J. Kasbar


     Michael J. Kasbar
     President and Chief Operating Officer

 

-2-

Press Release

Exhibit 99.1

 

LOGO

 

NEWS RELEASE for May 2, 2005

 

Contact:    Allen & Caron Inc    World Fuel Services Corporation
     Michael Mason (Investors)    Robert S. Tocci, CFO & EVP
     michaelm@allencaron.com    btocci@wfscorp.com
     (212) 691-8087    (305) 428-8000
     or     
     Len Hall (Media)     
     len@allencaron.com     
     (949) 474-4300     

 

WORLD FUEL SERVICES CORPORATION REPORTS FIRST QUARTER RESULTS

 

MIAMI (May 2, 2005) … 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, 2005 was $7.4 million, or $0.31 per diluted share, compared to $5.5 million, or $0.24 per diluted share, for the same quarter in the prior year.

 

Due to the recent change in our accounting for derivatives, these results include $1.3 million in unrealized losses (after tax) on the hedging of fuel inventories and open purchase commitments. These unrealized losses will be off-set with the profit on product sales in future periods.

 

“We are pleased with these results which reflect the company’s strong momentum coming off 2004”, said Paul Stebbins, Chairman and Chief Executive Officer. “Our business is strong and there are many opportunities which represent good prospects for the balance of 2005.”

 

FIRST QUARTER FINANCIAL HIGHLIGHTS

 

     Quarter Ended

     ($ in thousands, except per share data)

     3/31/05    3/31/04

Revenue

   $ 1,774,586    $ 914,596

Income From Operations

   $ 8,403    $ 7,117

Net Income

   $ 7,382    $ 5,520

Diluted earnings per share

   $ 0.31    $ 0.24

 

MORE-MORE-MORE


WORLD FUEL SERVICES CORPORATION REPORTS FIRST QUARTER RESULTS

Page 2-2-2

 

About World Fuel Services Corporation

 

Headquartered in Miami, Florida, 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 2,500 airports and seaports worldwide. With 42 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.wfscorp.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 CORPORATION REPORTS FIRST QUARTER RESULTS

Page 3-3-3

 

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(UNAUDITED-IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 

     As of

     March 31,
2005


   December 31,
2004


ASSETS

             

CURRENT ASSETS:

             

Cash and cash equivalents

   $ 54,359    $ 64,178

Accounts and notes receivable, net

     541,178      490,780

Inventories

     41,209      40,901

Prepaid expenses and other current assets

     79,563      52,209
    

  

Total current assets

     716,309      648,068

PROPERTY AND EQUIPMENT, NET

     6,902      7,092

OTHER ASSETS

     59,014      57,011
    

  

     $ 782,225    $ 712,171
    

  

LIABILITIES AND STOCKHOLDERS’ EQUITY

             

CURRENT LIABILITIES:

             

Short-term debt

   $ 475    $ 1,100

Accounts payable

     398,591      385,243

Customer deposits

     28,364      36,476

Accrued expenses and other current liabilities

     61,581      44,166
    

  

Total current liabilities

     489,011      466,985

LONG-TERM LIABILITIES

     97,651      56,683

COMMITMENTS AND CONTINGENCIES

             

STOCKHOLDERS’ EQUITY

     195,563      188,503
    

  

     $ 782,225    $ 712,171
    

  

 

MORE – MORE – MORE


WORLD FUEL SERVICES CORPORATION REPORTS FIRST QUARTER 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

March 31,


 
     2005

    2004

 

Revenue

   $ 1,774,586     $ 914,596  

Cost of sales

     (1,739,075 )     (888,318 )
    


 


Gross profit

     35,511       26,278  
    


 


Operating expenses:

                

Salaries and wages

     (14,266 )     (10,188 )

Provision for bad debts

     (2,491 )     (885 )

Other

     (10,351 )     (8,088 )
    


 


       (27,108 )     (19,161 )
    


 


Income from operations

     8,403       7,117  

Other (expense) income, net

     (77 )     66  
    


 


Income before income taxes

     8,326       7,183  

Provision for income taxes

     (944 )     (1,663 )
    


 


Net income

   $ 7,382     $ 5,520  
    


 


Basic earnings per share

   $ 0.33     $ 0.26  
    


 


Weighted average shares - basic

     22,410       21,610  
    


 


Diluted earnings per share

   $ 0.31     $ 0.24  
    


 


Weighted average shares - diluted

     23,941       22,970  
    


 


 

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