World Fuel Services 2005 Annual Report Download - page 52

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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 2005
Assets:
Current assets:
Cash and cash equivalents ............................................. $ 64,178 $ 133,284
Short-term investments ............................................... — 10,000
Accounts and notes receivable, net ...................................... 490,780 688,129
Inventories ......................................................... 40,901 35,802
Prepaid expenses and other current assets ................................. 52,209 81,095
Total current assets ............................................... 648,068 948,310
Property and equipment, net ................................................ 7,092 11,579
Goodwill ............................................................... 42,347 42,123
Identifiable intangible asset, net ............................................. 7,486 6,038
Other assets ............................................................ 7,178 5,951
Total assets ................................................. $712,171 $1,014,001
Liabilities:
Current liabilities:
Short-term debt ...................................................... $ 1,100 $ 737
Accounts payable .................................................... 385,243 534,064
Customer deposits ................................................... 36,476 23,776
Accrued expenses and other current liabilities .............................. 44,166 76,979
Total current liabilities ............................................ 466,985 635,556
Long-term debt .......................................................... 50,467 20,006
Deferred compensation and other long-term liabilities ........................... 6,216 5,092
Total liabilities .............................................. 523,668 660,654
Commitments and contingencies (Note 5)
Stockholders’ Equity:
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 and
27,370,000 shares issued at December 31, 2004 and 2005, respectively ........... 255 274
Capital in excess of par value ............................................... 44,424 163,353
Retained earnings ........................................................ 159,496 195,494
Accumulated other comprehensive income .................................... — 143
Unearned deferred compensation ............................................ (4,369) (5,917)
Treasury stock, at cost; 2,684,000 shares at December 31, 2004 ................... (11,303) —
Total stockholders’ equity ......................................... 188,503 353,347
Total liabilities and stockholders’ equity .......................... $712,171 $1,014,001
The accompanying notes are an integral part of these consolidated financial statements.
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