World Fuel Services 2004 Annual Report Download - page 83

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Geographic Information
Information concerning our operations, as segregated between U.S. and foreign, is presented as follows, based on the
country of incorporation of the relevant subsidiary (in thousands):
For the Nine
Months
ended
For the Year ended December 31, December 31,
2004 2003 2002 2002
Restated Restated Restated
(Unaudited)
Revenue:
United States 2,441,973$ 1,178,418$ 1,040,143$ 840,869$
Singapore 1,726,072 789,101 280,612 238,163
United Kingdom 893,118 278,676 244,844 199,012
Other foreign countries 593,210 425,362 338,766 273,663
Total 5,654,373$ 2,671,557$ 1,904,365$ 1,551,707$
Income (loss) from operations:
United States (461)$ (6,708)$ (5,598)$ (5,715)$
Singapore 19,312 16,089 8,725 6,741
United Kingdom 4,205 5,708 5,398 3,963
Other foreign countries 13,920 12,253 11,502 9,022
Total 36,976$ 27,342$ 20,027$ 14,011$
Our total assets segregated between U.S. and foreign, is presented as follows, based on the country of incorporation of the
relevant subsidiary (in thousands):
2004 2003
Restated
Total assets:
United States 270,659$ 177,815$
Singapore 179,116 105,093
United Kingdom 178,609 45,636
Other foreign countries 83,787 72,306
712,171$ 400,850$
As of December 31,
Major Customers
During each of the periods presented on the consolidated statements of income, none of our customers accounted for more
than 10% of total consolidated revenue.
10. Summary Quarterly Information (Unaudited)
The unaudited quarterly results for the year ended December 31, 2003 and the unaudited results for the three months
ended March 31, 2004, June 30, 2004, and September 30, 2004 have been restated to reflect the correction of the cutoff
procedures used by the Company for recognizing sales and sales related costs, as described in Note 2a). Under the corrected
cutoff procedures, revenues and sales related costs are recognized at the time fuel deliveries are made and related services are
performed. Because we contract with third parties for fuel deliveries and related services performance, 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. In addition, the restated quarterly amounts reflect the correction of inventory derivative
accounting. The impact of the restatement for inventory derivative accounting related to timing between the four quarters of
2003 and 2004. There was no impact on the full year 2003 and minor impact on the full year 2004.
Page 71 of 72