World Fuel Services 2005 Annual Report Download - page 30

Item 6. Selected Financial Data
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(In thousands, except earnings per share data)
As of and
for the
Year
ended
March 31,
2002 (1)(2)
As of and for
the Nine
Months
ended
December 31,
2002 (1)
As of and for the Year ended December 31,
2002 (1)(2) 2003 2004 (2) 2005
(Unaudited)
Revenue .................................. $1,369,392 $1,551,707 $1,904,365 $2,671,557 $5,654,373 $8,733,947
Cost of sales .............................. 1,293,568 1,488,587 1,820,538 2,570,434 5,524,417 8,555,283
Gross profit ........................... 75,824 63,120 83,827 101,123 129,956 178,664
Operating expenses (3) ....................... 54,626 49,036 63,688 73,491 91,984 122,044
Income from operations ................. 21,198 14,084 20,139 27,632 37,972 56,620
Other income (expense), net (4) ................ 1,869 (1,998) (1,898) 490 (2,138) (792)
Income from operations before income taxes ..... 23,067 12,086 18,241 28,122 35,834 55,828
Provision for income taxes ................... 5,947 1,934 3,948 5,809 6,969 15,475
17,120 10,152 14,293 22,313 28,865 40,353
Minority interest in income of consolidated
subsidiaries ............................. 136 105 140 152 306 744
Net income ............................... $ 16,984 $ 10,047 $ 14,153 $ 22,161 $ 28,559 $ 39,609
Basic earnings per share: ..................... $ 0.82 $ 0.48 $ 0.68 $ 1.04 $ 1.29 $ 1.67
Basic weighted average shares ................ 20,762 20,936 20,898 21,234 22,104 23,700
Diluted earnings per share: ................... $ 0.80 $ 0.46 $ 0.65 $ 0.99 $ 1.22 $ 1.57
Diluted weighted average shares ............... 21,292 21,800 21,790 22,338 23,454 25,214
Cash dividends declared per share ............. $ 0.20 $ 0.11 $ 0.15 $ 0.15 $ 0.15 $ 0.15
Cash and cash equivalents (5) ................. $ 58,172 $ 57,776 $ 76,256 $ 64,178 $ 133,284
Accounts and notes receivable, net ............. 161,054 212,578 243,612 490,780 688,129
Total current assets ......................... 240,459 295,289 354,663 648,068 948,310
Total assets ............................... 285,243 344,996 400,850 712,171 1,014,001
Total current liabilities ...................... 160,294 212,016 246,595 466,985 635,556
Total long-term liabilities .................... 7,633 4,198 4,537 56,683 25,098
Total stockholders’ equity (5) .................. 117,316 128,782 149,718 188,503 353,347
(1) In August 2002, we changed our fiscal year-end from March 31st to a calendar year-end of December 31st. We initiated this change so
we could be more directly comparable to other public companies that use a calendar year for their fiscal year. This change was first
effective with respect to the nine months ended December 31, 2002. The results for the calendar year ended December 31, 2002,
presented for comparison purposes, are unaudited. The 2002 calendar year results combined the audited results for the nine months ended
December 31, 2002 and the unaudited results for the three months ended March 31, 2002.
(2) We acquired the Oil Shipping group of companies in January 2002 and Tramp Oil in April 2004. These acquisitions were accounted for
as purchases. Accordingly, the results of operations of these acquisitions were included with our results since their respective dates of
acquisition.
(3) In connection with the amortization of the unearned deferred compensation for restricted common stock, stock options and stock-settled
stock appreciation rights granted to employees and non-employee directors over the minimum vesting period of each individual award,
we recorded total share-based compensation cost, which was included in operating expenses, of $0.2 million for the year ended
March 31, 2002, $0.4 million and $0.5 million for the nine months and year ended December 31, 2002, respectively, and $0.9 million,
$1.7 million and $4.0 million for 2003, 2004 and 2005, respectively. Also 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 two other executives during the nine months and year ended December 31, 2002.
(4) Included in other income (expense), net for the nine months and year ended December 31, 2002 was a charge of $1.6 million in
connection with the settlement of the remaining balance due us from the sale of our oil-recycling segment. Also included in other income
16