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64435 TX 84WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 00:14 EST
CLN PSTAM
RR Donnelley ProFile SER kirkw0cm 5*
PMT 2C
CHMFBUAC350855
9.9.26
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
7. Summary Quarterly Information (Unaudited)
The following is a summary of the unaudited quarterly results for 2007 and 2006 (in thousands, except
earnings per share data):
March 31,
2007
June 30,
2007
September 30,
2007
December 31,
2007
Revenue ....................................... $2,702,209 $3,273,359 $3,608,465 $4,145,522
Gross profit .................................... $ 51,168 $ 57,988 $ 62,275 $ 73,841
Net income .................................... $ 14,829 $ 16,988 $ 14,826 (1) $ 18,130 (2)
Basic earnings per share (4) ........................ $ 0.53 $ 0.61 $ 0.53 (1) $ 0.64 (2)
Diluted earnings per share ......................... $ 0.51 $ 0.58 $ 0.51 (1) $ 0.63 (2)
March 31,
2006
June 30,
2006
September 30,
2006
December 31,
2006
Revenue ....................................... $2,534,006 $2,856,852 $2,775,545 $2,618,733
Gross profit .................................... $ 49,745 $ 51,442 $ 55,161 $ 57,721
Net income .................................... $ 14,977 $ 14,503 $ 17,199 $ 17,269 (3)
Basic earnings per share .......................... $ 0.56 $ 0.53 $ 0.62 $ 0.62 (3)
Diluted earnings per share ........................ $ 0.52 $ 0.50 $ 0.59 $ 0.60 (3)
(1) Reflects an after-tax impairment charge of approximately $1.3 million, or $0.05 per basic and diluted share,
related to a $1.9 million write-down of a short-term investment.
(2) Reflects an after-tax impairment charge of approximately $1.7 million, or $0.06 per basic and diluted share,
for a $2.4 million internally developed computer software costs related to an aviation project.
(3) Reflects an after-tax benefit of approximately $1.0 million, or $0.03 per basic share and $0.04 per diluted
share, related to a $1.5 million settlement of certain claims made against the former owners of Tramp Oil.
(4) Basic 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 basic earnings per share amounts
may not equal the annual basic earnings per share amount reported.
84