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): November 15, 2005 (November 15, 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 7.01. Regulation FD Disclosure
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 November 15, 2005, World Fuel Services Corporation issued a press release reporting its financial results for the quarter and nine months ended September 30, 2005. The Company also announced that a conference call has been scheduled for Wednesday, November 16th, at 11 AM ET to discuss its results. 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 9.01. Financial Statements and Exhibits
| (c) | Exhibits |
| Exhibit No. |
Description | |
| 99.1 | Press Release dated November 15, 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: November 15, 2005 | World Fuel Services Corporation | |
| /s/ R. Alexander Lake | ||
| R. Alexander Lake | ||
| General Counsel and Corporate Secretary | ||
-2-
Exhibit 99.1
NEWS RELEASE for November 15, 2005 at 6:00 a.m. EST
| Contact: | Allen & Caron Inc | World Fuel Services Corporation | ||
| Michael Mason (Investors) | Robert S. Tocci, EVP & CFO | |||
| 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 REPORTS EXCELLENT RESULTS FOR THE THIRD QUARTER AND
THE FIRST NINE MONTHS OF 2005
Earnings Conference Call Scheduled for Wednesday, November 16 at 11:00 a.m. EST
MIAMI, FL (November 15, 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 its results for the third quarter and the first nine months of 2005.
Net income for the third quarter of 2005 rose 97% to $10.7 million, or $0.44 per diluted share, as compared to $5.4 million, or $0.23 per diluted share, for the same quarter in the prior year. For the first nine months of 2005, the Company reported earnings of $27.6 million, or $1.15 per diluted share, as compared to $17.3 million, or $0.74 per diluted share, for the same period a year ago.
“We are very pleased with our results through the third quarter and anticipate reporting another record year,” said Paul Stebbins, Chairman and Chief Executive Officer. “In addition, with the completion of our equity offering, we have strengthened our capital base and are well positioned to fund further business expansion.”
A conference call has been scheduled for Wednesday, November 16th, at 11:00 AM ET to discuss the Company’s results.
To join the call from Canada and the US, dial 1 (800) 205-6183; International calls may be placed by dialing 1 (415) 908-4701. In addition, the call will be broadcast live simultaneously over the Internet and may be accessed online by going to the Company’s site at www.wfscorp.com or by going to http://phx.corporate-ir.net/playerlink.zhtml?c=101792&s=wm&e=1152502.
A replay of the call will be available through November 23, 2005, and may be accessed from Canada and the US by dialing 1 (800) 633-8284 and entering conference ID number 21269191; International calls may be placed by dialing 1 (402) 977-9140. A replay of the webcast will also be available through December 31, 2005, at the URLs noted above.
MORE-MORE-MORE
WORLD FUEL SERVICES REPORTS EXCELLENT RESULTS FOR THE THIRD QUARTER AND THE FIRST NINE MONTHS OF 2005
Page 2-2-2
THIRD QUARTER AND NINE MONTHS FINANCIAL HIGHLIGHTS
| Quarter Ended |
Nine Months Ended | |||||||||||
| ($ in thousands, except per share data) | ||||||||||||
| 9/30/05 |
9/30/04 |
9/30/05 |
9/30/04 | |||||||||
| Revenue |
$ | 2,307,357 | $ | 1,568,974 | $ | 6,199,692 | $ | 3,863,526 | ||||
| Income From Operations |
$ | 15,942 | $ | 6,573 | $ | 36,881 | $ | 23,147 | ||||
| Net Income |
$ | 10,692 | $ | 5,439 | $ | 27,639 | $ | 17,338 | ||||
| Diluted earnings per share |
$ | 0.44 | $ | 0.23 | $ | 1.15 | $ | 0.74 | ||||
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the marketing and sale of marine and aviation fuel products and related services. World Fuel Services provides fuel and related services at more than 2,500 airports and seaports worldwide. With 43 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 international container and tanker fleets and time-charter operators. For more information, call (305) 428-8000 or visit www.wfscorp.com.
Forward-Looking Statements
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 EXCELLENT RESULTS FOR THE THIRD QUARTER AND THE FIRST NINE MONTHS OF 2005
Page 3-3-3
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited - In thousands)
| As of | ||||||
| September 30, 2005 |
December 31, 2004 | |||||
| ASSETS |
||||||
| CURRENT ASSETS: |
||||||
| Cash and cash equivalents |
$ | 165,677 | $ | 64,178 | ||
| Accounts and notes receivable, net |
683,101 | 490,780 | ||||
| Inventories |
50,419 | 40,901 | ||||
| Receivables related to derivative contracts |
89,143 | 9,724 | ||||
| Prepaid expenses and other current assets |
64,790 | 42,485 | ||||
| Total current assets |
1,053,130 | 648,068 | ||||
| PROPERTY AND EQUIPMENT, NET |
9,189 | 7,092 | ||||
| OTHER ASSETS |
59,762 | 57,011 | ||||
| $ | 1,122,081 | $ | 712,171 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||
| CURRENT LIABILITIES: |
||||||
| Short-term debt |
$ | 492 | $ | 1,100 | ||
| Accounts payable |
604,127 | 385,243 | ||||
| Payables related to derivative contracts |
87,975 | 10,102 | ||||
| Customer deposits |
30,333 | 36,476 | ||||
| Accrued expenses and other current liabilities |
32,674 | 34,064 | ||||
| Total current liabilities |
755,601 | 466,985 | ||||
| LONG-TERM LIABILITIES |
24,245 | 56,683 | ||||
| COMMITMENTS AND CONTINGENCIES |
||||||
| STOCKHOLDERS’ EQUITY |
342,235 | 188,503 | ||||
| $ | 1,122,081 | $ | 712,171 | |||
MORE-MORE-MORE
WORLD FUEL SERVICES REPORTS EXCELLENT RESULTS FOR THE THIRD QUARTER AND THE FIRST NINE MONTHS OF 2005
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 September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
| 2005 |
2004 |
2005 |
2004 |
|||||||||||||
| Revenue |
$ | 2,307,357 | $ | 1,568,974 | $ | 6,199,692 | $ | 3,863,526 | ||||||||
| Cost of sales |
2,261,120 | 1,539,300 | 6,076,882 | 3,776,818 | ||||||||||||
| Gross profit |
46,237 | 29,674 | 122,810 | 86,708 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Salaries and wages |
17,259 | 13,494 | 47,378 | 35,276 | ||||||||||||
| Provision for bad debts |
2,477 | 572 | 6,572 | 2,811 | ||||||||||||
| Other |
10,559 | 9,035 | 31,979 | 25,474 | ||||||||||||
| 30,295 | 23,101 | 85,929 | 63,561 | |||||||||||||
| Income from operations |
15,942 | 6,573 | 36,881 | 23,147 | ||||||||||||
| Other expense, net |
(795 | ) | (288 | ) | (1,183 | ) | (1,917 | ) | ||||||||
| Income before income taxes |
15,147 | 6,285 | 35,698 | 21,230 | ||||||||||||
| Provision for income taxes |
4,438 | 784 | 7,589 | 3,641 | ||||||||||||
| 10,709 | 5,501 | 28,109 | 17,589 | |||||||||||||
| Minority interest in income of consolidated subsidiaries |
17 | 62 | 470 | 251 | ||||||||||||
| Net income |
$ | 10,692 | $ | 5,439 | $ | 27,639 | $ | 17,338 | ||||||||
| Basic earnings per share |
$ | 0.47 | $ | 0.24 | $ | 1.22 | $ | 0.79 | ||||||||
| Basic weighted average shares |
22,966 | 22,340 | 22,608 | 22,008 | ||||||||||||
| Diluted earnings per share |
$ | 0.44 | $ | 0.23 | $ | 1.15 | $ | 0.74 | ||||||||
| Diluted weighted average shares |
24,436 | 23,632 | 24,127 | 23,382 | ||||||||||||
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