World Fuel Services 2008 Annual Report Download - page 29

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Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with the consolidated
financial statements and related notes thereto and Part II, Item 7 of this report appearing under the caption,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other financial
data and “Risk Factors” included elsewhere in this report. The historical results are not necessarily indicative of
the operating results to be expected in the future. All financial information presented has been prepared in U.S.
dollars and in accordance with accounting principles generally accepted in the United States.
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(In thousands, except earnings and dividends per share data)
For the Year ended December 31,
2008 (1) 2007 (2) 2006 2005 2004 (3)
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . $18,509,403 $13,729,555 $10,785,136 $8,733,947 $5,654,373
Cost of sales . . . . . . . . . . . . . . . . . . . . . . 18,114,020 13,484,283 10,571,067 8,555,283 5,524,417
Gross profit . . . . . . . . . . . . . . . . . . . 395,383 245,272 214,069 178,664 129,956
Operating expenses (4) . . . . . . . . . . . . . . . 241,643 159,384 137,423 122,044 91,984
Income from operations . . . . . . . . . 153,740 85,888 76,646 56,620 37,972
Other (expense) income, net . . . . . . . . . . (16,165) 698 4,753 (792) (2,138)
Income from operations before income
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,575 86,586 81,399 55,828 35,834
Provision for income taxes . . . . . . . . . . . 32,370 21,235 17,353 15,475 6,969
105,205 65,351 64,046 40,353 28,865
Minority interest in income of
consolidated subsidiaries . . . . . . . . . . . 166 578 98 744 306
Net income . . . . . . . . . . . . . . . . . . . . . . . $ 105,039 $ 64,773 $ 63,948 $ 39,609 $ 28,559
Basic earnings per share: . . . . . . . . . . . . . $ 3.66 $ 2.30 $ 2.33 $ 1.67 $ 1.29
Basic weighted average shares . . . . . . . . 28,697 28,102 27,467 23,700 22,104
Diluted earnings per share: . . . . . . . . . . . $ 3.62 $ 2.23 $ 2.21 $ 1.57 $ 1.22
Diluted weighted average shares . . . . . . . 29,029 29,062 28,923 25,214 23,454
Cash dividends declared per share . . . . . $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15
As of December 31,
2008 (1) 2007 (2) 2006 2005 (5) 2004 (3)
Cash, cash equivalents and short-term
investments . . . . . . . . . . . . . . . . . . . . . $ 322,452 $ 44,251 $ 188,995 $ 143,284 $ 64,178
Accounts receivable, net . . . . . . . . . . . . . 676,100 1,370,656 860,084 689,605 490,780
Total current assets . . . . . . . . . . . . . . . . . 1,172,150 1,665,308 1,196,091 948,310 648,068
Total assets . . . . . . . . . . . . . . . . . . . . . . . 1,404,626 1,798,046 1,277,400 1,014,001 712,171
Total current liabilities . . . . . . . . . . . . . . 751,046 1,231,111 826,761 635,556 466,985
Total long-term liabilities . . . . . . . . . . . . 45,693 83,058 24,670 25,098 56,683
Total shareholders’ equity . . . . . . . . . . . . 607,887 483,877 425,969 353,347 188,503
(1) In June 2008, we acquired the Texor business. The financial position and results of operations of this
acquisition have been included in our consolidated financial statements since June 1, 2008.
(2) In December 2007, we acquired AVCARD. The financial position and results of operations of this
acquisition have been included in our consolidated financial statements since December 1, 2007.
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