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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
13. Summary Quarterly Information (Unaudited)
The following is a summary of the unaudited quarterly results for 2008 and 2007 (in thousands, except
earnings per share data):
March 31,
2008
June 30,
2008 (1)
September 30,
2008 (1)
December 31,
2008 (1)
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,491,486 $5,651,118 $5,453,351 $2,913,448
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,809 $ 94,322 $ 123,805 $ 103,447
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,753 $ 20,548 $ 40,085 $ 28,653 (2)(3)
Basic earnings per share (7) . . . . . . . . . . . . . . . . . . . . . . . . $ 0.56 $ 0.72 $ 1.38 $ 0.99 (2)(3)
Diluted earnings per share (7) . . . . . . . . . . . . . . . . . . . . . . . $ 0.55 $ 0.71 $ 1.37 $ 0.98 (2)(3)
March 31,
2007
June 30,
2007
September 30,
2007
December 31,
2007 (4)
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 (5) $ 18,130 (6)
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.53 $ 0.61 $ 0.53 (5) $ 0.64 (6)
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.51 $ 0.58 $ 0.51 (5) $ 0.63 (6)
(1) Includes Texor business operations since June 1, 2008 as a result of the Texor business acquisition.
(2) Includes approximately $4.1 million in pre-tax net foreign currency losses that relate to prior quarterly
periods in 2008, none of which were considered material individually or in the aggregate. The out-of-period
after-tax amount of the net foreign currency losses was approximately $3.8 million, or $0.13 per basic and
diluted share in the fourth quarter. In addition, because these amounts were all within 2008, there was no
impact to the income statement for the full fiscal year.
(3) Includes special bonus awards to our CEO, COO, CFO and CRAO aggregating $5.0 million, of which $4.5
million will be in the form of stock and $0.5 million in cash. The after-tax charge for the special bonus
awards aggregated to $4.3 million, or $0.15 per basic and diluted share.
(4) Includes AVCARD operations since December 1, 2007 as a result of the AVCARD acquisition.
(5) Reflects an after-tax impairment charge of approximately $1.3 million, or $0.05 per basic and diluted share,
related to a pre-tax $1.9 million write-down of a short-term investment.
(6) Reflects an after-tax impairment charge of approximately $1.7 million, or $0.06 per basic and diluted share,
for a pre-tax $2.4 million internally developed computer software cost related to an aviation project.
(7) Basic and 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 basic and diluted
earnings per share amounts may not equal the annual basic earnings per share amount reported.
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