World Fuel Services 2008 Annual Report Download - page 54

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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,
2008 2007 2006
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,509,403 $13,729,555 $10,785,136
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,114,020 13,484,283 10,571,067
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,383 245,272 214,069
Operating expenses:
Compensation and employee benefits . . . . . . . . . . . . . . . . . . . . . . . 140,280 93,732 82,194
Executive severance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1,545
Provision for bad debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,081 1,892 3,869
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,282 63,760 49,815
241,643 159,384 137,423
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,740 85,888 76,646
Other income (expense), net:
Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,455) 3,111 3,353
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,710) (2,413) 1,400
(16,165) 698 4,753
Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,575 86,586 81,399
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,370 21,235 17,353
105,205 65,351 64,046
Minority interest in income of consolidated subsidiaries . . . . . . . . . . 166 578 98
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,039 $ 64,773 $ 63,948
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.66 $ 2.30 $ 2.33
Basic weighted average shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,697 28,102 27,467
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.62 $ 2.23 $ 2.21
Diluted weighted average shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,029 29,062 28,923
The accompanying notes are an integral part of these consolidated financial statements.
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