World Fuel Services 2002 Annual Report Download - page 9

PART I
Item 1. Business
General
World Fuel Services Corporation was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is
referred to collectively in this Transition Report on Form 10-K as “we,” “our” and “us.” Our principal business is the
marketing of marine and aviation fuel services. In our marine fuel services business, we market marine fuel and related
services to a broad base of international shipping companies and to the United States and foreign militaries. We offer 24-
hour around-the-world service, credit terms, and competitively priced fuel. In our aviation fuel services business, we extend
credit and provide around-the-world single-supplier convenience, 24-hour service, and competitively priced aviation fuel and
other aviation related services, including fuel management and price risk management services, to passenger, cargo and
charter airlines, as well as to the United States and foreign militaries. We also offer flight plans and weather reports to our
corporate customers.
In August 2002, we changed our fiscal year-end from March 31st to a calendar year-end of December 31st. We initiated
this change so we could be more directly comparable to other public companies that use a calendar year for their fiscal year.
This change was first effective with respect to the nine months ended December 31, 2002. The results for the nine months
ended December 31, 2001, presented in this Form 10-K for comparison, are unaudited.
Our executive offices are located at 9800 Northwest 41st Street, Suite 400, Miami, Florida 33178 and our telephone
number at this address is [phone]. Our marine fuel services business is conducted through thirteen subsidiaries with
principal offices in the United States, United Kingdom, Denmark, Norway, Costa Rica, South Africa, South Korea,
Singapore, Japan, Hong Kong, the Netherlands, and the United Arab Emirates. Our aviation fuel services business is
conducted through ten subsidiaries, with principal offices in the United States, United Kingdom, Singapore, Mexico, and
Costa Rica. See “Item 2 - Properties” for a list of principal offices by business segment and “Exhibit 21 - Subsidiaries of the
Registrant” included in this Form 10-K for a list of our subsidiaries.
Financial information with respect to our business segments and the geographic areas of our business is provided in
Note 8 to the accompanying consolidated financial statements, included in this Form 10-K.
Forward-Looking Statements
This Form 10-K and the information incorporated by reference in it includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend
the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these sections.
All statements regarding our expected financial position and operating results, our business strategy, our financing plans and
forecasted demographic and economic trends relating to our industry are forward-looking statements. These statements can
sometimes be identified by our use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or
"intend" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements to be materially different from the results, performance or
achievements expressed or implied by the forward-looking statements. We cannot promise you that our expectations in such
forward-looking statements will turn out to be correct. Factors that impact such forward looking statements include, but are
not limited to, quarterly fluctuations in results; the management of growth; fluctuations in world oil prices or foreign
currency; changes in political, economic, regulatory or environmental conditions; the loss of key customers, suppliers or
members of senior management; uninsured losses; competition; credit risk associated with accounts and notes receivable; and
other risks detailed in this Form 10-K and in our other Securities and Exchange Commission filings. A more detailed
description of the principal risks in our business is set forth in “Risk Factors.” We undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
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