World Fuel Services 2007 Annual Report Download - page 53

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ˆ1KGX9SH6MBTCW5W^Š
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64435 TX 45WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 00:11 EST
CLN PSTAM
RR Donnelley ProFile SER kirkw0cm
START PAGE
6*
PMT 2C
CHMFBUAC350855
9.9.26
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except earnings per share data)
For the Year ended December 31,
2007 2006 2005
Revenue ................................................. $13,729,555 $10,785,136 $8,733,947
Cost of sales ............................................. 13,484,283 10,571,067 8,555,283
Gross profit .......................................... 245,272 214,069 178,664
Operating expenses:
Compensation and employee benefits ........................ 94,809 82,987 74,030
Executive severance costs ................................. — 1,545 —
Provision for bad debt .................................... 1,892 3,869 8,644
General and administrative ................................ 62,683 49,022 39,370
159,384 137,423 122,044
Income from operations ................................ 85,888 76,646 56,620
Other income (expense), net:
Interest income ......................................... 5,030 5,589 2,785
Interest expense and other financing costs .................... (1,919) (2,236) (3,430)
Other, net .............................................. (2,413) 1,400 (147)
698 4,753 (792)
Income before taxes ....................................... 86,586 81,399 55,828
Provision for income taxes .................................. 21,235 17,353 15,475
65,351 64,046 40,353
Minority interest in income of consolidated subsidiaries ........... 578 98 744
Net income .............................................. $ 64,773 $ 63,948 $ 39,609
Basic earnings per share .................................... $ 2.30 $ 2.33 $ 1.67
Basic weighted average shares ............................... 28,102 27,467 23,700
Diluted earnings per share ................................... $ 2.23 $ 2.21 $ 1.57
Diluted weighted average shares .............................. 29,062 28,923 25,214
The accompanying notes are an integral part of these consolidated financial statements.
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