World Fuel Services 2002 Annual Report Download - page 23

SELECTED FINANCIAL DATA
(In thousands, except earnings per share data)
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As of
December 31 As of March 31,
2002 2002 2001 2000 1999 1998
(In thousands)
Consolidated Balance
Sheet Data
Accounts and notes receivable, net 177,360$ 132,586$ 125,863$ 142,250$ 95,436$ 79,124$
Current assets 262,580 213,139 188,225 196,409 128,012 107,755
Goodwill and identifiable
intangible asset 35,475 35,751 24,598 23,040 15,148 15,402
Other assets - investment goodwill 2,857 2,857 2,904 - - -
Total assets 312,287 257,923 222,165 227,915 164,394 141,213
Current liabilities 180,359 133,851 112,439 122,368 56,741 46,546
Long-term liabilities 4,198 7,633 5,866 5,886 6,856 2,756
Stockholders' equity 127,730 116,439 103,860 99,661 100,797 91,911
NOTES TO SELECTED FINANCIAL DATA
Since 1995, we have declared and paid cash dividends. See “Item 5 - Market for Registrant’s Common Equity and
Related Stockholder Matters.” In October 1997, our Board of Directors approved a 3-for-2 stock split for all shares of
common stock outstanding as of November 17, 1997. The shares were distributed on December 1, 1997.
We acquired the Baseops group of companies in January 1998, the Bunkerfuels group of companies in April 1999,
Norse Bunker A.S. in February 2001, TransportEdge, Inc. in March 2001, the Marine Energy group of companies in April
2001, and the Oil Shipping group of companies in January 2002. These acquisitions were accounted for as purchases.
Accordingly, the results of operations of these acquisitions were included with our results since their respective dates of
acquisition. In December 2000, we entered into a joint venture agreement with Signature Flight Support Corporation
through the acquisition of a 50% equity interest in PAFCO. Under the equity method of accounting, we have recorded our
share of the results of PAFCO since January 1, 2001.
In February 2000, we sold our oil-recycling segment. Accordingly, as of December 1999, we reported our oil-recycling
segment as a discontinued operation. Our consolidated financial statements were reclassified to report separately the net
assets and operating results of the discontinued operation for all periods presented. Financial results for periods prior to the
dates of discontinuance have been reclassified to reflect continuing operations. In October 2000, our aviation joint venture
in Ecuador ceased operations.
Pursuant to various treasury stock repurchase programs, we repurchased approximately 259 thousand shares for an
aggregate cost of $3.3 million during the year ended March 31, 2002, 598 thousand shares for an aggregate cost of $4.4
million during the year ended March 31, 2001, 1.2 million shares for an aggregate cost of $8.4 million during the year ended
March 31, 2000, and 324 thousand shares for an aggregate cost of $3.9 million during the year ended March 31, 1999. The
treasury stock purchases for the year ended March 31, 2002 included approximately 133 thousand shares at an aggregate cost
of $1.3 million which were repurchased during the nine months ended December 31, 2001. No shares were purchased
during the nine months ended December 31, 2002. Outside of the treasury stock repurchase programs, we acquired
approximately 22 thousand shares of our common stock in 1998 with an aggregate cost of $194 thousand. See “Item 5 –
Market for Registrant’s Common Equity and Related Stockholder Matters” for additional information.
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