World Fuel Services 2005 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 of the 2005 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
8. Summary Quarterly Information (Unaudited)
The following is a summary of the unaudited quarterly results for 2004 and 2005 (in thousands, except
earnings per share data):
March 31,
2004
June 30,
2004
September 30,
2004
December 31,
2004
Revenue ........................................ $914,596 $1,379,956 $1,568,974 $1,790,847
Gross profit ..................................... $ 26,278 $ 30,756 $ 29,674 $ 43,248 (1)
Net income ...................................... $ 5,520 $ 6,379 $ 5,439 $ 11,221 (2)
Basic earnings per share ............................ $ 0.26 $ 0.29 $ 0.24 $ 0.50 (2)
Diluted earnings per share (3) ........................ $ 0.24 $ 0.27 $ 0.23 $ 0.47 (2)
March 31,
2005
June 30,
2005
September 30,
2005
December 31,
2005
Revenue ....................................... $1,774,586 $2,117,749 $2,307,357 $2,534,255
Gross profit .................................... $ 35,511 $ 41,062 $ 46,237 $ 55,854
Net income .................................... $ 7,382 $ 9,565 $ 10,692 $ 11,970 (4)
Basic earnings per share .......................... $ 0.33 $ 0.43 $ 0.47 $ 0.44 (4)
Diluted earnings per share ......................... $ 0.31 $ 0.40 $ 0.44 $ 0.42 (4)
(1) Includes the write-down of inventory associated with the exiting of the Panamanian market of
approximately $2.1 million.
(2) Reflects a charge of $824 thousand, or $0.04 per basic and diluted share, relating to an inventory write-
down associated with the exiting of the Panamanian market, net of taxes and reduced performance based
compensation.
(3) Diluted earnings per share is computed independently for each quarter and the full year based upon
respective weighted average shares outstanding. Therefore, the sum of the quarterly diluted earnings per
share amounts may not equal the annual diluted earnings per share amount reported.
(4) Reflects an additional tax expense of approximately $2.8 million, or $0.11 per basic share and $0.10 per
diluted share, related to the decision to repatriate foreign earnings related to the American Jobs Creation Act
of 2004.
71