World Fuel Services 2002 Annual Report Download - page 43

Download and view the complete annual report

Please find page 43 of the 2002 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
As of
December 31, March 31, March 31,
2002 2002 2001
Current assets:
Cash and cash equivalents 57,776$ 58,172$ 38,977$
Accounts and notes receivable, net of allowance for bad
debts of $11,112 at December 31, 2002, $11,012 at
March 31, 2002, and $11,167 at March 31, 2001 177,360 132,586 125,863
Inventories 5,144 2,219 5,009
Prepaid expenses and other current assets 22,300 20,162 18,376
Total current assets 262,580 213,139 188,225
Property and equipment:
Leasehold and improvements 462 302 357
Office equipment, furniture, computer equipment and software 12,492 11,754 10,904
Construction in progress - corporate office 1,946 - -
14,900 12,056 11,261
Less accumulated depreciation and amortization 8,026 6,438 5,130
6,874 5,618 6,131
Other:
Goodwill, net of amortization of $3,490 34,003 34,003 24,598
Identifiable intangible asset, net of amortization of $368 at
December 31, 2002 and $92 at March 31, 2002 1,472 1,748 -
Other assets 7,358 3,415 3,211
312,287$ 257,923$ 222,165$
Current liabilities:
Short-term debt 2,527$ 5,710$ 2,321$
Accounts payable 97,560 82,904 69,147
Accrued expenses 66,012 30,806 28,465
Customer deposits 5,264 3,819 5,781
Accrued salaries and wages 5,634 6,461 5,144
Income taxes payable 3,362 4,151 1,581
Total current liabilities 180,359 133,851 112,439
Long-term liabilities 4,198 7,633 5,866
184,557 141,484 118,305
Commitments and contingencies
Preferred stock, $1.00 par value; shares of 100 authorized,
none issued - - -
Common stock, $0.01 par value; shares of 25,000 authorized,
issued and outstanding shares of 12,765 at December 31, 2002
and March 31, 2002, and 12,541 at March 31, 2001 128 128 125
Capital in excess of par value 32,595 29,691 26,889
Retained earnings 114,334 106,841 93,770
Unearned deferred compensation (1,886) (116) -
Treasury stock, at cost; shares of 2,071 at December 31, 2002,
2,388 at March 31, 2002, and 2,138 at March 31, 2001 (17,441) (20,105) (16,924)
127,730 116,439 103,860
312,287$ 257,923$ 222,165$
The accompanying notes are an integral part of these consolidated financial statements.
Assets
Stockholders' Equity
Liabilities
Page 35 of 70