World Fuel Services 2002 Annual Report Download - page 44

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
For the Nine Months
Ended December 31, For the Year Ended March 31,
2002 2001 2002 2001 2000
(Unaudited)
Revenue 1,546,897$ 1,013,781$ 1,365,065$ 1,529,242$ 1,200,297$
Cost of sales (1,483,976) (958,753) (1,288,891) (1,457,500) (1,136,052)
Gross profi
t
62,921 55,028 76,174 71,742 64,245
Operating expenses:
Salaries and wages (23,484) (22,445) (30,515) (26,299) (21,587)
Executive severance charges (4,492) - - (3,505) -
Provision for bad debts (2,182) (3,244) (3,928) (7,909) (19,250)
Othe
r
(18,977) (14,433) (20,442) (19,877) (16,490)
(49,135) (40,122) (54,885) (57,590) (57,327)
Income from operations 13,786 14,906 21,289 14,152 6,918
Other (expense) income, net:
Interest income 1,227 1,499 1,819 1,965 1,330
Interest expense (389) (328) (541) (348) (953)
Earnings (losses) from aviation
joint ventures, net 310 313 416 24 (1,955)
Non-recurring (charge) credit (1,577) 1,000 1,000 365 (4,045)
Other, net (1,601) (651) (757) 185 (23)
(2,030) 1,833 1,937 2,191 (5,646)
Income from continuing operations
before income taxes 11,756 16,739 23,226 16,343 1,272
Provision for income taxes (1,884) (3,977) (5,991) (4,557) (1,444)
Income (loss) from continuing operations 9,872 12,762 17,235 11,786 (172)
Discontinued operations, net of tax - - - (1,152) 9,807
Net income 9,872$ 12,762$ 17,235$ 10,634$ 9,635$
Basic earnings (loss) per share:
Continuing operations 0.94$ 1.23$ 1.66$ 1.11$ (0.01)$
Discontinued operations - - - (0.11) 0.81
Net income 0.94$ 1.23$ 1.66$ 1.00$ 0.80$
Weighted average shares - basic 10,468 10,378 10,381 10,644 12,045
Diluted earnings (loss) per share:
Continuing operations 0.91$ 1.20$ 1.62$ 1.11$ (0.01)$
Discontinued operations - - - (0.11) 0.81
Net income 0.91$ 1.20$ 1.62$ 1.00$ 0.80$
Weighted average shares - diluted 10,900 10,652 10,646 10,663 12,045
The accompanying notes are an integral part of these consolidated financial statements.
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