World Fuel Services 2005 Annual Report Download - page 53

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except earnings per share data)
For the Year ended December 31,
2003 2004 2005
Revenue ................................................... $2,671,557 $5,654,373 $8,733,947
Cost of sales ............................................... 2,570,434 5,524,417 8,555,283
Gross profit ............................................ 101,123 129,956 178,664
Operating expenses:
Compensation and employee benefits .......................... 43,970 58,634 74,030
Provision for bad debts ..................................... 6,281 4,338 8,644
General and administrative .................................. 23,240 29,012 39,370
73,491 91,984 122,044
Income from operations .................................. 27,632 37,972 56,620
Other income (expense), net:
Interest income ........................................... 823 984 2,785
Interest expense and other financing costs ...................... (600) (2,631) (3,430)
Other, net ................................................ 267 (491) (147)
490 (2,138) (792)
Income before taxes ......................................... 28,122 35,834 55,828
Provision for income taxes .................................... 5,809 6,969 15,475
22,313 28,865 40,353
Minority interest in income of consolidated subsidiaries ............. 152 306 744
Net income ................................................ $ 22,161 $ 28,559 $ 39,609
Basic earnings per share ...................................... $ 1.04 $ 1.29 $ 1.67
Basic weighted average shares ................................. 21,234 22,104 23,700
Diluted earnings per share: .................................... $ 0.99 $ 1.22 $ 1.57
Diluted weighted average shares ................................ 22,338 23,454 25,214
The accompanying notes are an integral part of these consolidated financial statements.
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