World Fuel Services 2004 Annual Report Download

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2004 Annual Report
local presence
global reach
Fueling Relationships Around The World

Table of contents

  • Page 1
    Fueling Relationships Around The World global reach local presence 2004 Annual Report

  • Page 2
    ... 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. mission statement O ur mission is to sustain...

  • Page 3
    ...Statement Data Revenue $5,654,373 Income from operations 36,976 Net income 28,559 Diluted earnings per share $1.22 Diluted weighted average shares 23,454 Balance Sheet Data Total assets Stockholders' equity Financial...the Company's Form 10-K (as amended) for the year ended December 31, 2004. Revenue ...

  • Page 4
    ... presence Paul H. Stebbins Chairman and Chief Executive Officer Michael J. Kasbar President and Chief Operating Officer To Our Shareholders: 2 004 was a great year in every area of our business and we were very pleased with the results. Our global team has delivered strong financial performance...

  • Page 5
    ... fleets and in 2004 entered into fuel procurement agreements with Sentient Jets and Delta Air Elite. Both programs are off to a great start. Baseops, our flight services business, had its best year ever and our alliance with Jeppesen has resulted in over 500 new fuel customers. We have achieved...

  • Page 6
    ... restatements, the Company still reported record revenues and earnings in 2004. That being said, the Company and its entire management team are committed to our financial statements being fully GAAP compliant and to ensuring that our investors have confidence in the financial information we provide...

  • Page 7
    ...LLP Miami, Florida Stock Listing Corporate Headquarters World Fuel Services Corporation 9800 Northwest 41st Street, Suite 400 Miami, Florida 33178 Telephone: (305) 428-8000 Fax: (305) 392-5621 Website: www.worldfuel.com Common Stock is traded on the New York Stock Exchange (NYSE) under the symbol...

  • Page 8
    ... Telephone: 90 216 411 4127 Fax: 90 216 411 4160 AVIATION FUEL SERVICES DIRECTORY United States 9800 N.W. 41st Street, Suite 400 Miami, Florida 33178 Telephone: (305) 428-8000 Fax: (305) 392-5621 333 Cypress Run, Suite 200 Houston, Texas 77094 Telephone: (281) 556-2400 Fax: (281) 556-2557 4995 East...

  • Page 9
    senior management Paul H. Stebbins Chairman and Chief Executive Officer Michael J. Kasbar President and Chief Operating Officer Michael S. Clementi President and Chief Operating Officer World Fuel Services, Inc. Francis X. Shea Executive Vice President and Chief Risk and Administrative Officer ...

  • Page 10
    ... Miami, Florida (Address of Principal Executive Offices) 59-2459427 (I.R.S. Employer Identification No.) 33178 (Zip Code) Registrant' s Telephone Number, including area code: (305) 428-8000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered: New...

  • Page 11
    ... 10-K/A") to the Company' s Annual Report on Form 10-K for the period ended December 31, 2004, initially filed with the Securities and Exchange Commission (the "SEC") on March 31, 2005 (the "Original 10-K Filing"), is being filed to restate the Company' s consolidated statements of cash flows for...

  • Page 12
    ... Matters and Issuer Purchases of Equity Securities Selected Financial Data Management' s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with...

  • Page 13
    ... reports, proxy and information statements and other information related to issuers that file electronically with the SEC. Our marine fuel services business is conducted from offices located in the United States, United Kingdom, Denmark, Norway, Russia, Germany, Costa Rica, Brazil, Chile, Argentina...

  • Page 14
    ... laws. In addition, we, or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the SEC or in oral statements made to the press, potential investors or others. All statements that are not historical facts are "forward...

  • Page 15
    ...consolidated revenue. Aviation Fuel Services We market aviation fuel and related services to passenger, cargo and charter airlines, as well as corporate customers and the United States and foreign governments. Our aviation related services include fuel management, price risk management, flight plans...

  • Page 16
    ... action in our market areas. Any credit losses, if significant, would have a material adverse effect on our financial position and results of operations. Business conducted outside of the United States subjects us to legal, monetary and political risks, as well as currency exchange risks, and may...

  • Page 17
    ... denominated in U.S. dollars. However, in certain markets, primarily in Mexico, Colombia and the United Kingdom, payments to our fuel suppliers and from some of our customers are denominated in local currency. This subjects us to foreign currency exchange risk. Although we use hedging strategies to...

  • Page 18
    If we are unable to retain our senior management and key employees, our business and results of operations could be harmed. Our ability to maintain our competitive position is dependent largely on the services of our senior management and professional team. If we are unable to retain the existing ...

  • Page 19
    ...operating results. We are also subject to possible claims by customers, employees and others who may be injured by a fuel spill, exposure to fuel, or other accidents... to service our indebtedness. At December 31, 2004, we had a total of $50.0 million of debt bearing a weighted average interest rate...

  • Page 20
    ... PROPERTIES Location Corporate 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA Marine Fuel Services 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA Raritan Plaza III 101 Fieldcrest Avenue Suite 2B Edison, NJ 08837, USA 2 Greenwich Office Park Greenwich, CT 06830, USA 1101...

  • Page 21
    ..., United Kingdom Gammelbyved 2 Karise, Denmark 4653 Vasteland 6 3011 BK Rotterdam, Netherlands Niels Juels gate 11 B 0272 Oslo, Norway Oficentro Ejécutivo La Sabana Sur, Edificio #7, Piso 2 San José, Costa Rica Avenida Libertad 798, Suite 301 Vina del Mar, Chile Tucuman 373 Pis 3, 1049 CF Buenos...

  • Page 22
    ... Bromley, Kent BR1 1LT, United Kingdom Av. Rio Branco 181/3004 Rio de Janeiro, Brazil 20040 007 Aviation Fuel Services 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA 333 Cypress Run #200 Houston, Texas 77094, USA 4995 East Anderson Avenue Fresno, CA 93727, USA 238A Thompson Road #17-08...

  • Page 23
    ...Signature as to PAFCO, and the County as to World Fuel Services Corporation and our other subsidiaries. In November 2004, World Fuel was served with process in a lawsuit titled Action Manufacturing Co., Inc. et al. v. Simon Wrecking Company, et al. This action, pending in U.S. Federal District Court...

  • Page 24
    ... Analysis of Financial Condition and Results of Operations." On March 1, 2005, our Board of Directors approved a quarterly cash dividend of $0.0375 per share for 2005. For information regarding our issuances of common stock, see Note 5 to the accompanying consolidated financial statements, included...

  • Page 25
    ... Data WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL DATA (In thousands, except earnings per share data) For the Nine Months ended December 31, 2002 Restated For the Year ended December 31, 2004 2003 2002 Restated Restated (Unaudited) Consolidated Income Statement Data Revenue...

  • Page 26
    ... 31, 2004, 2003 and 2002, respectively, and $116 thousand at March 31, 2002. Included in Operating expenses were executive severance charges of $4.5 million relating to the termination of employment of our former Chief Executive Officer, Chief Financial Officer, Chief Information Officer, and...

  • Page 27
    ... 31, 2003 2003 2002 2002 Previously Previously Reported Restated Reported Restated (Unaudited) (Unaudited) Consolidated Statement of Income Revenue Cost of sales Gross profit Operating expenses Income from operations Income from continuing operations before income taxes Provision for income taxes...

  • Page 28
    NOTES TO SELECTED FINANCIAL DATA (Continued) For the Year ended March 31, 2002 2001 Previously Restated Reported 2002 Previously Reported Consolidated Statement of Income Revenue Cost of sales Gross profit Operating expenses Income from operations Income from continuing operations before income ...

  • Page 29
    ..., as well as to corporate customers and the United States and foreign governments. We provide competitive prices, credit terms, fuel management and price risk management services, and single-supplier convenience. We also offer flight plans and weather reports to our corporate aviation customers. In...

  • Page 30
    ... have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of...

  • Page 31
    ...or aviation industries, and continued conflicts and instability in the Middle East, Asia and Latin America, as well as potential future terrorist activities and possible military retaliation. In addition, because fuel costs represent a significant part of a vessel' s and airline's operating expenses...

  • Page 32
    ..., as well as additional sales to new and existing customers. The remaining revenue increase of $134.4 million was due to a 6.8% increase in the average price per metric ton sold. Our aviation fuel services segment contributed $2.62 billion in revenue for the year ended December 31, 2004, an increase...

  • Page 33
    ... the Year ended December 31, 2004 2003 Restated Marine fuel services Aviation fuel services Corporate overhead Total $ $ 23,150 29,093 52,243 (15,267) 36,976 $ $ 18,476 21,970 40,446 (13,104) 27,342 The marine fuel services segment earned $23.2 million in income from operations for the year ended...

  • Page 34
    ... amounts were for our former Chief Financial Officer, Chief Information Officer, and two other executives. Excluding the 2002 executive severance charges, the increase in operating expenses of $14.5 million related to all three categories of expenses: salaries and wages, provision for bad debts...

  • Page 35
    ... Resources In our marine and aviation fuel services businesses, our primary use of cash is to fund fuel purchases relating to sales of fuel to our customers. We are usually extended unsecured trade credit from our suppliers for our fuel purchases; however, certain suppliers require us to provide...

  • Page 36
    ... 31, 2003. This increase was primarily due to changes in our fuel supply process and increased business activities in our aviation services segment, as well as the acquisition of Tramp Oil. As of December 31, 2004, prepaid expenses and other current assets increased $32.3 million primarily due...

  • Page 37
    ...of the surety bonds posted relate to our aviation fuel services business. As of December 31, 2004, we had approximately $19.3 million in outstanding bonds. Lease Commitments As of December 31, 2004, our future minimum lease payments under non-cancelable operating leases for rental properties were as...

  • Page 38
    ... Agreements Our Chairman and Chief Executive Officer ("CEO") and our President and Chief Operating Officer ("COO") are employed pursuant to employment agreements which, among other provisions, provide for an individual base salary of $525 thousand, an employment term that expires in July 2007...

  • Page 39
    ... that all share-based payments to employees be recognized in the financial statements based on their grant-date fair value. Under previous guidance, companies had the option of recognizing the fair value of stock-based compensation in the consolidated financial statements or disclosing the pro forma...

  • Page 40
    ... resulting cash flows are reported as cash flows from operating activities. Derivative instruments designated as cash flow hedges are used by us to mitigate the risk of variability in cash flows from marine and aviation fuel sales and purchases due to changes in market prices. Fair value derivatives...

  • Page 41
    ...markets, such as Mexico, Colombia and the United Kingdom, payments to some of our fuel suppliers and receipts from some of our customers are denominated in local currency. This subjects us to foreign currency exchange risk, which may adversely affect our results of operations and financial condition...

  • Page 42
    ... is recorded, processed, summarized and reported within the time periods specified in the SEC' s rules and forms, and that such information is accumulated and communicated to the Company' s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely...

  • Page 43
    ... Company's internal control over financial reporting as of December 31, 2004 has been audited by PricewaterhouseCoopers LLP, an independent registered certified public accounting firm, as stated in their report appearing on pages 35 and 37 of this 2004 Annual Report. Item 9B. Other Information None...

  • Page 44
    PART III Item 10. Directors and Executive Officers of the Registrant The information set forth under the captions "Election of Directors," "Information Concerning Executive Officers," and "Section 16(a) Beneficial Ownership Reporting Compliance" in our Proxy Statement for the 2005 Annual Meeting of...

  • Page 45
    ..., 2002, with Mr. Michael Kasbar, President and Chief Operating Officer, is incorporated by reference to our Transition Report on Form 10-K filed March 20, 2003. Amendment to Employment Agreement with Mr. Paul Stebbins, Chairman to the Board of Directors and Chief Executive Officer, dated October 29...

  • Page 46
    ...with Mr. Michael S. Clementi, President and Chief Operating Officer of the Aviation Division. 2003 Executive Incentive Plan is incorporated by reference to our Schedule 14A filed April 23, 2004. Acquisition Agreement dated as of April 2, 2004, between the World Fuel Services European Holding Company...

  • Page 47
    ... principles generally accepted in the United States of America. These financial statements are the responsibility of the Company' s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance...

  • Page 48
    ...nature, timing, and extent of audit tests applied in our audit of the 2004 consolidated financial statements, and our opinion regarding the effectiveness of the Company' s internal control over financial reporting does not affect our opinion on those consolidated financial statements. Page 36 of 72

  • Page 49
    ... criteria, World Fuel Services Corporation has not maintained effective internal control over financial reporting as of December 31, 2004, based on criteria established in Internal Control - Integrated Framework issued by the COSO. Management and we previously concluded that the Company did not...

  • Page 50
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of December 31, 2004 Assets Current assets: Cash and cash equivalents Accounts and notes receivable, net of allowance for bad debts of $11,277 and $10,538 at December ...

  • Page 51
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except earnings per share data) For the Nine Months ended December 31, 2002 Restated For the Year ended December 31, 2004 2003 2002 Restated Restated (Unaudited) Revenue Cost of sales Gross profit ...

  • Page 52
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (In thousands, except share data) Capital in Common Stock Excess of Shares Amount Par Value Balance at March 31, 2002 as previously reported Effect of restatement (see Note 2) Balance at March 31, 2002 ...

  • Page 53
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Nine Months Ended December 31, 2002 Restated For the Year ended December 31, 2004 2003 2002 Restated Restated Restated (Unaudited) Cash flows from operating activities: Net income ...

  • Page 54
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Continued) For the Nine Months Ended December 31, 2002 For the Year ended December 31, 2004 2003 2002 (Unaudited) Supplemental Disclosures of Cash Flow Information Cash paid during the period for:...

  • Page 55
    .... In April 2004 and January 2002, we assumed short-term debt of $35.3 million and $1.5 million, respectively, in connection with the acquisition of businesses. See Notes 1 and 3 to the consolidated financial statements for additional information. In connection with the restricted common stock and...

  • Page 56
    ..., as well as to corporate customers and the United States and foreign governments. We provide competitive prices, credit terms, fuel management and price risk management services, and single-supplier convenience. We also offer flight plans and weather reports to our corporate aviation customers. In...

  • Page 57
    ... in net earnings from aviation joint venture. Effective January 1, 2004, with the implementation of the Financial Accounting Standard Board ("FASB") Interpretation No. 46 ("FIN No. 46"), we consolidated PAFCO' s financial position and results of operations, after elimination of all significant...

  • Page 58
    ... resulting cash flows are reported as cash flows from operating activities. Derivative instruments designated as cash flow hedges are used by us to mitigate the risk of variability in cash flows from marine and aviation fuel sales and purchases due to changes in market prices. Fair value derivatives...

  • Page 59
    ..., 2004 we had the following commodity related derivative instruments outstanding with average underlying prices that represent hedged prices of commodities at various market locations: Notional Amount Settlement Period Derivative Instrument Marine (metric tons) Aviation (gallons) Average Underlying...

  • Page 60
    Page 48 of 72

  • Page 61
    ...as of December 31, 2004, goodwill in each of our reporting units is not considered impaired. Accordingly, no impairment charges were recognized. Revenue Recognition Revenue is recognized when fuel deliveries are made and title passes to the customer, or as fuel related services are performed. Income...

  • Page 62
    ... principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue...

  • Page 63
    ... types of debt. As of December 31, 2004, the carrying value of the long-term debt approximated the fair value of such instruments. Stock-Based Compensation Effective April 2002, we adopted the accounting provision of Statement of Financial Accounting Standards ("SFAS") No. 123, "Accounting for...

  • Page 64
    .... Diluted earnings per share is based on the sum of the weighted average number of common shares outstanding, non-vested restricted common stock and common stock equivalents arising out of employee stock options and non-employee stock options and warrants. Our net income is the same for basic and...

  • Page 65
    ... that all share-based payments to employees be recognized in the financial statements based on their grant-date fair value. Under previous guidance, companies had the option of recognizing the fair value of stock-based compensation in the consolidated financial statements or disclosing the pro forma...

  • Page 66
    ..., this causes delays in our receiving the necessary information for invoicing. As a result of these delays, the Company had historically recorded revenue and sales related costs when supporting documentation relating to fuel deliveries and related services had been received from third parties. The...

  • Page 67
    ... flows from operating activities or investing activities or financing activities for any of the interim periods of 2004 or 2003. The following table sets forth the impact of the restatement on amounts previously reported within cash flows from financing activities in the consolidated statements of...

  • Page 68
    ... letters of credit totaled $28.4 million. Our weighted average daily outstanding borrowings during the years ended December 31, 2004 and 2003 were $26.7 million and $5.8 million, respectively. The Credit Agreement imposes certain operating and financial restrictions on us. Our failure to comply with...

  • Page 69
    ... are repatriated. In December 2004, the FASB issued Staff Position ("FSP") No. 109-2, "Accounting and Disclosure Guidance for the Foreign Earnings Repatriation Provision within the American Jobs Creation Act of 2004." The American Jobs Creation Act of 2004 (the "Act"), signed into law on October 22...

  • Page 70
    ... 2004 Restated Excess of provision for bad debts over charge-offs Net operating loss Income tax credits Excess of tax over financial reporting for depreciation of fixed assets Excess of tax over financial reporting amortization of identifiable intangibles and goodwill Accrued compensation expenses...

  • Page 71
    ...' s termination of service as a director of the company for any reason, or upon a change of control of the company, the participant receives a number of shares of common stock equal to the number of stock units credited to his account. Stock units issued to non-employee directors are recorded as...

  • Page 72
    ... 2001. The 2001 Plan is administered by the Compensation Committee of the Board of Directors (the "Compensation Committee") and its purpose is to recruit, reward, and motivate all executives and key employees of the Company to work as a team to achieve our corporate goal of maximizing shareholder...

  • Page 73
    ... be "qualified" or "nonqualified" under the Internal Revenue Code of 1986, as amended, or stock appreciation rights, or other stock or non-stock-based awards, including but not limited to stock units, performance units, or dividend equivalent payments. The 2001 Plan is unlimited in duration and, in...

  • Page 74
    ... 10.31 (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) 1,134 96 1,230 Plan name or description 2001 Plan 1996 Plan 1986 Plan Directors Plan The following table summarizes the status of our stock options...

  • Page 75
    .... As of December 31, 2004, we had no material non-cancelable operating leases for office and computer equipment or service contracts with minimum service fee commitments. Concentration of Credit Risk Our marine and aviation businesses extend unsecured credit to most of their customers. Part of our...

  • Page 76
    ...also incur credit losses due to other causes, including deteriorating conditions in the world economy, or in the shipping or aviation industries, and continued conflicts and instability in the Middle East, Asia and Latin America, as well as potential future terrorist activities and possible military...

  • Page 77
    ... he will not be an officer or director of the company. Pursuant to the terms of our former Chairman and CEO' s employment contract, the changes in his compensation and responsibilities entitles him to receive a severance equal to three times his average salary and bonus during the five-year period...

  • Page 78
    ... In September 2003, the Compensation Committee amended our Executive Incentive Plan to provide for long-term incentive awards ("LTIP awards") in addition to the annual bonuses already provided in the plan. Under the terms of the plan, as amended, our five senior executives are eligible to receive...

  • Page 79
    ... 31, 2004 and 2003, annual bonuses for senior executives amounted to $3.3 million and $3.2 million, respectively, and was included in Accrued salaries and wages in the accompanying consolidated balance sheets. We maintain long-term service award programs under which certain key employees receive...

  • Page 80
    ...aviation joint venture. Effective January 1, 2004, with the implementation of the FIN No. 46, we consolidated PAFCO' s financial position and results of operations...For the Year ended December 31, 2004 2003 2002 Restated Revenue Gross profit Income from operations Other (expense) income, net Provision...

  • Page 81
    ... 9. Business Segments, Geographic Information, and Major Customers Business Segments We market fuel and related services, and have two reportable operating segments: marine and aviation fuel services. Performance measurement and resource allocation for the reportable operating segments are based on...

  • Page 82
    ..., 2004 2003 2002 Restated Restated ( ) Revenue: Marine fuel services Aviation fuel services Income from operations: Marine fuel services Aviation fuel services Corporate overhead $ Depreciation and amortization: Marine fuel services Aviation fuel services Corporate Capital expenditures: Marine fuel...

  • Page 83
    ... of December 31, 2004 2003 Restated Total assets: United States Singapore United Kingdom Other foreign countries $ 270,659 179,116 178,609 83,787 712,171 $ 177,815 105,093 45,636 72,306 400,850 $ $ Major Customers During each of the periods presented on the consolidated statements of income, none...

  • Page 84
    ... at June 30, 2004 and September 30, 2004 under the credit facility agreement in short-term debt. In order to correct the above described items, interim consolidated financial statements for 2004 and 2003 are being restated in amendments on Form 10-Q/A to the Company' s Quarterly Reports on Form 10...

  • Page 85
    ... undersigned, thereunto duly authorized, on the 6th day of May 2005. WORLD FUEL SERVICES CORPORATION /s/ Michael J. Kasbar Michael J. Kasbar Director, President, and Chief Operating Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Amendment No. 1 to Form 10-K has...

  • Page 86
    ... International S.R.L., a Costa Rica corporation - World Fuel Singapore Holding Company I Pte. Ltd., a Singapore corporation - World Fuel Singapore Holding Company II Pte. Ltd., a Singapore corporation - World Fuel Services (Singapore) Pte. Ltd., a Singapore corporation - Trans-Tec Services (Japan...

  • Page 87
    ... This corporation is owned 97% by Inversione SCG SA and 3% by SCG Agencia de Naves SA (9) This corporation is owned 94% by World Fuel Singapore Holding Company I Pte. Ltd. and 1% by each of World Fuel Services Thailand I through VI LLCs (10) This corporation is owned 35% by Tramp Oil & Marine (South...

  • Page 88
    ... to the financial statements, management' s assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting, which appears in this Amendment No. 1 to Form 10-K. /s/ PricewaterhouseCoopers LLP Miami, Florida May 5, 2005

  • Page 89
    ... OF THE CHIEF EXECUTIVE OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Paul H. Stebbins, certify that: 1. 2. I have reviewed this Amendment No. 1 to Form 10-K of World Fuel Services Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact...

  • Page 90
    ... financial information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b. Date: May 6, 2005 /s/ Michael J. Kasbar Michael J. Kasbar President and Chief Operating Officer

  • Page 91
    ... information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b. Date: May 6, 2005 /s/ Robert S. Tocci Robert S. Tocci Executive Vice-President and Chief Financial Officer

  • Page 92
    ... the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; The registrant's other certifying officers...

  • Page 93
    9800 N.W. 41st Street • Suite 400 • Miami, Florida 33178 (305) 428-8000 • (305) 392-5621 Fax • www.worldfuel.com • (NYSE: INT)

  • Page 94
    ...the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. (ii) Date: May 6, 2005 /s/ Paul H. Stebbins Paul H. Stebbins Chairman and Chief Executive Officer /s/ Michael J. Kasbar Michael J. Kasbar President...