World Fuel Services 2011 Annual Report Download - page 44

Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with the consolidated
financial statements and related notes thereto and Part II, Item 7 of this report appearing under the
caption, ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and
other financial data and ‘‘Risk Factors’’ included elsewhere in this 2011 10-K Report. The historical
results are not necessarily indicative of the operating results to be expected in the future. All financial
information presented has been prepared in U.S. dollars and in accordance with accounting principles
generally accepted in the United States.
(In thousands, except earnings and dividends per share data)
2010 (2) 2009 (3) 2008 (4) 2007 (5)
Revenue $34,622,854 $19,131,147 $11,295,177 $18,509,403 $13,729,555
Cost of revenue 33,987,851 18,689,006 10,919,586 18,114,020 13,484,283
Gross profit 635,003 442,141 375,591 395,383 245,272
Operating expenses (6) 378,031 261,275 221,596 241,643 159,384
Income from operations 256,972 180,866 153,995 153,740 85,888
Non-operating (expense) income, net (18,769) (3,336) (4,086) (16,165) 698
Income before taxes 238,203 177,530 149,909 137,575 86,586
Provision for income taxes 39,001 31,027 32,346 32,370 21,235
Net income including noncontrolling interest 199,202 146,503 117,563 105,205 65,351
Net income (loss) attributable to noncontrolling interest 5,173 (362) 424 166 578
Net income attributable to to World Fuel $ 194,029 $ 146,865 $ 117,139 $ 105,039 $ 64,773
Basic earnings per common share $ 2.74 $ 2.36 $ 1.99 $ 1.82 $ 1.14
Basic weighted average common shares 70,687 62,168 59,003 57,707 56,853
Diluted earnings per common share $ 2.71 $ 2.31 $ 1.96 $ 1.80 $ 1.11
Diluted weighted average common shares 71,510 63,441 59,901 58,244 58,346
Cash dividends declared per common share $ 0.150 $ 0.150 $ 0.150 $ 0.075 $ 0.075
2010 (2) 2009 (3) 2008 (4) 2007 (5)
Cash, cash equivalents and short-term investments $ 205,415 $ 272,893 $ 306,943 $ 322,452 $ 44,251
Accounts receivable, net 2,160,561 1,386,700 951,398 676,100 1,370,656
Total current assets 3,122,227 2,067,867 1,467,947 1,172,150 1,665,308
Total assets 3,697,246 2,566,450 1,747,995 1,404,626 1,798,046
Total current liabilities 2,026,142 1,358,484 951,711 750,787 1,230,328
Total long-term liabilities 324,386 81,402 63,035 45,693 83,058
Total shareholders’ equity 1,346,718 1,126,564 733,249 608,146 484,660
(1) In 2011, we acquired NCS and Ascent on March 1st and April 1st, respectively, and completed six
additional acquisitions which were not material individually or in the aggregate. The financial position
and results of operations of these acquisitions have been included in our consolidated financial
statements since their respective acquisition dates.
(2) In 2010, we acquired i) certain assets of Falmouth Oil Services Limited (the ‘‘FOS business’’) on
January 1st, ii) certain assets of Lakeside Oil Company, Inc., including the assets comprising its
wholesale motor fuel distribution business (the ‘‘Lakeside business’’) on July 1st, iii) Western on
October 1st, iv) all of the outstanding stock of Shell Company of Gibraltar Limited, (‘‘Gib Oil’’) on
December 1st, and v) Hiller on December 31st. The financial position and results of operations of
these acquisitions have been included in our consolidated financial statements since their respective
acquisition dates.
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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
For the Year ended December 31,
2011 (1)
As of December 31,
2011 (1)