World Fuel Services 2004 Annual Report Download - page 51

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except earnings per share data)
For the
Nine Months
ended
For the Year ended December 31, December 31,
2004 2003 2002 2002
Restated Restated Restated
(Unaudited)
Revenue 5,654,373$ 2,671,557$ 1,904,365$ 1,551,707$
Cost of sales (5,524,417) (2,570,434) (1,820,538) (1,488,587)
Gross profit 129,956 101,123 83,827 63,120
Operating expenses:
Salaries and wages (51,849) (38,820) (31,456) (23,458)
Executive severance charges - - (4,492) (4,492)
Provision for bad debts (4,338) (6,281) (2,866) (2,182)
Other (36,793) (28,680) (24,986) (18,977)
(92,980) (73,781) (63,800) (49,109)
Income from operations 36,976 27,342 20,027 14,011
Other (expense) income, net:
Interest income 984 823 1,547 1,227
Interest expense (1,635) (310) (602) (389)
Earnings from aviation
joint ventures, net - 493 413 310
Settlement charge - - (1,577) (1,577)
Other, net (797) (378) (1,707) (1,601)
(1,448) 628 (1,926) (2,030)
Income from operations before
income taxes 35,528 27,970 18,101 11,981
Provision for income taxes (6,969) (5,809) (3,948) (1,934)
Net income 28,559$ 22,161$ 14,153$ 10,047$
Basic earnings per share 1.29$ 1.04$ 0.68$ 0.48$
Weighted average shares - basic 22,104 21,234 20,898 20,936
Diluted earnings per share: 1.22$ 0.99$ 0.65$ 0.46$
Diluted weighted average shares 23,454 22,338 21,790 21,800
The accompanying notes are an integral part of these consolidated financial statements.
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