World Fuel Services 2004 Annual Report Download - page 50

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
As of December 31,
2004 2003
Restated
Current assets:
Cash and cash equivalents 64,178$ 76,256$
Accounts and notes receivable, net of allowance for bad debts of $11,277 and $10,538 at
December 31, 2004 and 2003, respectively 490,780 243,612
Inventories 40,901 14,847
Prepaid expenses and other current assets 52,209 19,948
Total current assets 648,068 354,663
Property and equipment:
Leasehold and improvements 2,577 2,022
Office equipment, furniture, computer equipment and software 16,637 14,606
19,214 16,628
Accumulated depreciation and amortization (12,122) (9,665)
7,092 6,963
Other:
Goodwill, net of amortization of $3,565 at December 31, 2004 and 2003 42,347 36,860
Identifiable intangible asset, net of amortization of $1,914 and $736 at December 31, 2004
and 2003, respectively 7,486 1,104
Other assets 7,178 1,260
712,171$ 400,850$
Current liabilities:
Short-term debt 1,100$ 1,600$
Accounts payable 385,243 213,945
Customer deposits 36,476 6,320
Accrued salaries and wages 10,652 9,687
Income taxes payable 6,015 4,423
Accrued expenses and other current liabilities 27,499 10,620
Total current liabilities 466,985 246,595
Long-term liabilities:
Long-term debt 50,467 1,936
Deferred compensation and other long-term liabilities 6,216 2,601
523,668 251,132
Commitments and contingencies
Preferred stock, $1.00 par value; 100,000 shares authorized, none issued - -
Common stock, $0.01 par value; 50,000,000 shares authorized, 25,530,000 shares issued and
outstanding at December 31, 2004 and 2003 255 255
Capital in excess of par value 44,424 34,545
Retained earnings 159,496 134,315
Unearned deferred compensation (4,369) (2,788)
Treasury stock, at cost; 2,684,000 and 3,946,000 shares at December 31, 2004 and 2003, respectively (11,303) (16,609)
188,503 149,718
712,171$ 400,850$
The accompanying notes are an integral part of these consolidated financial statements.
Assets
Stockholders' Equity
Liabilities
Page 38 of 72