World Fuel Services 2002 Annual Report Download - page 4

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In the 9-Month Year:
•For the 9-month year, revenue for the
Company was $1.55 billion, versus
$1.01 billion for the same period a year
ago. The revenue increase was the result
of higher fuel prices in the marine seg-
ment and increases in volume in both
the marine and aviation segments.
•Diluted earnings per share declined by
24% to $0.91 for the 9-month year
from $1.20 for the same nine-month
period a year ago. Included in diluted
earnings were non-recurring, after-tax
charges of the executive severance and
the settlement of the judgment for the
9-month year and an insurance settle-
ment recovery related to a product theft
for the same nine-month period a year
earlier. Excluding these non-recurring,
after-tax charges, diluted earnings per
share would have been $1.25 for the 9-
month year and $1.11 for the nine-
month period a year ago.
•Our days of sales outstanding improved
to 30 days, reflecting the continued
success of the Company’s effort to
improve the overall quality of its
accounts receivables.
Financial Strengths:
World Fuel Services is anchored by a
solid balance sheet. At December 31,
2002, our cash balance was $58 million,
with working capital of $82 million and
shareholders’ equity of $128 million.
Assets managed by World Fuel
exceeded $312 million, and book value
was approximately $11.94 per share.
This year has been a time of significant growth and transformation at World Fuel. Over the past nine months we have suc-
cessfully reshaped the management team, appointed new independent directors with deep international experience,
expanded and diversified our business model in both our marine and aviation segments and increased profitability in a difficult eco-
nomic environment. Our stock price has shown tremendous resilience throughout one of the most volatile periods in market his-
tory and we are pleased that shareholder support has remained constant during these uncertain times. Our over-riding strategic
objective has been to consolidate our position as the global leader in the transportation fuel service business and we are well on our
way to realizing that goal. We are proud of our worldwide team and celebrate their success. Their strong personal character, inno-
vative thinking, dedication to service, and unrelenting effort have set a high standard for excellence and made our Company a force
in the global market. As we work together to execute our plan we are confident about the prospects for future growth.
To Our Shareholders:
Paul H. Stebbins
Chairman and Chief Executive Officer
Michael J. Kasbar
President and Chief Operating Officer
2